February’s sharp rally continued into March as net inflows into the new Bitcoin ETFs continued to surprise to the upside. Initially, the market rose over +20 percent in March, but after making year-to-date highs and Bitcoin making a new all-time high, profit taking led to a correction wiping out most of the month-to-date gains. The correction, however, was short-lived, and prices recovered to leave the market (S&P Broad Crypto Market Index) +14.1 percent by the end of the month. As Bitcoin continues to have strong drivers, it outperformed again, rising +16.6 percent, while ether underperformed despite the successfully executed major protocol upgrade, rising only +9.2 percent in March.
Bitcoin traded between USD 59,324 and 73,750 in March, and Ether traded between USD 3,060 and 4,092.
The Sygnum Monthly Investment Outlook is available to qualified investors. For additional insights on the digital asset markets, find more updates here.
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