Trakx Weekly Update: March 11

Weekly Update
• Mar 11, 2024
Trakx Weekly Update: March 11

Key Crypto Market Figures

Trakx Weekly Update: March 11

CTIs Weekly Performance

It was another very positive week for crypto asset markets last week with the Trakx Top 10 Crypto CTI up 8%. Leading the rally, the Trakx Meme CTI – an index that captures the performance of five of the most popular and liquid meme coins such as Dogecoin and Shiba Inu – gained a further 28%. This robust performance was almost matched by similar magnitude gains in the NFT/Metaverse CTI and the AI CTI. As testament to the breadth of the rally of all the Trakx suite of Crypto Tradable Indices, only one posted a negative return – the Diversifier, which fell by less than 1% over the past several days.

After these latest gains the overall market cap of cryptocurrencies stands at $2.7tr, an increase of over $270bn within the past week. Indeed, aided by continued robust inflows into the various spot BTC ETF products ($2.2bn, or 33.8k BTC, over the past week, which is more than 5X net issuance) and BlackRock’s decision to file an amendment with the SEC to incorporate Bitcoin ETPs to its Strategic Income Opportunities Fund – a strong signal of institutional investors interest - the market cap of the seminal cryptocurrency rose to $1.4tr. This is not only a new all -time high, but it means that if Bitcoin were incorporated rather than an open source codebase it would be the eighth largest public company in the world.

Obviously, Bitcoin is not the only cryptocurrency where investors are keeping a close eye on things ETF related. Although the SEC previously pushed back the date by which it must decided on whether to allow a spot ETH product, many crypto players remain confident that they will give the green-light.

Boosting such speculation was news that the executives from Coinbase met with the SEC last week to assuage concern that spot ETH markets are susceptible to fraudulent activity and manipulation – two concerns that the regulators had previously in relation to Bitcoin. As a result of this ongoing speculation, combined with a surge in network fees on the second largest blockchain as a result of meme coin mania, Ethereum gained 14% last week – performance captured by several Trakx CTIs including our Top 10 PoS and Bitcoin-Ether CTIs.

Trakx Weekly Update: March 11

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Another BlackRock mutual fund can now allocate to bitcoin ETFs: Blockworks.
  • Cathie Wood sees Bitcoin at $1 million sooner than 2030 after record ETF performance: CryptoSlate.
  • Coinbase Executives Meet With SEC To Discuss Ethereum ETF, Argue ETH Spot Market Shows Resilience to Fraud: The Daily Hodl.
  • Meme Coin Frenzy Drives Ethereum Network Fees to Nearly 2-Year High: IntoTheBlock: CoinDesk.
  • AI crypto market cap doubles to $25 billion in 20 days: CryptoSlate.
  • Someone Just Bought a CryptoPunks NFT for $16 Million in Ethereum: Decrypt.

Trakx News

  • Lionel Rebibo announced our recent partnership with Wave Online where Trakx will be participating in regular digital meetings for financial investment advisors, to educate and train them on crypto-assets.

Trakx CTIs Performance

Trakx Weekly Update: March 11

Sources: Coingecko and AlphaVantage
*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

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