By Omkar Godbole (All times ET unless otherwise noted)
The stablecoin market is expanding again, led by USDC and bitcoin. the rally is gaining momentum.
Panic over the war in Iran has eased in the past 24 hours after President Donald Trump said the conflict could soon end. Result: Bitcoin, which resisted the crisis, exceeded $70,000, an increase of more than 4%. The CoinDesk 20 Index, Ether (ETH), Solana (SOL), and XRP (XRP) are up 3% to 5%, and smaller coins like HYPE, ZEC, and RENDER are up 7% to 11%.
The market capitalization of USDC, the second-largest dollar-pegged cryptocurrency, is rapidly approaching the all-time high of $78.6 billion, extending the rally from the late January low of $70.9 billion. Supply of stablecoin leader USDT has increased to $184 billion from the low of $183.5 billion in late February.
This increase in the supply of top coins pegged to the US dollar indicates that the dry powder left on the sidelines is increasing and could be deployed to fund further crypto purchases as the rally extends. ETF inflows also support a continued uptrend.
However, certain indicators still call for caution. The Coinbase Premium Index, which measures the gap between bitcoin prices on Nasdaq-listed exchange Coinbase (COIN) and offshore giant Binance, remains negative, a sign that demand from U.S. investors is still lagging. Historically, bull runs have seen sustained Coinbase premiums.
In traditional markets, oil has fallen back below $100, supporting the continued stability of all risk assets, including cryptocurrencies. The dollar index and Treasury yields have also retreated from recent highs. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- March 10, 9:00 a.m.: U.S. existing home sales for February est. 3.9 million (previous 3.91 million)
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Aavegotchi DAO is holding Ballots 1 and 2 of a multi-signature signer election, asking token holders to choose a signer from different candidates. Voting closes on March 10.
- Ssv.network DAO votes to rescind DIP-46 and reallocate the originally approved $15 million development budget, dividing it into $14.9 million for DVT and $100,000 in retroactive research grant. Voting closes on March 10.
- Realtoken Ecosystem Governance DAO votes to temporarily suspend RMM (Real Estate Monetary Fund) interest rates at zero for 15 days. Voting closes on March 10.
- Unlocks
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 2.56% from 4 p.m. ET Monday at $70,734.01 (24 hours: +4.60%)
- ETH is up 1.68% at $2,061.24 (24 hours: +3.38%)
- CoinDesk 20 is up 2.02% at 2,015.27 (24h: +4.08%)
- Ether CESR Composite Staking Rate Up 17 Basis Points to 2.81%
- BTC funding rate is 0.0024% (2.6105% annualized) on Binance
- The DXY is unchanged at 98.84
- Gold futures are up 2.02% at $5,194.10
- Silver futures are up 6.50% at $89.50
- The Nikkei 225 closed up 2.88% at 54,248.39
- Hang Seng closed 2.17% higher at 25,959.90
- The FTSE 100 is up 1.84% at 10,437.86
- The Euro Stoxx 50 is up 2.94% at 5,852.45
- DJIA closed Monday up 0.50% at 47,740.80
- The S&P 500 closed up 0.83% at 6,795.99
- The Nasdaq Composite closed up 1.38% at 22,695.95
- The S&P/TSX Composite Index closed up 0.32% at 33,189.30
- The S&P 40 Latin America closed up 1.61% at 3,532.70
- The 10-year US Treasury rate is 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
- BTC dominance: 59.53% (0.77%)
- Ether-bitcoin ratio: 0.02905 (-0.27%)
- Hashrate (seven-day moving average): 1,008 EH/s
- Hash price (spot): $31.06
- Total fees: 2.52 BTC / $171,578
- CME Futures Open Interest: 103,205 BTC
- BTC valued in gold: 13.7 ounces.
- BTC vs gold market capitalization: 4.76%
Technical analysis
- The chart shows the daily price action of SOL in candlestick form since August last year.
- The token is once again trapped in a back-and-forth range, this time between $75 and $90, mimicking the pattern of October and December-January.
- The next move depends on which direction the range is ultimately resolved. A bullish resolution could bring a quick rally above $100, while a breakout would suggest the continuation of the broader downtrend.
Crypto Stocks
- Coinbase Global (COIN): Closed Monday at $199.79 (+1.30%), +3.46% at $206.70 in pre-market
- Circle Internet Group (CRCL): closed at $111.84 (+9.74%), +2.18% to $114.28
- Galaxy Digital (GLXY): closed at $21.50 (+4.57%), +3.09% to $22.16
- MARA Holdings (MARA): closed at $8.66 (+8.11%), +2.31% to $8.86
- Riot Platforms (RIOT): close at $14.70 (+3.78%), +2.52% to $15.07
- Core Scientific (CORZ): closed at $15.16 (+2.02%), +1.45% to $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
Crypto Cash Companies
- 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% to $8.90
- Sharplink (SBET): closed at $7.60 (+3.26%), +1.71% to $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 Feed
Spot BTC ETF
- Daily net flows: $167.1 million
- Cumulative net flows: $55.52 billion
- Total BTC holdings ~1.28 million
ETH Spot ETF
- Daily net flows: -$51.3 million
- Cumulative net flows: $11.61 billion
- Total ETH holdings ~5.73 million
Source: Farside Investors
