Crypto.com Weekly Market Update (Week 33, 16/08/2021 - 22/08/2021)
BTC reached $49,680; Price index grew by 5.02%.
Highlights
Bitcoin gained strength on Friday as the expiry of $600M options approached. It broke $49,000 and reached as high as $49,680 on Sunday, consolidating to a $49,000 level with a dominance of 44.59% at the time of writing.
Ethereum retraced sharply on Tuesday to $2,960. It rebounded and climbed over 2.5% on Saturday, trading at $3290.27. The price consolidated between $3,250 and $3,300 at the time of writing.
Overall, the price index grew by 5.02%; while the volume and volatility index dropped 2.45% and 25.80% respectively.
Check the latest prices on crypto.com/price.
Price Index
Overall trend
The prices of all tokens surged except for XLM (-3.40%)
Top 3 price gainers
ATOM (+43.59%), DOT (+23.06%), ADA (+22.29%)
Benchmark: BTC (+5.63%)
Notable events
COSMOS (ATOM)’s community were excited about the beta launch of Emeris Beta, a cross-chain DeFi portal that allows users to perform instant cross-chain trading (ref). Additionally, upcoming Cosmos-related airdrops such as Gnoland, Ethermint, Sunny, and Bitsong are scheduled in the next few weeks (ref).
Polkadot (DOT)’s main DeFi hub Acala has launched a new development environment that is compatible with popular Ethereum tools such as MetaMask, Truffle, and Waffle. This upgrade gives developers the ability to create the same user experience as on Ethereum (ref).
The ADA (Cardano) Foundation has revealed that six cryptocurrency exchanges have actively integrated with the smart contract upgrade – Alonzo Purple (ref).
Volume Index
Overall trend
There was a mixed bag for tokens’ volumes.
Top 3 volume gainers
ATOM (+253.16%), DOT (+59.53%), LINK (+43.05%)
Top 3 volume losers
XLM (-24.35%), ETH (-16.73%), XTZ (-8.34%)
Benchmark: BTC (+1.52%)
Notable events
The unique amount of addresses interacting on the Chainlink network has surged to a near 3-month high (ref). Additionally, Chainlink’s price feed oracle has integrated with Fantom Mainnet which allows developers to gain access to a wide variety of new DeFi instruments (ref).
Over 95,000 ETH have been staked in the ETH 2.0 contract in a day according to the data from CryptoQuant (ref), and the total staked ETH reached around USD 20 billion. Meanwhile, Ethereum on exchanges hit record low (ref).
Volatility Index
Overall trend
Most tokens’ volatility dropped except for ATOM (+36.54%), LINK (+3.97%), and EOS (+3.65%).
Top 3 volatility decreases
ADA (-35.62%), ETH (-29.50%), XTZ (-24.14%)
Benchmark: BTC (-22.40%)
Top Industry News
Wells Fargo, JPMorgan partner with NYDIG to launch bitcoin funds
Binance enforces mandatory KYC on all users amid mounting regulatory pressure
DeFi News Spotlight
DeFi’s 1inch Network Launches on Ethereum Scaling Platform Optimism
Ethereum Scaling Solution Polygon Launches DAO to ‘Unite’ DeFi Platforms
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