Both traditional and crypto markets had mixed movements in February. Interestingly, the relationship between equities and crypto markets, which have been strongly correlated over the last few months, lookedto decouple as most digital assets recorded positive returns in February, whilst equity indices experienced a decline in February.
- Bitcoin’s price rose 12.2% in February, breaking a three-month trend of consecutive losses. The increase, which was concentrated on the 28th of February, saw Bitcoin break its 50-day MA and close the month at $40,329.
- Transaction fees incurred on the Ethereum network decreased by 46.7% to $715mn in February, the largest monthly fall recorded in the last 12 months. It is the first time monthly fees have fallen below $1bn since August 2021, when total fees reached $685mn
- The number of holders (wallets that have held ADA for more than a year) grew 32.1% to reach an all-time high of 408k in February, while the number of cruisers (wallets holding ADA for 1 month – 12 months) grew 13.4% to 3.62mn.