February 2021 in numbers: $ 1 trillion of bitcoin capitalization, take-off Binance Smart Chain and NFT emission
BTC/USD BitStamp BitC/USD schedule. Data: TradingView.
- In February, Bitcoin continued growth, having repeatedly updated the historical maximum within a month. The peak cost of the first cryptocurrency reached $ 58,354 (Bitstamp), and capitalization for the first time exceeded $ 1 trillion.
- In the second half of the month, the price was adjusted by 22%, causing the largest liquidation cascade.
- As a result of February, Bitcoin grew by 36%.
Daily schedule ETH/USD Exchange Bitstamp. Data: TradingView.
The optimistic forecasts of Ethereum apologists were confirmed in February with an increase in the ETH course to a new maximum at $ 2040. Positively for quotes was influenced by the launch of trade in futures on the Chicago commodity exchange (CME).
Nevertheless, a month for Ethereum ended with only 8% growth. One of the reasons for the correction was the growth of transaction commissions, which led to a decrease in activity in the Defi sector and a drop in demand for cryptocurrency to pay for gas. Competition by Binance Smart Chain with low commissions and high transactions could push users to sell ETH for the subsequent purchase of BNB.
Daily schedule ADA/USD Exchange Bitfinex. Data: TradingView.
February was also remembered by the struggle of projects for the third line in the capitalization ranking. At first, the BNB token was an unconditional contender for this place. His course was updated by a historical maximum at $ 368 against the background of Ethereum overload and BSC popularity growth. As a result of February, the asset grew by 374%.
By the end of the month, Binance Coin has shifted no less promising Cardano project. ADA reached a historical maximum at $ 1.48. Within a month, cryptocurrency increased by 295%. The developers conducted Allegro hard for a major update Goguen and presented the Glow programming language designed to simplify the spelling and launch of smart contracts.
Market moods and correlations
Dynamics of the index of fear and greed. Data: Alternative.me.
90-day indicators of the correlation of assets. Data: Blockchaincenter.
- Against the backdrop of the Bitcoin take -off to new maximums and subsequent correction, the growth of the fear and greed index was replaced by a sharp fall. On March 1, the indicator of the indicator reached 38, finding himself in the “Fear” zone.
- Bitcoin correlation with s&P 500 increased significantly. At the end of last month, the American stock index was in correction, like the first cryptocurrency.
- Gold continued the descending trend, its correlation with the first cryptocurrency weakened.
The volume of trading
The dynamics of trading volumes on the spot exchanges, billion $. Data: Cryptocompare.
In February, the volume of bidding on spot exchanges for the first time in history exceeded $ 1 trillion, reaching $ 1.12 trillion. Binance accounted for $ 744 billion, the closest competitor in the person of Coinbase generated only $ 118 billion, and the other American Kraken platform is $ 60 billion.
Futures and options
Bitcoin and Ethereum futures. Data: SKEW.
- In February, the combined bitcoin trade volume reached $ 1.9 trillion, slightly losing to the record indicator of January (over $ 2 trillion);
- February 23, in the most loaded session, the daily trade turnover on the platforms reached the maximum in history $ 184 billion, with Ethereum $ 55 billion. The open interest in bitcoin textures approached $ 20 billion, causing an increase in financing rates. Binance remains in the section of the sites, followed by Huobi and OKEX.
- On the eve of February 22, a decrease in the cost of bitcoin caused the largest volume of liquidations in the derivatives market – a total of $ 6 billion.
Bitcoin and Ethereum options trading volume, million. Data: SKEW.
- Users actively traded bitcoin departments-the total volume amounted to $ 24 billion, and open interest for the first time exceeded $ 12 billion.
- The volume of trading Ethereum points in February reached a record $ 4.5 billion, and open interest for the first time approached $ 3 billion.
The dynamics of the value of funds blocked in the Defi sector. DEFI PULSE data.
TOP-3 Defi project at the cost of blocked funds, billion. Data: Defi Pulse (as of 1.03.2021).
- In February, the growth of the Defi segment based on Ethereum slowed down. The total amount of funds blocked in the applications (TVL) reached $ 45 billion, then the indicator decline. Probable reasons for correction: GAZ Antorekords and the growth of the popularity of alternative platforms like Binance Smart Chain and Huobi Eco Chain.
- The three leaders remained unchanged – landing projects Maker, AAVE and Compound. Their TVL on March 1 amounted to $ 5.80 billion, $ 4.90 billion and $ 4.71 billion. The largest growth rate was demonstrated by the COMPound Defi platform (+43% compared to the last month).
Capitalization of popular bitcoins on Ethereum, million $. DEFI PULSE data.
TOP-20 coins of Defi projects on market capitalization, sorted by price growth rates. Data: Messari (as of 1.03.2021).
- The total cost of bitcoins on Ethereum reached a record $ 8 billion (+51% in February). Capitalization of the pioneer of the sector – WBTC – approached $ 6 billion. HBTC overcame $ 1 billion.
- The largest growth rate was shown by the Pancakeswap (CAKE) token based on BSC – in February, the “competitor of Uniswap” has risen in price by more than 600%.
TVL and three leaders of the ecosystem Binance Smart Chain. Data: Desistation.
- In the second half of February, the Binance Smart Chain ecosystem has overcame the $ 10 billion line. At the end of the month there was a small decline, but then the indicator went to restore.
- Leading projects based on BSC: Venus, Pancakeswap and Autofarm. Their TVLs amount to $ 3.63 billion, $ 3.29 billion and $ 1.28 billion (as of 1.03.2021).
The dynamics of trading volumes on decentralized exchanges, billion $. Data: Dune Analytics.
Market shares of the largest dex. Dune Analytics as of 1.03.2021.
- In February, the volume of trading on decentralized platforms reached a record $ 61.78 billion (+27%).
- Uniswap remains the absolute leader in the Ethereum Tirzh segment-last month the platform turnover amounted to $ 31.8 billion.
- The three leaders included Sushiswap with a monthly turnover of $ 14.1 billion, as well as Curve with $ 4.7 billion.
The daily number of users of the most popular NFT markets. Data: Dappradar
The daily number of transactions on the leading NFT markets. Data: Dappradar
In the second half of February, the user base of the NFT marketplace increased significantly NBA TOPSHOT With cards for basketball topics – on February 16 and 22, over 45,000 users visited the platform on February 16 and 22. The second most popular store Opensea In February, he overcame the mark of 1000 daytime users. On the most loaded days, the third largest marketplace Cryptopunks Fixed 350 users.
The number of transactions is closely correlating with the number of users. On February 22, the NBA Topshot platform recorded over half a million translations, Opensea – over 4000, and Cryptopunks – 1400.
The volume of trading on NFT markets in February, million $. Data: Dappradar.
- The NFT market demonstrates rapid growth, in February, representatives of Nonfungible said this in February. Confidence in the potential of the segment in the next 10 years was expressed by billionaire Mark Kyuban.
- February 22, in the most loaded session, users spent more than $ 64 million on NFT, excluding expensive lots. Some copies, for example, Cryptopunks were sold for 90-400 ETH, and the most rare-for a record 605 ETH.
- Among the NFT, actress Lindsay Lohan, Senator Vermont Bernie Sanders, the author of the Nyan Cat meme and a Russian artist found themselves at NFT. However, the work of the artist Beeple with the image of ex-president of the United States Donald Trump was the most expensive NFT-Lot-she changed the original form following the election results. The user resell it for $ 6.6 million. Another Beeple work is exhibited by the Christie’s Auction House – they will last until March 11. As of the beginning of the month, the lot collected 125 bets, the last price is $ 3.25 million.
The dynamics of the total market capitalization of stablecoins, billion $. Data: Messari.
TOP-5 leading capitalization stablcoins, billion $. Data: Messari (as of 1.03.2021).
- In February, the total market capitalization of stablecoins for the first time exceeded $ 50 billion.
- The leader of the segment invariably remains USDT from Tether – $ 35.9 billion.
- Capitalization of the second largest USDC Stablecoin from Circle this month approached $ 9 billion. Binance USD (Busd) takes a third line with an indicator of $ 2.38 billion.
The volume of trading on the Localbitcoins P2P platform in 2020-2021, million $. Data: Coin.Dance.
The volume of trading on the Localbitcoins P2P platform in 2020-2021, BTC. Data: Coin.Dance.
The volume of trading on the Localbitcoins P2P platform is steadily kept at marks above $ 40 million. However, considering the total volume of Bitcoin transactions in a month, it is clear that the situation is aggravated, and the indicator updates the minimum.
The volume of trading on the P2P platform Paxful in 2020-2021, million $. Data: Coin.Dance.
The volume of trading on the P2P platform Paxful in 2020-2021, BTC. Data: Coin.Dance.
A similar speaker is also observed on the competing Paxful platform – closer to the end of the month, the volume in USD has grown, but the trade turnover in Bitcoin continued a steady fall.
Mining, hashrate, commissions
Bitcoin Mainers income by month, million $. Data: Coin Metrics.
Ethereum revenues for months, million $. Data: Coin Metrics.
- In February, income of Bitcoin and Ethereum miners reached parity, updating historical maximums at $ 1.36 billion.
- According to the results of February, the total income of bitcoin mainers grew by 25%.
- Against the backdrop of the rapid increase in gas value, the share of commissions in the income structure of Ethereum Mainers for the first time exceeded the month of 50%.
The dynamics of the average commission for BTC and ETH transaction. Data: Blockchair.
Dynamics of the Heshreyite Ethereum, H/S. Glassnode data.
- February 23, the average commission for Ethereum transaction updated the historical maximum higher than $ 40. Bitcoin’s commissions also increased significantly – $ 15.21 (February 1) to $ 18.67 (March 1).
- In February, the Ethereum hashrate increased by 16%. The growth of the indicator could not stop the price correction at the end of the month.
Daily Grace of Canaan from TradingView.
Daytime Schedule of EBang from TradingView.
The daily schedule of the Riot Blockchain from TradingView.
Against the background of take -off, the prices of bitcoin and income from cryptocurrency mining in February and shares of mining companies increased:
- Canaan Inc. – from $ 4.88 (February 1) to $ 22.25 (March 1). Growth for a month amounted to 355%.
- Ebang International Holdings Inc. – from $ 5.05 to $ 7.98 (+58%).
- Riot Blockchain Inc. – from $ 19.98 to $ 53.60 (+168%).
Bitcoin price and the number of addresses with ≥ 1000 BTC. Data: Glassnode.
Bitcoin price and the number of addresses with ≥ 0.01 BTC (thousands). Data: Glassnode.
- The number of “whale” addresses (C ≥ 1000 BTC) began to decline about two weeks before Bitcoin renewal of the historical maximum above $ 57,000. It is possible that one of the reasons for the correction and change of moods on the market was the fixation of profit by large players.
- Contrary to the rollback of bitcoin prices, at the end of February the number of “retail” addresses (C ≥ 0.01 btc) updated the maximum.
The dynamics of the number of Ethereum transactions. Etherscan data.
Daily transaction in the ecosystem Binance Smart Chain. BSCSCAN data.
The number of unique addresses in the Binance Smart Chain ecosystem. BSCSCAN data.
Against the background of take -off, the prices of bitcoin and income from cryptocurrency mining in February and shares of mining companies increased:
- February was not the brightest month in the context of Ethereum Activity-the number of transactions on the network has grown slightly.
- The daily volume of BSC transactions is more than doubled by Ethereum. Significant activity in the new network is also evidenced by the rapid growth of unique addresses.
- The probable cause of Ethereum stagnation is the demand for the application of the Defi Ecosystems from Binance and Huobi. Despite the low degree of decentralization, retail investors are attracted by high transactions and low commissions.
The activity of large players
The main news of February was the purchase of Tesla Ilona Bitcoin Mask in an amount of $ 1.5 billion. In response to this, the price of the first cryptocurrency during the day increased from $ 38,000 to a new maximum in the region of $ 46,700, forming the largest daily candle in history.
At a certain moment, Tesla’s “paper” profit from investment in Bitcoin exceeded the income from the sale of electric cars for the entire last year, calculated in the analytical company Wedbush Securities. At the same time, Tesla stock quotes went against the Bitcoin course. However, Wedbush Securities noted the dependence of the shares of the manufacturer of electric vehicles on the price of digital gold.
According to media reports, the purchase of bitcoins for Tesla was carried out by Coinbase cryptocurrency exchange. Ilon Musk himself called the initiative “enough risky”.
The volume of investments of public companies in Bitcoin as of March 1, 2021. Bitcoin Treasuries data.
According to the Bitcoin Treasuries portal, the manufacturer of electric cars owns 48,000 BTC. Officially Tesla did not confirm this.
- On February 2, Microstrategy analytical developer announced additional Bitcoin investments in the amount of $ 10 million. The company purchased 295 BTC at a price of $ 33,808.
- Two weeks later, on February 16, the company announced the next round of the sale of convertible bonds for $ 600 million for a future purchase of bitcoin. The next day, Microstrategy increased the goal of collecting another $ 300 million with the possibility of additional sale of bonds by $ 150 million.
- Already on February 19, the company reported on attracting $ 1.05 billion.
- On February 24, Microstrategy bought 19 452 BTC worth $ 1.02 billion at an average purchase price of $ 52,765.
- On March 1, the company announced an additional purchase of 328 BTC in the amount of $ 15 million.
- In total, Microstrategy owns 90 859 BTC.
On February 23, the payment company Square Jack Dorsie in the quarterly report revealed information about the purchase of 3318 BTC by $ 170 million. As of December 31, Bitcoin occupies 5% of the company’s cash reserves – it owns 8027 BTC.
While some companies were building up positions in Bitcoin, the British Ruffer Investment decided to partially fix the profit after a two -time growth rate. The investment company withdrew $ 650 million – almost the entire amount invested in November. Investment Director Duncan Makinnes noted that the company did not expect such a quick returns from cryptocurrency.
Grayscale bitcoin. Data: bybt.
An influx of assets in all GrayScale trusts in February. Data: bybt.
During February, Grayscale Investments attracted 7265 BTC, 240 171 ETH, 175 087 LTC, 19 990 BCH, 75 052 ZEC, 43 738 Zen and 29 million XLM, bringing a total amount of assets under $ 34.6 billion (as of 1 state at 1 of 1 March 2021).
What others have?
- In February, Bill Miller with assets of $ 2.25 billion announced plans to invest 15% of them in the Grayscale Investments Bitcoin trash. The relevant application was sent to the US Securities and Exchange Commission (SEC).
- The financial company The Motley Fool announced the intention to purchase bitcoins for $ 5 million.
- The media reported that Counterpoint Global, the Morgan Stanley Investment Management division, is considering the possibility of investment in the first cryptocurrency, and the company expects a resolution of a maternal company and regulators.
- The oldest US Bank BNY MELLON will begin to provide bitcoin storage services. The Coach of Deutsche Bank stated similar plans.
- Jpmorgan called Bitcoin the “economic attraction”, considering that the benefits from Covid-19 will extract a fintech sector. However, the company recommended customers to move 1% of the investment portfolio to Bitcoin and other digital assets as hedging against shares, bonds and raw materials.
- The MasterCard payment system in 2021 plans to open for the merchants the opportunity to accept payments in digital assets directly, without supporting emitted cards or processing issues. In turn, Visa tests solutions for the integration of bitcoin payments by banks.
- In Canada, the second bitcoin -etf was approved by Evolve Funds Group. In the United States, the ETF launch application was submitted by the New York Digital Investment Group platform, focused on large players.
- Uber will consider the possibility of receiving payments in Bitcoin, said CEO of the company Dara Khosrovshahi.
- PayPal head Dan Schulman said that the company will actively invest in a cryptocurrency unit, which more than met expectations against the background of market growth.
Key events in the regions
- The country included blockchain specialists in the category of highly qualified workers. Foreign experts will be able to live freely for 10 years and work in Ukraine. In 2021, 50 quotes will be allocated for this.
- The Ukrainian Internet banking Monobank announced the suspension of Sepa-translators from the Binance Exchange due to the ban on intermediary banks associated with it.
- On February 15, the Ministry of Construction of Ukraine and Intelmax Management Consulting from the UAE signed a memorandum of cooperation. The document involves the discovery of the company’s representative office in Ukraine and the introduction of blockchain technologies into state processes and services, as well as the possibility of creating national stabelcoin on the Fantom blockchain.
- The Presidential Council for Codification and Improving Civil Legislation criticized the Law on Cryptocurrency taxation due to problems with the terminology. The press service of the Council announced the need to clarify the list of objects that may be classified as digital currencies.
- On February 16, the State Duma of the Russian Federation on budget and taxes recommended the lower house of parliament to adopt a law on the taxation of cryptocurrencies in the first reading. The Committee said that by the second reading the project would be finalized with the Law “On the TsFA” and amendments to the Civil Code.
- The next day, February 17, the State Duma of the Russian Federation adopted the law in the first reading. 375 deputies supported the document.
- The head of the Central Bank Elvira Nabiullina criticized Bitcoin and talked about the next stage of work on the digital ruble.
Other significant events of February
Elon Musk and Dogecoin
The head of Tesla and SpaceX, who does not hide his love for Dogecoin and “desire to joke on this.”. The market reaction followed immediately – the DOGE rate grew by 50%. Musk accompanied the publication with a meme, which later became viral:
The trend was supported by music performers Jin Simmons, Snoop Dogg and Kevin Jonas.
On February 11, the founder of Tesla and SpaceX said that he bought Dogecoin cryptocurrency for his youngest son, and then wondered the excessive concentration of cryptocurrency and offered to pay large Dogecoin holders for canceling their accounts.
Each of his publications had a positive impact on the DOGE course.
At the end of the month, there was even information about the SEC investigation against the entrepreneur, but they were not confirmed. Mask himself then wrote only: “I hope it’s so. It would be great”.
SEC approved the Coinbase application for direct shares list
On February 25, the regulator approved the application of the American cryptocurrency exchange of Coinbase on a direct list of shares, according to the form of S-1 filed in December 2020. Coinbase has chosen NASDAQ as a platform for entering the stock market.
In the form of S-1 Coinbase revealed risk factors for investors. The exchange classified the personality of the creator of Bitcoin Satoshi Nakamoto and competition from the decentralized finance (Defi) sector). The “negative perception of bitcoin or Ethereum”, as well as “unpredictable lighting on social networks” and the “crypto -acting trend” are indicated as other risks.
According to various estimates, Coinbase capitalization may exceed $ 100 billion.
The court approved the MT rehabilitation plan.Gox
Tokyo District Court approved the MT rehabilitation plan.Gox. Lenders must vote for it until October 20, 2021. According to the plan, the exchange rate of bitcoin for creditors will be $ 7205, BCH – $ 940. In total, 137 891 btc is stored on the cold wallet of the exchange.
Bitfinex and Tether regulated a dispute with the general prosecutor’s office of New York
As part of the New York Prosecutor’s Office (NYAG) in the case of hiding the loss of $ 850 million, the Bitfinex cryptocurrency exchange and the USDT Tether Steabelcoin issuer will pay $ 18.5 million.
Tether pledged to transfer NYAG reporting on USDT. Both companies did not recognize the fact of an offense. The prosecutor’s office recognized the fact of repaying the Bitfinex debt to Tether.
Dzhikhan Wu sold the BTC pool.Com
Dzhikhan Wu sold the BTC mining pool.COM Public Company 500.Com. This is the third pool on the hashReite bitcoin.
Quotes of the month
“I am a supporter of bitcoin. I believe that the financial world is close to its wide recognition. I have no opinion regarding other cryptocurrencies “.Elon MuskFounder Tesla and SpaceX
“Ilon has a lot of money, I am not worried about his bitcoins, but people who may not have enough money are involved in this mania. I am not optimistic about bitcoin, and my main message is that if you have less money than Ilon, you should probably be careful. ”.Bill GatesMicrosoft co -founder
“Unlike NFT, genuine works of art are valuable. To create them, efforts and time are needed. This is, in fact, Proof-OF-WORK “.Charlie LeeLitecoin cryptocurrency creator