Market update

Cointree Crypto Market Update - February 28th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$86,902, rising +5.49% at the time of writing. Meanwhile, Ethereum continues to rise to AU$4,972, increasing +5.36% week-on-week. And in other altcoin movements, Avalanche drops -1.10%, Cardano -2.95%, and Solana -2.75%.

🗞 What’s happening in the news?

As the bull market emerges, we’re seeing a significant uptake in crypto amongst new users.

MetaMask's monthly active users have surged to over 30 million, nearly reaching its all-time high, amidst a broader crypto market rally. This significant increase in users, marking a 55% rise in just four months, underscores the growing interest and engagement in the cryptocurrency space. The wallet's expansion reflects the broader trend of cryptocurrency adoption and the importance of secure, intuitive platforms that facilitate access to the blockchain ecosystem.

On a tech front, the Avalanche network recently experienced a setback, going offline for six hours due to a bug triggered by an unexpected surge in inscription minting. The downtime, attributed to a "regression bug" introduced in a recent software update, was swiftly resolved, allowing the network to resume normal operations. This incident, while temporary, sparked conversations about blockchain scalability and stability, especially in light of new and large-scale activities. Patrick O’Grady of Ava Labs assured the community that the bug was quickly identified and fixed, emphasising the team's commitment to network reliability.

And finally, as the market continues to grow, fiat industries continue to dip their toes into blockchain tech.

In a pioneering move, Citibank, in collaboration with ETF firm WisdomTree and investment manager Wellington Capital, conducted a simulation exploring the tokenization of private equity funds using blockchain technology. This exercise aimed to showcase the potential for blockchain to revolutionise the management and distribution of private equity funds, demonstrating how smart contracts could automate fund distributions in a legally compliant manner.

The successful simulation hints at significant efficiency improvements in the $6 trillion private equity industry.

📖 What we’ve been reading

2024 will be the Ethereum network's biggest year in history

“This year will mark the network’s first bull cycle since the Merge in 2022”

Read more

Bitcoin Is Back, Back, Back, Baby

"The premier crypto is regaining dominance of investment dollars, mindshare and 'narrative,' says Ben Schiller."

Read more

How the ‘Halving’ Could Impact Bitcoin

“Bitcoin halvings have generally been good for the network. But price increases have decreased over time,”

Read more

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.

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