Crypto.com Weekly Market Update (Week 51, 14/12/2020 - 20/12/2020)
BTC at $23,700 all-time high, volume and volatility surged
Market Recap
Bitcoin had been riding on an uptrend and hitting new record highs. It surged from the $19,000 level on Monday to the unprecedented $24,000 level on Saturday. By the end of the week, it was trading at around $23,500, gaining more than 23% in a week. The 14-day RSI entered the overbought territory again since last month, signaling a possible correction in the near term. The market capitalization of Bitcoin amounted to $430 million, dominating more than 66% of the crypto space.
Ethereum also made a strong breakout on Wednesday, rallying from $589 to $637 in a day. The uptrend stayed persistent afterwards, and the price consolidated at the $650 level by the end of the week.
In addition, The Graph (GRT) token was under the spotlight, where its price surged more than 425% after its mainnet launch last week (ref). GRT is an Ethereum-based indexing protocol that enables users to query data from the blockchain in a decentralized manner. A number of cryptocurrency exchanges have listed GRT, including Crypto.com.
Overall, the price, volume, and volatility index increased very significantly by +19.85%, +33.88%, and +116.38% respectively.
Price Index
All token prices surged.
Top 3 gainers: BTC (+23.19%), BNB (+19.26%), EOS (+14.36%)
Benchmark: BTC (+23.19%)
Bitcoin continued to gain traction from institutional investors. The open interest of Bitcoin futures and options all hit all-time highs. CME Bitcoin Futures open interest hit ATH of around $1.4 billion (ref). Bitcoin options open interest reached a record-high $6.5 billion (ref). In addition, global investment firm Jefferies was reportedly selling gold for Bitcoin (ref).
Binance was considering an acceleration BNB burn (ref), which may potentially stimulate investors’ sentiment on BNB’s lowering supply.
Volume Index
All tokens’ volume rose.
Top 3 gainers: BNB (+48.46%), BTC (+42.17%), XMR (+34.60%)
Benchmark: BTC (+42.17%)
Volatility Index
All tokens’ volatility grew except XMR (-42.45%) and ATOM (-13.88%).
Top 3 gainers: BTC (+125.80%), XRP (+96.29%), CRO (+84.51%)
Benchmark: BTC (+125.80%)
Ripple partner SBI wired 200 million XRP from its recently launched lending service (ref).
Top News
$51 Billion Global Investment Firm Jefferies Selling Gold for Bitcoin
It's here: Treasury proposes rule to monitor crypto going to self-hosted wallets
Stellar Development Foundation invests in Settle Network to support stablecoin-based payment too