In March, the cryptocurrency market picked up. As Bitcoin (BTC) struggles to hold above $28,000, we look back at March’s best advances.
Cryptocurrencies up in March
Among the ten most capitalized cryptocurrencies at the moment, one asset experienced particularly notable growth in March: XRP. Ripple’s cryptocurrency saw its price explode by +51% over the past month:
Ripple’s XRP price soared in March
This particularly notable progression seems to be linked to the case between Ripple and the Securities and Exchange Commission (SEC). Investors seem to be betting on a victory for the San Francisco company against the American financial policeman.
Among the other nice progressions of the top 20, Queen Bitcoin comes in second place. The price of BTC thus takes +24% over the month, and seems to be part of a medium-term trend: it thus gained +72% in the first quarter of 2023.
The price of Bitcoin also had a favorable month of March
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Ethereum continues to attract investor interest
Ethereum continues to generate interest, ahead of the highly anticipated Shanghai Update. Scheduled for April 12, the latter will allow users who have staked their ETH on the Beacon Chain to withdraw them. The price of ETH therefore benefits from this enthusiasm, and takes +15% over the month that has just ended.
This does not only concern the native asset of Ethereum. Lido Finance’s STETH made its remarkable entry into the top 10 most capitalized cryptocurrencies in the middle of March. The “staked” version of Lido, which allows users to bypass the lock on their assets, exists alongside the cryptocurrency it represents… Which makes two “ETH” now appear in the top 10 most capitalized cryptocurrencies :
The two “ETH” in the top 10 most capitalized cryptocurrencies
So what to take away from all this? That after uncertain times, and in the midst of a wave of regulation, it is no surprise that BTC and ETH are in favor with investors. Note also the return to form of XRP, affected but far from being sunk. His trial could also set a precedent, and give its first major setback to an SEC particularly hostile to the sector. See you in a month to find out if these cryptocurrencies have succeeded in consolidating these advantages.
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Chart source: TradingView
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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