Crypto.com Weekly Market Update (Week 5, 01/02/2021 - 07/02/2021)
BTC at $43.5K; ETH at $1,687 after hitting ATH; Volatility dropped
Market Recap
Bitcoin regained upward momentum and re-tested all-time highs this week, rallying from $33,000 to $41,000, slightly lower than the all-time high recorded on January 8. By the end of the week, it was consolidating at the $38,000-$39,000 range.
Some common trading indicators suggest a possible bull case for Bitcoin. The MACD line crossed above the 9-day signal line on Wednesday. Simultaneously, the spot price had stayed above the 10-day and 50-day moving averages since Tuesday. According to TradingView, Bitcoin’s dominance in market capitalization declined from 63% on Monday to 60% on Friday and then sharply rebounded above 62% alongside its price spike on Saturday.
Meanwhile, Ethereum continued to make new highs, hitting the $1,700 mark on Friday for the first time in history. After reaching the unprecedented $1,740 level, it pulled back and traded below $1,600 at the end of the week.
Overall, the price index rallied 14.87%, the volume index increased 1.60%; while the volatility index dropped 35.85%.
Check the latest prices on crypto.com/price.
Price Index
All token prices increased.
Top 3 gainers: ADA (+72.72%), ATOM (+55.43%), XLM (+21.08%)
Benchmark: BTC (+14.43%)
Cardano completed an upgrade from “Shelley” to “Mary”, which will enable users to create their own tokens and also unlock DeFi functionality.
China's national blockchain service network (BSN) announced that it has integrated Cosmos.
Users can now transact with USDC, the second-largest stablecoin, on the Stellar blockchain.
Volume Index
Most tokens’ trading volumes grew except BTC (-11.58%), XMR (-9.66%) and LINK (-8.22%).
Top 3 increase: ADA (+114.38%), ATOM (+52.83%), EOS (+34.37%)
Benchmark: BTC (-11.58%)
Volatility Index
Top 3 increase: ADA (+117.68%), DOT (+69.13%), ETH (+48.83%)
Top 3 decrease: EOS (-69.96%), XLM (-52.22%), BTC (-46.91%)
Benchmark: BTC (-46.91%)
21Shares launched the world’s first Polkadot ETP on Switzerland's SIX exchange. Bancor (BNT) and Polkadot (DOT) joined forces to build a cross-chain liquidity bridge.
pNetwork launched wrapped EOS on Ethereum to connect the two biggest DeFi ecosystems.
Ethereum gathered momentum as Grayscale bought $38 million in ETH.
Top News
Ether Soars to Another All-Time High, Carrying DeFi and Rival Coins With It
Protego Becomes Second Crypto Firm to Win Bank Charter From OCC
Crypto exchange Bitfinex says it has repaid Tether the remaining loan balance of $550 million
Visa Could Soon Introduce Cryptocurrencies to Its Payments Network, Its CEO Says
Top DeFi News
One Big Pool: Balancer’s New Version Cuts Down Transactions and Gas Fees
0x Labs Closes $15M Fundraising Round as ZRX Finds DeFi Market
FitDecentralized Exchange Volumes Hit Record Above $50B in January
Theta blockchain launches first decentralized exchange dubbed ThetaSwap
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