Bitcoin came back strong in March with a 9% gain after a down start to the year. Cardano and Solana were up 27%, outperforming bitcoin's monthly gains. LedesmaLyllah reports.
, after suffering one of its worst-ever starts to a year, came back strong in March with a 9% gain, almost completely reversing losses from earlier in 2022 and outperforming U.S. stocks while leading a rally across broader digital-asset markets.
Michael Safai, managing partner at Dexterity Capital, a trading firm focused on digital assets, noted that the volatility driven by macroeconomic and geopolitical uncertainty at the start of March began to stabilize during the month,dipped to lows of $37,000 in early March, but has made a recovery over the last two weeks, rallying to above $48,000. Ethereum traded in a range of $2,445 to $3,472 in March.
Because altcoins often trade in sync with bitcoin, BTC’s rally in March has perhaps helped push up a diversified range of crypto assets. Among the top 10 coins with a market values above $1 billion, Solana, Terra and Cardano boasted 27% monthly gains. Avalanche’s AVAX, meanwhile, was up 15% in March.
“As things settled in March, these coins stood their ground because of their fundamentals . But they got an extra pop from all the ETH 2.0 buzz as well,” Safai said.FTM – the token of layer 1 blockchain Fantom, which has a market capitalization of $3.7 billion – hasn't performed well in March. It is down 22% on the month and has had a drop in price for the last three months.
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