Ethereum

• SINGAPORE, March 13, 2024 /PRNewswire/ -- OKX , a leading Web3 technology company, has issued updates for March 13, 2024.
• OKX Web3 today announced that it is co-hosting an ETHVietnam side event called 'Reap the Drops ETHVietnam' alongside Sui , a Layer 1 blockchain and smart contract platform, on March 15 at Beatro Gastro Lounge in Hanoi.
• The event is also proudly supported by Scallop , a leading money market, and FlowX.finance , an ecosystem-focused DEX.
• ETHVietnam , taking place from March 15 to March 17, is a conference designed for developers and contributors passionate about Ethereum, DeFi, Web3 and infrastructure.

• Patrick Drahi's company has already taken the lead this year, generating 92% of the segment's turnover.
• One of the best results was hammered for Genesis Cat, for Taproot Wizards (2024) by digital artist FAR.
• Auction results exceeding $100,000 for Satoshi Nakamoto, Xcopy, Beeple and Des Lucréce continue to show that the success of these digital artists is not just anecdotal.
• In 2024 we will probably see a consolidation of the prices of works by these key signatures on the NFT market.

• The report highlights an extreme greed sentiment catalyzed by surging major stock indices and notable performances in Bitcoin and AI-driven crypto projects.
• It also delves into the significant issuance increase in stablecoins USDT and USDC, with the issuance volume of USDT increasing by 2.79 billion in February, and that of USDC increasing by 1.76 billion, signifying heightened market liquidity.
• February witnessed the crypto market aligning closely with AI advancements, with the sector accelerating token issuances and exploring AI-integrated projects.
• It serves as a crucial resource for understanding the intricate market dynamics and preparing for future developments in the crypto landscape.

• Bitcoin has just hit an all-time high of more than US$72,000 (£56,300), pushing past the level of circa US$69,000 where it turned back during its last bull phase in late 2021.
• This can often be a time when cryptocurrencies get weaker, so it shows how strong they have been lately.
• So what has contributed to this explosion in prices and where is the market going for the rest of 2024?

Bitcoin ETFs

• A total of 11 bitcoin ETFs were approved in the US, and their daily trading volume has now exceeded US$10 billion – driven by frontrunners Blackrock and Fidelity Investments.
• This demonstrates the large interest from traditional market participants, and as the spot ETFs become more mature, their providers will offer more promotional material and education to get more customers onboard.

• The cryptocurrency market is always adapting and innovating, and one possible future innovation is the offer of option contracts on the new spot ETFs.
• However, US regulator the Securities and Exchange Commission (SEC) has just postponed a decision on this innovation until late April.

The bitcoin halving

• The last halving took place in May 2020, where miners went from receiving 12.5 bitcoin for each unit of work they do to 6.25 bitcoin.
• Because each halving means less new bitcoin coming on to the market, they have coincided with strong price appreciation in the cryptocurrency.
• One theory is that the institutions behind the spot ETFs are buying aggressively now because they know there will be less bitcoin on the open market once the halving takes place.

Ethereum prospects

• Meanwhile, the crypto market could also be boosted by spot ETFs for the ethereum cryptocurrency system in the coming months.
• While that uncertainty continues, ethereum could be boosted by the so-called Dencun upgrade (also known as Duncan or EIP-4844).
• Ethereum has competition from other blockchains such as solana and avalanche due to its relatively slow transaction speed and high costs.

Where next

• The market is very volatile, and often exceeds expectations when it goes up or down.
• However, the majority of commentators expect crypto prices to keep rising over the coming months.

Andrew Urquhart owns some cryptocurrencies.