February was an intense month in terms of market changes and industry events. There was a bitcoin bull run, interesting L2 Ethereum solutions emerged, and the Play-to-Earn market recorded great results. Read our summary and find out what kind of news last month brought.
zondacrypto Team
13 März 2024
14 März 2024
Rushing bitcoin
Although January was not the best month for BTC, February brought great optimism. In this month, bitcoin reached the value of $62,000. The current bull run is the result of several important factors. Institutional investors are increasing demand for more bitcoin by buying up huge volumes of this cryptocurrency, which is affecting its price. Also coming up is halving, which is the division of the reward for a mined block in half every approx. four years. It is fundamentally important for the cryptocurrency and investors' expectations about the future value of the asset, although it should be remembered that this event could also result in a correction of the BTC price.
The popularity of innovative L2 solutions on Ethereum – restaking, Blast, and StarkNet
The blocked liquidity of the EigenLayer protocol increased by 373% in February. It ranked third in terms of total value locked among DeFi projects. It is based on restaking - the process of using tokens that are already blocked at a given time (in this case - ETH) to secure other networks. February also saw the launch of the Blast network, which offers a wide range of income opportunities. The value of the network's TVL was $2.5 billion. StarkNet, a zk-rollup solution that solves Ethereum's scalability problems, was also among the projects that recorded a significant value. It reached a value of $2 billion.
Play-to-Earn market
In February, the market capitalization of game tokens jumped 54%, reaching $18.5 billion. We are also seeing an increasing number of daily active wallet users. It reached 2.3 million in February, up 28.9% from the previous month. The prevailing trend in the industry is to attract Web2 studios to the Web3 sector. It may represent another step in the adoption of blockchain into the mainstream.
DISCLAIMER
This content does not constitute investment advice, financial advice, trading advice or any other type of advice and should not be considered as such; zondacrypto does not recommend buying, selling or owning any cryptocurrency. Investing in cryptocurrencies involves a high degree of risk. There is a risk of losing invested funds due to changes in cryptocurrency exchange rates.
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