Crypto.com Weekly Market Update (Week 53, 28/12/2020 - 03/01/2021)
BTC at $31K; ETH at $1,002; All indices rallied.
Market Recap
Last week, Bitcoin rallied for seven days in a row and continued to make new all-time highs. It made a strong breakout on Saturday, surpassing $30,000 for the first time in history, and further surged to a new high of $34,000 on Sunday. By the end of the week, it was trading at around $34,300, gaining more than 30% in a week. With its market capitalization climbing to $630 billion, Bitcoin’s market cap dominance rose from 69.8% on Monday to 72.5% on Saturday.
Meanwhile, after hovering at around $710-$750 for several days, Ethereum on Sunday skyrocketed past $900 for the first time since March 2018. By the time of writing, it traded above $1,050, gaining more than 25% in a day.
Overall, all indices increased, and the price, volume, and volatility index grew by 24.56%, 3.94%, and 12.90 respectively.
Price Index
All prices rose except XRP (-24.14%), XMR (-17.37%) and XLM (-9.59%).
Top gainers: ETH (+39.00%), BTC (+24.51%)
Benchmark: BTC (+24.51%)
XRP continued to plunge as the aftermath of the SEC charges last week continued to unfold. 26 major exchanges delisted the token (ref) while institutions like Grayscale liquidated XRP (ref).
XMR also suffered a delisting from Bittrex, which may be responsible for its price drop (ref).
BTC spiked and reached a new ATH during its 12th birthday. The key drivers for bullish BTC price action are the US’ latest stimulus bill, lack of selling pressure in top exchanges, and short liquidations (ref).
ETH/BTC broke through a key resistance level of 0.026 ETH/BTC as investors began to rotate from BTC into ETH, which had been underperforming in recent months. We also saw new all-time highs on the number of ETH addresses (ref), while data also suggested that whales were quietly accumulating Ethereum (ref).
Volume Index
All token volumes grew with the exception of XRP (-47.25%), XLM (-34.43%) and EOS (-30.51%).
Top gainers: ATOM (+67.47%), ETH (+36.80%)
Benchmark: BTC (+11.94%)
Volatility Index
There was a mixed bag for token volatility.
Top 3 increase: ATOM (+96.45%), ETH (+88.50%), XMR (+32.03%)
Top 3 decrease: XRP (-14.87%), LINK (-10.79%), XLM (-10.38%)
Benchmark: BTC (+26.76%)
Top News
Bitcoin Blasts Past $34K for First Time, Less Than 24 Hours After Blowing Through $30K
Ether Soars Above $1,000 for First Time Since 2018, Hours After Crossing $800
Co-founder of Crypto.com launches Particle B blockchain accelerator
FinCEN is now interested in offshore crypto holdings, proposes new regulation
Top DeFi News
DeFi protocol Cover exploited, attackers minted at least 40 quintillion tokens
Cover Protocol announces compensation plan following mining contract attack
Cover Protocol Attack Perpetrated by ‘White Hat,’ Funds Returned, Hacker Claims
Yearn.Finance founder Andre Cronje releases new DeFi protocol yCredit
Opyn Upgrade Aims to Add Capital Efficiency and Liquidity to DeFi Options Market
Dynamic Set Dollar faces ‘massive test’ as stablecoin falls as low as $0.27
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