Demand for Bitcoin is fueling sentiment in the crypto industry, with over $100 billion of capital locked on-chain as of March 9th.
according to According to data from DefiLlama, the global total value lock (TVL) in decentralized finance (DeFi) protocols has reached $100.1 billion, with more than $10 billion traded in the past 24 hours as of this writing. However, these numbers still fall short of the $189 billion record set in November 2021.
Liquid staking protocol Lido leads the chart with $38.7 billion locked on-chain, followed by staking ecosystems EigenLayer and Aave protocols with over $11 billion each locked.
This is the first time in almost two years that DeFi TVL has surpassed the $100 billion level. This increase appears to be due to the return of positive sentiment in the cryptocurrency market since the launch of the Spot Bitcoin (BTC) Exchange Traded Fund (ETF) in January.
Institutional demand for spot Bitcoin ETFs pushed Bitcoin to new highs this week, topping $70,000 on March 8th. according to Bitcoin ETF assets surged to $28 billion on March 8, according to BitMEX Research. This analysis does not include assets in Grayscale’s Bitcoin Trust, which was converted from an over-the-counter (OTC) product to an ETF in January.
Rumors are circulating on social media platform X that OTC trading platforms are running out of Bitcoin. Turning We engage public exchanges to fulfill orders from our customers. OTC desks typically cater to large traders such as institutional investors.
Several centralized cryptocurrency exchanges, including Binance, Coinbase, Kraken, and Bybit, suffered outages after Bitcoin reached $60,000 due to increased trading volume. Crypto.com CEO Chris Marszalek Said The exchange has hired an additional 480 customer representatives to handle the surge in demand.
“With retail interest so high and price movements so fast, every algorithmic trading firm is significantly increasing the rate of orders and cancellations it sends to matching engines to maintain positions.” Ivo Kunkovic-Rubsamen, chief strategy officer and technical lead for trading on the dYdX exchange, told Cointelegraph.
Bitcoin injects capital into meme coins
Bitcoin’s rise has caused memecoin prices to skyrocket in recent days. Meme coin Korra (KORRA) is up 577% over the past seven days, followed by Ribbit (RIBBIT), which is up 235%, and PUG AI (PUGAI), which is up 232%, according to data compiled by Bitget Research. period.
Popular tokens such as Shiba Inu (SHIB) and Pepe (PEPE) registered gains of 168% and 165%, respectively.Meme coin market capitalization stand According to Bitget data, it’s $61 billion as of this writing.
Meme coin trend puts Dogecoin (DOGE) and SHIB in the top ranks token Their market capitalizations are $26 billion and $20 billion, respectively.
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