This is a Cheatsheet, a primer on what you need to know about cryptocurrencies today.
There are times in every market cycle when Bitcoin just goes up because it doesn't go down.
Today is one of those days. Internet Computer (ICP) is the best performing cryptocurrency at the top end of the table, up 20%.
Puppy in a Wool Hat (WIF) is a close second with 16% bounce. After posting a healthy 30% retracement, WIF spent much of the past week in the red and remains one of the worst performers among the top 100 cryptocurrencies over the past seven days.
Alternative blockchain cryptocurrencies Quant (QNT), NEAR, and TON (TON) followed suit, rising between 15% and 11% in the past day.
Ondo DAO (ONDO), the governance token of Treasury-focused DeFi protocol Flux Finance, sits in the middle, up 13.4% in the past 24 hours and a healthy 86% in the last week.
Otherwise, Bitcoin (BTC) at $67,000 is up 2.1% and Ethereum (ETH) is up 1.4%. eCash (XEC), ronin (RON), and stacks (STX) are the worst on the front page, falling between 6.5% and 4.2% each as of 9:15 a.m. ET.
on-chain email
Polygon PoS surpassed Ethereum mainnet in monthly active unique addresses for the first time. But Layer 2 of the latter is working together to acquire even more addresses.
- Polygon PoS’ active unique addresses reached 6.24 million in February, compared to Ethereum’s 5.89 million (3-month moving average).
- The average for Ethereum and its four major layer 2s reached 13.73 million last month, compared to Bitcoin's 13.98 million.
- zkSync is the most popular Ethereum Layer 2 with a moving average of 27% higher than Arbitrum (3.12 million to 2.45 million).
Bitcoin has always had far more unique active addresses than Ethereum. Five years ago, in 2019, the number of Bitcoins nearly quadrupled from 12.2 million to 3.2 million.
Unique active addresses on the Ethereum mainnet more than doubled over the next two years. However, the number of networks has continued to decline since peaking at 7.57 million people in June 2021, near the high of the previous bull market.
Instead, all the growth has gone to the popular layer 2s Arbitrum, Optimism, Base, and zkSync, which have had more active addresses per month than Ethereum mainnet since last July.
read more: Uniswap research finds it cheaper to swap at layer 2 than Ethereum
- If current growth continues, Ethereum and its layer 2 will soon have more active addresses than Bitcoin.
- Polygon PoS is often incorrectly labeled as Ethereum's Layer 2 network. Functionally, it is its own layer 1 network with its own set of validators.
- Bitcoin's average monthly active addresses have increased by only 13% over five years.
virtual currency business
Bitcoin is quiet. However, it might be a little too quiet.Cryptocurrency stocks are rising little by little, but it doesn't really feel like they're rising. earned those profits.
- Almost all crypto stocks opened higher this morning, led by miner Cipher Mining and Bitcoin hoarder MicroStrategy, with Friday's closing price at 7.7 as of 9:35 a.m. ET. .14%, an increase of 6.57%.
- After a rollercoaster end to last week, Griid is down 9.3%. Last week it suddenly went up 40% and then lost it all within the same session.
- Cipher Mining has been the best performing mining stock over the past month, currently up 50%.
Bitcoin has decoupled from tech stocks over the past two weeks. The 30-day correlation between BTC and QQQ, which tracks the tech-heavy Nasdaq 100, reached 68% on March 14, according to TradingView. At the time, QQQ and Bitcoin were each hovering near all-time highs.
Currently, the correlation between Bitcoin and Cube is only 10% and could quickly return to inverse territory. Bitcoin has often traded in a negative correlation with tech stocks over the past year, after spending much of 2022 trading in conjunction with tech stocks.
The correlation between Coinbase and tech stocks hit an all-time low last month, dropping to -65%. It has since recovered to 68% over the past week.
read more: Coinbase Announces Issuance of $1 Billion Convertible Notes
- Meanwhile, COIN and Bitcoin are effectively trading in tandem, with a correlation of 94%, the highest since January 2022.
- Coinbase's current value is $63.69 billion, about $400 million less than Nintendo, but slightly more than Monster Beverage.
- The entire Bitcoin mining stock is worth $23.46 billion (about the same as Vodafone), having almost tripled since November.
on the ground
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