Bitcoin sets records against the Euro and Pound, NodeMonkes NFT sells for $1M, and EigenLayer's TVL hits $10 billion amid a crypto market rally.
Bitcoin Hits All-Time High Against Euro and Pound

Bitcoin Hits All-Time High Against Euro and Pound

Bitcoin sets records against the Euro and Pound, NodeMonkes NFT sells for $1M, and EigenLayer's TVL hits $10 billion amid a crypto market rally.

Last update:
Mar 5, 2024
| Issue

Welcome to the first edition of Datawallet Daily for the week. As always, we’re spotlighting the key stories that have shaped the crypto market in the last 24 hours:

Bitcoin Hits All-Time High Against Euro and Pound

Bitcoin has set new records against the euro and pound, reaching €60,447 and £51,736 respectively on Coinbase, while its dollar value touched $65,163, still shy of its $69,000 peak. This surge comes amid a 6% increase over the past day and a broader crypto market rally. 

Despite this, the Dollar Index’s rise and a Grayscale report suggest higher U.S. interest rates, which could impact Bitcoin negatively. Meanwhile, market volatility has led to over $80 million in Bitcoin liquidation, predominantly shorts, contributing to a wider $251 million liquidation in the crypto market. This reflects the high stakes of leveraged trading amid fluctuating prices, with the GM 30 Index of top cryptocurrencies also rising by 4.22% to 139.68, indicating a buoyant market environment.

Bitcoin NFT NodeMonkes Sells for $1M as BTC Nears ATH

Bitcoin’s NFT sector witnessed a remarkable surge, with NodeMonkes collection selling a piece for over $1 million as Bitcoin approaches $69K. In the last 24 hours, Bitcoin-based NFTs outperformed Ethereum with $35 million in volume, highlighting a growing interest in Bitcoin assets. 

NodeMonkes, launched in December 2023 and imprinted on Bitcoin in February 2023, became the most popular Ordinals collection, achieving over $11 million in sales. The minimum price for a NodeMonke stands at $52,000, with rare items listed up to $65 million. This shift towards Bitcoin-based collections, with volumes outpacing Ethereum’s, indicates a dynamic change in NFT market preferences and the potential for further growth in March, driven by Ordinals activity and upcoming protocol launches.

EigenLayer’s TVL Surpasses $10 Billion

EigenLayer’s TVL has impressively climbed to $10 billion, driven by a significant influx of Ether deposits and a rise in the Ether price. Starting the year with $1.1 billion, EigenLayer’s TVL has seen a tenfold increase to 2.93 million Ether. This growth is attributed to the protocol’s unique approach, allowing users to deposit and “re-stake” Ether, thereby leveraging these assets to bolster the security of third-party networks. 

EigenLayer, which launched its stage 1 on the Ethereum mainnet in June 2023, witnessed its TVL soar past $6 billion by February. This surge in TVL coincides with strategic funding rounds, including a $50 million Series A in March 2023 led by Blockchain Capital, followed by a substantial $100 million Series B from Andreessen Horowitz, underscoring strong investor confidence and the protocol’s burgeoning impact on the Ethereum ecosystem.

Popular Memecoins Surge with 3,000% Weekly Volume Growth

The memecoin market has witnessed an extraordinary surge, with Pepe, Floki, Bonk, and other memecoins experiencing a 3,000% increase in weekly trading volume and significant price jumps. Ethereum-based Pepe, for instance, saw its price soar by nearly 400%, with its market capitalization doubling within two days. This rally is marked by heightened social activity and public interest, propelling many memecoins to new all-time highs. 

Similarly, Solana-based Bonk and Floki have seen remarkable price increases of 190% and 350% respectively. Even established memecoins like Dogecoin and SHIB have shown bullish growth. This frenzy mirrors the 2021 bull run led by Dogecoin, highlighting the volatile and speculative nature of memecoins, which can yield significant returns or losses, reflecting the broader crypto market’s speculative dynamics.

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