In the first quarter of 2021, the prices of many assets across all sectors of the cryptocurrency market reached new highs, Messari researcher Roberto Talamas noted. With the bull run continuing, he called the quarter historic for the industry.
Q1 2021 was a historic quarter for the industry.
Asset prices across all sectors reached new all-time highs as that bull market continues with full force.
Here is a recap of what happened 👇🏻 pic.twitter.com/PfaQhxzBT1
— Roberto Talamas (@RobertoTalamas) April 9, 2021
Among the largest by market capitalization, the leader was the Binance Exchange’s token (BNB) — up 709% over the period. The analyst attributed the rise to the popularity of the Binance Smart Chain (BSN) as a low-cost alternative to Ethereum, as well as higher trading volumes and the exchange’s revenues.
In the DeFi segment, the champions were the native tokens of PancakeSwap (Cake) and Terra (Luna) — a staggering 3031% and 2403%, respectively, the analyst noted.
Messari specialists noted that the PancakeSwap automated market maker, operating on BSN, recorded a mass inflow of trading volumes in February and March.
For the second asset, they identified several factors behind the surge, including Terraform Labs $25 mln investments in a round with Galaxy Digital and Coinbase.
Among smart-contract platforms, the top performer for the quarter was the Solana (SOL) token. Talamas believes that one of the main catalysts for the 1184% price rally was the growth of the ecosystem of applications on the blockchain.
In the Web 3.0 space, leaders were the tokens of decentralised data storage projects. The Arweave coin (Ar) rose 1165% over the quarter, and Storj 866%. The prices were buoyed by growing recognition of the importance of file storage for the internet of the next generation, the expert says.
In March hit a fresh all-time high above $61,000—the market’s flagship, Bitcoin. Over the first three months of the year, digital gold rose by 102.93%, which became the best first-quarter result in eight years.
For other cryptocurrency industry achievements in Q1, read ForkLog’s report.
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