By Omkar Godbole (All times Eastern unless otherwise noted)
The stablecoin market, led by USDC and Bitcoin, is expanding again The rally is gathering momentum.
Fears of war with Iran have cooled somewhat in the past 24 hours after President Donald Trump said the conflict could end soon. The result: Bitcoin, which has remained resilient amid the turmoil, has risen above $70,000, up more than 4%. The CoinDesk 20, ethereum (ETH), solana (SOL) and XRP (XRP) rose between 3% and 5%, while smaller coins such as HYPE, ZEC and RENDER gained between 7% and 11%.
The market capitalization of USDC, the second-largest U.S. dollar-pegged cryptocurrency, is quickly approaching an all-time high of $78.6 billion, extending its recovery from a low of $70.9 billion in late January. The supply of stablecoin leader USDT has increased to $184 billion from a low of $183.5 billion in late February.
The increase in the supply of top coins pegged to the U.S. dollar suggests that dry powder on the sidelines is increasing and may be used to fund new cryptocurrency purchases as the rally widens. ETF inflows also support the ongoing bullish trend.
However, some indicators still require caution. The Coinbase Premium Index, which measures the Bitcoin price gap between Nasdaq-listed Coinbase (COIN) exchange and offshore giant Binance, remains negative, suggesting demand from U.S. investors is still lagging. Historically, bull markets have resulted in Coinbase continuing to trade at a premium.
In traditional markets, oil prices have fallen back below $100, supporting continued stability across all risk assets, including cryptocurrencies. The U.S. dollar index and Treasury yields also retreated from recent highs. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
What to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- Macro
- March 10, 9:00 a.m.: U.S. existing home sales in February are expected to be 3.9 million (previous value: 3.91 million)
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- The Aavegotchi DAO is conducting the first and second rounds of voting for multi-signer elections, requiring token holders to choose a signer from multiple nominees. Voting closes on March 10.
- The Ssv.network DAO is voting to rescind DIP-46 and reallocate the originally approved $15 million development budget, splitting it into $14.9 million for DVT and $100,000 as a retroactive research grant. Voting closes on March 10.
- The Realtoken Ecosystem Governance DAO is voting to temporarily suspend interest rates on RMM (Real Estate Monetary Fund) to zero for 15 days. Voting closes on March 10.
- Unlock
- Token issuance
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is up 2.56% to $70,734.01 as of 4pm ET on Monday (24 hours: +4.60%)
- ETH up 1.68% to $2,061.24 (24 hours: +3.38%)
- CoinDesk 20 rose 2.02% to 2,015.27 (24 hours: +4.08%)
- The comprehensive pledge rate of Ethereum CESR increased by 17 basis points to 2.81%
- The BTC financing interest rate on Binance is 0.0024% (annualized 2.6105%)
- DXY remains unchanged at 98.84
- Gold futures rose 2.02% to $5,194.10
- Silver futures rose 6.50% to $89.50
- The Nikkei 225 Index closed up 2.88% at 54,248.39 points
- The Hang Seng Index closed up 2.17% to 25,959.90 points
- The FTSE 100 rose 1.84% to 10,437.86
- Europe’s Stoxx 50 rose 2.94% to 5,852.45
- The Dow closed up 0.50% on Monday at 47,740.80 points
- The S&P 500 closed up 0.83% at 6,795.99 points
- The Nasdaq Composite Index closed up 1.38% at 22,695.95 points
- The S&P/TSX Composite Index closed up 0.32% at 33,189.30
- The S&P 40 Latin America Index closed up 1.61% at 3.532,70
- The U.S. 10-year Treasury bond rate remains unchanged at 4.14%
- E-mini S&P 500 futures unchanged at 6,823.00
- E-mini Nasdaq 100 futures unchanged at 25,100.25
- E-mini Dow Jones Industrial Average futures unchanged at 47,948.00
Bitcoin Statistics
- Bitcoin dominance: 59.53% (0.77%)
- Ethereum-Bitcoin ratio: 0.02905 (-0.27%)
- Hash rate (seven-day moving average): 1,008 EH/s
- Hash price (spot): $31.06
- Total fee: 2.52 BTC / $171,578
- CME Futures Open Interest: 103,205 BTC
- BTC in gold: 13.7 ounces.
- Bitcoin and gold market capitalization: 4.76%
technical analysis
- This chart shows SOL’s daily price action since last August in candlestick format.
- The coin is once again stuck in a back-and-forth trading range, this time between $75 and $90, mimicking the October and December-January patterns.
- The next move depends on the direction in which the range ultimately resolves. A bullish resolution could lead to a quick rally above $100, while a breakdown would signal a continuation of the broader bearish trend.
crypto stocks
- Coinbase Global (COIN): Monday’s close at $199.79 (+1.30%), pre-market close at $206.70, +3.46%
- Circle Internet Group (CRCL): Closed at $111.84 (+9.74%), +2.18% at $114.28
- Galaxy Digital (GLXY): Closed at $21.50 (+4.57%), +3.09% at $22.16
- MARA Holdings (MARA): Closed at $8.66 (+8.11%), +2.31% at $8.86
- Riot Platforms (RIOT): Closed at $14.70 (+3.78%), +2.52% at $15.07
- Core Scientific (CORZ): Closed at $15.16 (+2.02%), +1.45% at $15.38
- CleanSpark (CLSK): Closed at $9.61 (+4.34%), +2.29% at $9.83
- Exodus Movement (EXOD): Closed at $10.83 (-0.64%)
- CoinShares Bitcoin Miners ETF (WGMI): Closed at $37.33 (+3.49%)
- Bullish (BLSH): Closed at $36.06 (+3.15%), +1.14% at $36.47
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $138.95 (+4.06%), +3.25% at $143.46
- Strive Asset Management (ASST): Closed at $8.51 (-2.18%), +4.58% at $8.90
- Sharplink (SBET): Closed at $7.60 (+3.26%), +1.71% at $7.73
- Upexi (UPXI): Closed at $0.97 (+7.78%), +6.19% at $1.03
- Lite Strategy (LITS): Closed at $1.20 (+5.26%)
ETF flows
Spot BTC ETF
- Net daily traffic: $167.1 million
- Cumulative net flow: $55.52 billion
- Total BTC holdings are approximately 1.28 million
Spot ETH ETF
- Daily Net Traffic: -$51.3M
- Cumulative net flow: $11.61 billion
- The total amount of ETH held is approximately 5.73 million.
Source: Farside Investors
