Crypto.com Weekly Market Update (Week 16, 19/04/2021 - 25/04/2021)
BTC at $52K, ETH at $2,451; All indices dropped.
Market Recap
After reaching an all-time high of $64,747 last week, Bitcoin faced a sudden correction and plummeted 20% to $54,267 in just an hour on Sunday, which kicked off a bearish sentiment across most tokens. On Friday, bitcoin experienced another leg down, falling below $50,000 for the first time since March to $48,139, sparked by President Biden's plans to raise capital gains taxes and the cryptocurrency ban by the Turkish government. At the time of writing, bitcoin has recovered above the $50,000 level, and is trading at the $52,000 level. BTC's market capitalization is still below $1 trillion, and its market dominance is sitting around 48.5% at the time of writing.
Meanwhile, the excitement around Ethereum London Upgrade, where EIP-1559 will be implemented, has sent Ethereum to a new all-time high of $2,670 on Thursday, gaining more than 9% in a day. At the time of writing, Ethereum was trading at $2,440.
Overall, all indices dropped. The price index, volume index, and volatility index declined 7.61%, 7.41%, and 1.25% respectively.
Check the latest prices on crypto.com/price.
Price Index
All token' prices fell except XMR (+14.02%) and ETH (+7.87%).
Top 3 losers: XTZ (-24.03%), EOS (-22.56%), XLM (-18.07%)
Benchmark: BTC (-10.09%)
Monero's price was closing in on its 2017 all-time high at its 7th anniversary. This report summarized that its bullishness is resulted from the network upgrades, atomic swaps, and real-world integrations to facilitate retail and institutional investors (ref).
Ethereum hit a new all-time high of $2,670 last Thursday. The bullish impulse seems to be fueled by a large number of whales, as the data from Santiment (a behavior analytics platform) suggested that the number of whales on the network recorded a significant spike (ref). The volume and open interest of the CME Ethereum futures have hit all-time highs (ref). Purpose Investments launched the world's first Ethereum ETF in Canada (ref).
Gaming company Ubisoft has become a validator on Tezos network (ref).
The world's first Cardano and Stellar exchange-traded products (ETPs) will launch on the Swiss Stock Exchange (ref).
Volume Index
All token's volumes dropped except XMR (+40.19%) and ETH (+22.65%).
Top 3 decrease: XLM (-39.96%), ATOM (-31.21%), XTZ (-29.84%)
Benchmark: BTC (-11.16%)
Volatility Index
Tokens’ volatility was a mixed bag.
Top 3 increase: XMR (+118.59%), ETH (+49.55%), ADA (+3.59%)
Top 3 decrease: ATOM (-22.35%), XLM (-16.68%), LINK (-13.35%)
Benchmark: BTC (-6.68%)
Top News
Paxos receives ‘preliminary conditional approval’ for US bank charter
Facebook to Release USD-Backed Stablecoin Diem for Trials This Year – Rebranded Libra
PayPal’s Venmo Kicks off Crypto Holding and Trading Within App
Top DeFi News
Avalanche (AVAX) ecosystem introduces Avalaunch, a launchpad and Initial DEX Offering (IDO) platform
Yearn Finance picks up $1 million in YFI as part of planned buyback
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