Crypto.com Weekly Market Update (Week 11, 15/03/2021 - 21/03/2021)
BTC at $58K, ETH at $1,793; Prices of large-cap dropped; volume and volatility indices grew.
Market Recap
After hitting new highs above $61,000, Bitcoin corrected, at one point diving close to $53,000, but rebounded sharply mid-week to retest $60,000. However, it was rejected repeatedly at this crucial resistance level, retracing to the $55,000-$57,000 range at the end of the week. Bitcoin’s dominance in market capitalization also declined from 62.9% on Monday to 61.4% at the time of writing. According to Bybt, the Bitcoin futures open interest was still close to the all-time highs, sitting at around $21.7B.
Similarly, after failing to break the all-time high above $2,000, Ethereum consolidated and fluctuated in the $1,700 - $1,900 range. Ethereum’s dominance in market capitalization also dipped below 12% at the time of writing, indicating its stagnant performance compared to altcoins.
Overall, the price index dropped 2.87%; while the volume index grew 6.95%, and the volatility index surged 68.85%.
Check the latest prices on crypto.com/price.
Price Index
Although most altcoin prices rose, BTC (-3.95%) and ETH (-3.56%) dropped, dragging the overall price index down.
Top 3 gainers: ADA (+12.15%), ATOM (+11.56%), XTZ (+5.12%)
Benchmark: BTC (-3.95%)
Cardano (ADA) was listed on some big crypto exchanges (ref1, ref2). The open interest of Cardano’s futures surpassed $1 billion, which has only been achieved by Bitcoin and Ethereum previously (ref). Additionally, Bloomberg terminal added the definition of Cardano (ref).
French firm Lugh.io launched Euro-pegged stablecoin on Tezos (ref).
Brazil has become the first country in Latin America to launch a Bitcoin exchange-traded fund (ref). Chinese tech firm Meitu brought $49 million more in Bitcoin and Ethereum (ref). Morgan Stanley will be offering its wealth management clients access to bitcoin funds (ref). Additionally, global banking giant Deutsche Bank stated in the report that Bitcoin is “too important to ignore” and expected governments to start regulating Bitcoin by the end of 2021 (ref).
Ethereum locked in DeFi hit an all-time high at $16.5B, 8.3% of its supply (ref). Data also suggested that Ethereum reserves on crypto exchanges hit a 2 year low (ref).
Volume Index
Token volumes were a mixed bag.
Top 3 increase: ADA (+67.09%), ATOM (+41.20%), XLM (+11.49%)
Top 3 decrease: EOS (-12.77%), LINK (-12.55%), XTZ (-9.86%)
Benchmark: BTC (+4.81%)
Grayscale launches Chainlink (LINK), Filecoin (FIL), Basic Attention Token (BAT) Ttrusts (ref).
Volatility Index
Most token volatilities surged except XTZ (-20.91%), ETH (-20.25%) and DOT (-4.69%).
Top 3 increase: ATOM (+157.49%), ADA (+107.52%), BTC (+86.71%)
Benchmark: BTC (+86.71%)
Polkadot planned to enhance interoperability between networks by releasing decentralized bridges (ref).
Top News
SEC Publishes VanEck’s Bitcoin ETF Application, Kicking Off Decision Clock
Coinbase settles with CFTC for $6.5 million over data reporting, employee wash trading allegation
Asia’s MicroStrategy? Meitu drops another $50M on ETH and BTC
Top DeFi News
New version of 1inch’s DEX aggregator makes it cheaper than Uniswap
Balancer (BAL) hits an all-time high as DeFi projects trial new solutions
$4.6M in Filecoin ‘Double Deposited’ on Binance; Exploit Open on Other Exchanges
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