- The week ending March 4 saw Ethereum investment products get $25 million in inflows.
- The cryptocurrency market value has risen to $1.77 trillion in the last 24 hours.
Even though the total crypto market value fell at the start of the year, the market for NFTs—tokens used to establish ownership of other assets—showed no signs of slowing. However, the volume of Ethereum on OpenSea has decreased significantly in recent weeks. From the 1st to the 6th of February, OpenSea’s volumes fell from $247 million to $124 million. In addition, the median gas price dropped from 134 gwei to 65 gwei simultaneously.
Moreover, according to CoinShares, investments into crypto funds totaled $127 million last week, increasing over the previous three months. The week ending March 4 saw Ethereum investment products get $25 million in inflows. After 13 weeks, Ethereum has received the most significant inflows ever.
Major Coins Turn Green
On Wednesday, the Cryptocurrency market was slightly up ahead of Joe Biden’s much-anticipated executive order. In the previous 24 hours, the cryptocurrency market value has risen to $1.77 trillion, an increase of approximately 3 percent. As a result of the positive market trading over $41k, the price of bitcoin has increased by more than 5%. The leading currency has also inspired major cryptocurrencies to rise in the market. Trading over $2.7k, Ethereum has risen more than 7%.
According to Bloomberg Intelligence’s senior commodities analyst Mike McGlone, additional hikes in energy prices might cause a worldwide market catastrophe comparable to that in 2008.
The recent global market crisis and the Ukraine-Russia war have strengthened Correlations between US stock indexes and cryptocurrencies. According to CoinMarketCap, the Ethereum price today is $2,708.60 USD with a 24-hour trading volume of $15,803,359,837 USD. Ethereum has been up 7.98% in the last 24 hours.
