Crypto.com Weekly Market Update (Week 12, 22/03/2021 - 28/03/2021)
BTC at $55K, ETH at $1,695; price and volume index dropped; volatility index grew.
Market Recap
Bitcoin touched $58,500 briefly on Monday, but was met by strong resistance, plummeting back to the $50,000 level for the rest of the week, despite Tesla’s announcement on its plan to accept Bitcoin as payment. After $6.4B of Bitcoin options expired on Friday, the market resumed its uptrend. By the time of writing, the price has been trading in the $55,000-56,500 range.
Bitcoin’s dominance in market capitalization also declined from 60.26% on Monday to 59.41%. According to Bybt, the Bitcoin futures open interest has reached all-time highs, sitting at around $22.9B and declined back to $19.56B at the time of writing.
Meanwhile, after failing to break $1,800 resistance, Ethereum faced a sharp retracement and fell as low as $1,520 on Thursday. It then soared to $1,730 as the market made a robust recovery. By the end of the week, it consolidated and fluctuated in the $1,670-$1,720 range and experienced a 5% decline over the week.
Overall, the price and volume indices dropped 2.28% and 0.75% respectively; while the volatility index rose 16.58%.
Check the latest prices on crypto.com/price.
Price Index
All token prices dropped except XTZ (+2.19%) and XLM (+0.91%).
Top 3 losers: DOT (-12.01%), LINK (-8.40%), ATOM (-5.59%)
Benchmark: BTC (-1.77%)
Tezos’ highly anticipated NFT platform, Kalamint, went live (ref).
According to the data from Bybt, Grayscale purchased 6,568,516 XLM ($2,360,615) over the past month (ref).
Polkadot launched its ‘Canary Network’ to test blockchain interoperability (ref).
Zeus Capital revealed that the Chainlink team sold more than 34M LINK tokens on Binance (ref). Additionally, Filecoin integrated with Chainlink to enable a bidirectional connection between the Filecoin Network and Ethereum (ref).
Volume Index
Most tokens’ volumes declined except XLM (+3.81%), BTC (+3.42%) and XMR (+0.15%).
Top 3 decrease: ADA (-41.42%), ATOM (-28.35%), LINK (-21.22%)
Benchmark: BTC (+3.42%)
$100 million in Monero (XMR) ransom was reportedly demanded from Acer (ref).
Over $6 billion worth of Bitcoin options were set to expire last Friday, a record-breaking amount for Bitcoin options (ref).
Volatility Index
Token volatilities were a mixed bag.
Top 3 increase: DOT (+82.05%), XLM (+68.33%), ETH (+48.59%)
Top 3 decrease: ADA (-32.88%), LINK (-23.22%), ATOM (-21.27%)
Benchmark: BTC (+6.15%)
Staked launched an ETH trust that gives users both exposure to ETH and staking rewards (ref).
Top News
Filecoin Soars 39%, Surpassing Theta On Several Platforms, Seeing Inflow of Chinese Miners
Circle is rolling out a payments solution for NFT marketplaces
Crypto.com launching NFT platform with exclusive content from artists
Top DeFi News
Uniswap v3 to Launch on May 5 With up to 4000x Capital Efficiency
Jeff Garzik’s DeFi protocol Vesper Finance tops $1B TVL in six weeks
Alpha Finance Announces Cross-Chain DeFi Staking and Tokenomics
Brave browser to integrate dedicated Binance Smart Chain DeFi wallet
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