Crypto.com Weekly Market Update (Week 21, 24/05/2021 -30/05/2021)
BTC at $34.8K, ETH at $2,316; price and volatility index climbed; volume index plunged.
Market Recap
Bitcoin has been on a downtrend over last week but showed signs of recovery and surged almost 36% to the weekly high of $40,900 on Wednesday, testing the $40,000 level which was rejected sharply. At the time of writing, Bitcoin has been hovering around the $34,000 level. The total market capitalisation dominance is currently sitting at 44%.
Meanwhile, Ethereum made a sharp but brief recovery and hit a weekly high at $2,900 on Wednesday. However, it has retracted sharply from the $3,000 level and at one point, dipping to lows of $2,200 on Sunday. It has since consolidated and is trading at $2,300 at the time of writing.
Overall, the price index surged 21.13%; the volume index plunged 33.81%, while the volatility index grew 7.01%.
Check the latest prices on crypto.com/price.
Price Index
All token prices surged.
Top 3 gainers: LINK (+77.22%), EOS (+58.59%), ADA (+48.58%)
Benchmark: BTC (+12.49%)
Cardano (ADA) has announced the launch of the first Testnet of the Alonzo upgrade that is geared towards introducing smart contracts to the blockchain (ref). Meanwhile, Cardano reached a new milestone as it hit 1 million wallets (ref).
Volume Index
All token volumes dropped.
Top 3 decrease: ATOM (-45.51%), ADA (-44.84%), XTZ (-43.25%)
Benchmark: BTC (-34.46%)
Volatility Index
It was a mixed bag for token volatility.
Top 3 increase: ETH (+46.10%), XLM (+44.26%), ATOM (+38.96%)
Top 3 decrease: XMR (-36.05%), XTZ (-12.94%), BTC (-8.52%)
Benchmark: BTC (-8.52%)
$1.9 billion Ethereum futures and options expired last Friday (ref). Additionally, $13.7 billion in ETH is locked in Ethereum 2.0 deposit contracts as the London hard fork draws closer (ref).
Around $2.1 billion worth of Bitcoin options contracts expired last Friday (ref). JPMorgan CEO Jamie Dimon said he would still advise people to stay away from Bitcoin (ref). Head of Bank of Japan, Haruhiko Kuroda, has joined governors of other central banks in criticising Bitcoin (ref).
Top News
Cardano (ADA) Hits 1 Million Wallet Milestone Ahead of Smart Contract Implementation
'COVID-19 Accelerated Digital Currency Adoption': The Economist Intelligence Unit
The US Treasury wants to expand crypto reporting to fight offshore tax evasion
Half of hedge funds are now investing in crypto, says PwC report
Fidelity Says It Has Sold $102,000,000 in Bitcoin to Wealthy Investors
Top DeFi News
Layer 2 network Arbitrum ships guarded launch, attracts major DeFi protocols
Uniswap likely to expand to Ethereum scaling solution Arbitrum
1inch integrates with Mercuryo, enabling fiat onramp to DeFi
BurgerSwap Flash Loan Exploit Leaves $7.2 Million in Losses of Stolen Ether, BNB, and More
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