Crypto.com Weekly Market Update (Week 2, 11/01/2021 - 17/01/2021)
BTC at $36.8K; ETH at $1,243; Price & volume index dropped, volatility skyrocketed.
Market Recap
Bitcoin faced a sharp pullback and then consolidated this week. On Monday, Bitcoin once plunged from the highs of $38,000 to the lows of $30,000. After rebounding to $39,000 at midweek, it quickly lost steam again and declined three days in a row. By the end of the week, Bitcoin dipped to around $35,000. Some common technical indicators also give bearish signals: the MACD line crossed below the signal line on Tuesday, and the price had fallen below the 10-day moving averages since Friday. According to TradingView, Bitcoin’s dominance in market capitalization plunged from above 69% to below 67%.
On the other hand, Ethereum rebounded to the $1,200 level after diving from $1,260 to $910 on Monday. Although it failed to break resistance at $1300 on Saturday, it managed to gain support in the $1,100-$1,200 range by the end of the week.
Overall, the price index dropped 8.00%, the volume index fell 9.82%; while the volatility index jumped 101.49%.
Check the latest prices on crypto.com/price.
Price Index
Top 3 gainers: LINK (+29.72%), ATOM (+28.84%), XTZ (+13.28%)
Top 3 losers: EOS (-12.03%), BTC (-9.08%), XMR (-8.02%)
Benchmark: BTC (-9.08%)
Fireblocks - an institution-focused custodian provider, rolled out staking rewards for ETH 2.0, Polkadot, and Tezos to its 165+ clients. This may help drive XTZ’s demand from institutional investors (ref).
Stellar was selected by a German real estate company to issue a $24 million bond (ref).
The EOS downtrend may still be affected by the resignation of Block.one’s co-founder and CTO Daniel Larimer, who helped develop the EOS project (ref). Meanwhile, some news reported that Block.one’s Bitcoin reserves are now worth double of the entire EOS market cap (ref).
Volume Index
Top 3 increase: ATOM (+37.23%), LINK (+33.21%), XMR (+23.30%)
Top 3 decrease: XLM (-50.22%), EOS (-38.86%), ETH (-14.03%)
Benchmark: BTC (-2.67%)
Volatility Index
Most tokens’ volatility surged except XLM (-32.27%) and EOS (-11.38%)
Top increase : ETH (+180.34%), ATOM (+117.24%)
Benchmark: BTC (+76.41%)
Top News
Goldman Sachs to Enter Crypto Market ‘Soon’ With Custody Play: Source
Mt. Gox Creditors Can Claim 90% of Bitcoin Left in Bankruptcy: Bloomberg
Treasury backs down: Crypto monitoring rule will wait until new administration
Crypto.com Partners with Booking.com to Offer Exclusive Travel Discounts
Winklevoss Twins Consider Taking Gemini Crypto Exchange Public
Top DeFi News
Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix
Stacks mainnet launch brings smart contracts and DeFi to Bitcoin
Cream Finance leaps into DeFi ‘corporate debt’ with Iron Bank launchEthereum-Based Nexus Mutual Expands Its Decentralized ‘Insurance’ to Centralized Exchanges
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