Moving Sideways

Although crypto markets experienced high volatility throughout February, nearly all sectors closed the month with positive returns. Privacy coins and BTC led the recovery, while the DeFi sector posted losses for yet another month. 

Kraken Intelligence’s latest report, Moving Sideways, takes a closer look at how the crypto industry fared in February 2022.

BTC Surges Ahead of Other Coins

February saw more market volatility than January, with BTC soaring in the beginning of the month. These gains were short lived, as BTC was set to close the month relatively flat before surging sharply on the last day of February. BTC price held its correlations with the Nasdaq and S&P 500, though its correlation with gold turned negative during the month. While ETH gains were modest throughout the month, ether volatility remained higher than bitcoin.

The First Bank Enters the Metaverse

Following gains in January, the NFT sector contracted slightly but remained consistent for most of February. Large brands continued to enter the metaverse in February, with Fortune 500 companies McDonald’s and JPMorgan Chase stepping into the arena.

Want to learn more about the events that shaped the crypto industry in February? Download the Kraken Intelligence report Moving Sideways to understand how the market is reacting to events and what the whales have been up to.