Crypto.com Weekly Market Update (Week 10, 08/03/2021 - 14/03/2021)
BTC at $60K, ETH at $1,881; Price and volume indices grew while the volatility index dropped.
Market Recap
Bitcoin surpassed the $60,000 mark for the first time in history on Saturday, surging from $50,000 while barely pausing to consolidate. According to Bybt, the outstanding open interest of Bitcoin futures rallied past the previous highs, reaching $23.1B at the end of the week, indicating a revival of risk appetite. Bitcoin’s dominance in market capitalization also rebounded from 61% to 63% during the week.
Ethereum made its breakout on Saturday, bursting from the $1,700 level to local highs of $1,920. Overshadowed by Bitcoin’s performance, Ethereum’s dominance in market capitalization came down from above 13% to 12% during the week.
Overall, the price index rose 15.27%; the volume index grew 2.66%, while the volatility index plunged 64.77%.
Check the latest prices on crypto.com/price.
Price Index
Most token prices surged.
Top 3 gainers: BTC (+17.88%), ETH (+12.14%), XMR (+10.77%)
Top 3 losers: ADA (-4.64%), XLM (-4.01%), ATOM (-2.97%)
Benchmark: BTC (+17.88%)
Mathew McDermott, the head of Digital Assets for Goldman Sachs, mentioned that institutional clients were all considering ways to add Bitcoin exposure (ref). Meanwhile, MicroStrategy added another $15 million in Bitcoin to its treasury holdings (ref). Furthermore, Biden’s stimulus package was also seen as a positive signal for crypto markets (ref).
Ethereum was largely controlled by whales as data from Santiment suggested that approximately 70% of the total supply of ETH was accumulated by holders who own 10k+ ETH (ref). The Berlin upgrade was scheduled for April 14 with 4 EIPs (ref).
Volume Index
Top 3 increase: EOS (+15.46%), BTC (+11.25%), XTZ (+4.48%)
Top 3 decrease: ADA (-38.25%), DOT (-16.88%), LINK (-15.90%)
Benchmark: BTC (+11.25%)
Volatility Index
All token volatilities plummeted except XTZ (+5.21%).
Top 3 decrease: BTC (-64.72%), XMR (-57.30%), ETH (-55.95%)
Benchmark: BTC (-64.72%)
Top News
Bitcoin price rally to $61,800 shows BTC bulls are in full control
Bitcoin futures open interest hits new ATH as traders flock to derivatives
Acclaimed digital artist & Beeple collaborator Alberto Mielgo announces NFT drop
Soros, Morgan Stanley Join $200M Investment in Bitcoin Firm NYDIG
JPMorgan to Launch ‘Cryptocurrency Exposure Basket’ of Bitcoin Proxy Stocks
Top DeFi News
Active user wallets on Ethereum DeFi have dipped 40% in one month
Alchemix announces $4.9 million raise led by CMS, Alameda, and e-Girl Capital
Big Data Protocol Staking Surges Over $6 Billion in Latest DeFi Frenzy
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