Trakx Weekly Update: March 4

Weekly Update
• Mar 04, 2024
Trakx Weekly Update: March 4

Key Crypto Market Figures

Trakx Weekly Update: March 4

CTIs Weekly Performance

Crypto assets had one of their best weeks in a long time with prices on a tear as Bitcoin approached the all-time highs set back in November 2021. The strength of the move was evident in the 20% gain in the Trakx Top 10 Crypto CTI, bringing the index’s year-to-date return to 35%. These are returns tradfi investors do not see often in their portfolios, and certainly not by the start of March.

While the larger cap cryptocurrencies generated impressive returns, even they were outshone by memecoins. The Trakx Meme CTI posted a 146% return last week, with some of the constituent tokens such as Pepe and Floki, 3X or 4Xing in less than a week.

Another standout performer was the Trakx AI CTI. Building on the positive momentum of the prior week, the index gained a further 34% - a return that would normally see it sitting comfortably at the top of the weekly performance tables.

Amid all the bullishness, the weakest performer amongst the Trakx family of crypto tradable indices was the relatively defensive Inflation Hedge CTI. It gained 4% over the past seven days.

As a result of the recent price appreciation, the total market cap for cryptocurrencies has rebounded to $2.4tr, almost three times what it was at the low point of the 2022 crypto winter; handsome returns for those who remained committed to the asset class.

While crypto prices have been on a steadily rising trend during these past 15 months, the recovery has, in many ways, been in stealth mode. However, catalysed by the SEC permitting a spot Bitcoin ETF, and with the halving less than 50 days away, the current ebullient sentiment amongst crypto investors and strong positive price momentum means this has clearly changed now. Crypto is attracting the attention of a wider investor base and the FOMO effect looks as if it is just starting to kick-in.

Trakx Weekly Update: March 4

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • Spot Bitcoin ETF volumes shatter record with massive $7.7B traded: Cointelegraph.
  • Coinbase crashes due to technical issues after Bitcoin touches $63K: CryptoSlate.
  • Ethereum memecoins go viral with $6.4bn traded in February: DL News.
  • AI Cryptocurrencies Are The Frontier To Watch In 2024: Forbes.
  • How Much Cheaper Will Dencun Really Make the Ethereum Ecosystem?: Decrypt.

Trakx News

Trakx CTIs Performance

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.

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