Weekly Market Update (Week 35, 30/08/2021 - 05/09/2021)

BTC climbed above $50,000; ETH hit $4,000; Price index grew by 9.33%


Bitcoin slid further away from $50,000 level on Wednesday, falling as low as $46,300, but gradually climbed above $50,000 again.The Federal Reserve eased the market on tapering bond purchases and emphasised that rates would remain lower for longer. The DXY (Dollar Index) fell while BTC continued pushing higher, which could be seen as a macro tailwind for Bitcoin as a weakening dollar usually pushes BTC higher (ref). The price of Bitcoin consolidated above $50,000 with a dominance of 41.08% at the time of writing.

Ethereum resumed its uptrend and hit the $4,000 mark for the first time on 3 September since May, after breaking out of its usual pattern. Ether picked up momentum and experienced a series of higher lows. The bullish impulse coincided with an increase in the number of large Ether transactions, suggesting whales’ and institutional players’ ETH purchases (ref). At the time of writing, the price sat around $3,900.

Overall, the price and volume index grew by 9.33% and 12.90% respectively, while the volatility index dropped by 42.50%, according to data compiled by

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Price Index

The prices of all tokens surged except XTZ (-7.57%), ADA (-0.22%)

Top 3 price gainers
DOT (+29.78%), LINK (+27.16%), ETH (+22.74%)

Benchmark: BTC (+3.70%)

Notable events

Kusama’s second round of parachain auctions go live on 1 September, and the Polkadot network will undergo its own parachain auctions once all auctions are complete on the Kusama network (ref). Locking up DOT tokens to bootstrap funding for projects has the effect of reducing the circulating supply of tokens available, stimulating trading volume growth and adding pressure on the price of DOT (ref).

Bored Ape Yacht Club initiated an integration with Chainlink’s Verifiable Random Function (VRF) to distribute a verifiably random NFTs airdrop in its platform on 3 September (ref).

Data from The Block showed that the daily net emission of Ether on 3 September was -333, which became negative about 30 days after the EIP-1559 upgrade was activated on 5 August (ref).

Tezos (XTZ) will be launching a suite of lending and yield products with the DeFi platform EQIFI, providing support for the Tezos blockchain ecosystem (ref).

Cardano (ADA) successfully upgraded Alonzo testnet for smart contracts capability announced on 2 September (ref).

Volume Index

Overall trend
There was a mixed bag for tokens’ volumes.

Top 3 volume gainers
DOT (+60.03%), ATOM (+51.20%), EOS (+41.82%)

Top 3 volume losers
XTZ (-51.00%), ADA (-30.09%), XMR (-22.37%)

Benchmark: BTC (+12.20%)

Notable events

Cosmos (ATOM) saw significant gains amid the layer1 blockchain boom including those of Avalanche, Cardano, and Fantom (ref).

New research from professor John Griffin in the University of Texas and forensic analysis firm Integra FEC claimed that 21 accounts pumped the $4.4 billion EOS ICO with wash trades (ref).

Volatility Index

Overall trend

Most tokens’ volatility dropped except for DOT (+31.93%) and ATOM (+3.08%).

Top 3 volatility decreases
XMR (-80.00%), ADA (-72.87%), XTZ (-70.84%)

Benchmark: BTC (-22.04%)

Top Industry News

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