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Monthly Market Insights - April 2023

Binance Research (JieXuan Chua, CFA, Shivam Sharma, Colin Chan, Mac Naggar)


  • Despite increasing macroeconomic uncertainty, the crypto market exhibited resilience in March. Crypto market capitalization was up 9.3% month-on-month. This comes as Bitcoin broke the $28,000 ceiling, a level not seen since June 2022.

  • The Crypto Fear and Greed Index, which measures market sentiment, recorded a new high in March, indicating bullish sentiment. In fact, the index remained firmly in the “Greed” zone most of the time during the month, a stark contrast to 2022 when the index was generally in the “fear” zone.

  • The narrative of Bitcoin as a store of value gained steam and Bitcoin has exhibited strong outperformance against the broader crypto market. Notably, Bitcoin was the top-performing coin in March among the top 10 coins by crypto market capitalization.

  • Following Arbitrum’s airdrop announcement in mid-March, we witnessed a spike in activity on other Layer 2s such as zkSync and Starknet. This trend may have been driven by users moving to these L2s in anticipation of a future airdrop. March also marked a momentous month for L2 innovation with the launch of several zkEVM solutions.

  • In the realm of stablecoins, USDT has been the net beneficiary of recent market events and has captured sizable market share from BUSD and USDC. Since the end of January, USDT’s market share based on market capitalization has risen from 49.5% to 60.0% as of the end of March.


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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.

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