February saw a steady run of applications in the blockchain sector despite declining macroeconomic conditions triggered by the conflict in Ukraine. DeFi recovered slowly, with some blockchains and cryptocurrencies showing a modest recovery.
Footprint Analytics data shows DeFi’s TVL at $207.2 billion, up 1.06% MoM, while BTC and ETH are up about 10% MoM. Most notably, Terra surpassed BNB Chain to become the No. 2 blockchain on the network with $18.83 billion, and the price of its token, LUNA, soared to $91, up 75.8% MoM.
Conversely, the NFT market is cooling in terms of the monthly trading volume. This report will analyze the overall situation of the crypto market in February according to data.
BTC, ETH Up About 10%, Liquidation Funds Down 95.53%
In February, the price of BTC hovered between $37,000 and $44,000 and the price of ETH between $2,600 and $3,200, neither of which had recovered from last November’s peak.
Here’s how the Russian invasion of Ukraine affected the price of BTC and ETH:
- On Feb. 24, Russia announced a “military operation”, causing BTC and ETH prices to…