Crypto.com Weekly Market Update (Week 6, 08/02/2021 - 14/02/2021)
BTC at 47.9K; ETH at $1,800; All index surged.
Market Recap
Bitcoin broke its previous all-time-high last week. On Monday, it spiked from below $39,000 to an unprecedented $46,000 level, gaining more than 18% in a day. At the end of the week, it hit $49,700 and was on its way to test $50,000. At the time of writing, Bitcoin had corrected back to the $47,000 level after facing rejection at $50,000.
According to TradingView, Bitcoin’s dominance in market capitalization surged above 64% on Monday, but its dominance then shrank to around 61% on Sunday, thanks to the strong performance of Ethereum and other crypto assets. According to ByBt, the outstanding Bitcoin futures and options reached highs of $16.5B, indicating strong risk appetites of the market.
Meanwhile, Ethereum continued to record new highs. It rallied from the $1,600 level to above $1,800 during last week. After the launch of CME Ether futures last week, open interest has reached $54 million.
Today, ETH faced a sharp retracement along with the rest of the market, falling to the $1,700 level and reaching a market capitalization of $198B.
Overall, the price index rallied 28.62%, the volume index grew 19.95%; and the volatility index rose 20.01%.
Check the latest prices on crypto.com/price.
Price Index
All token prices surged.
Top 3 gainers: XMR (+57.61%), XTZ (+56.62%), ATOM (+53.97%)
Benchmark: BTC (+29.14%)
Tezos-based NFTs will be supported by OpenSea, a platform with the highest monthly volume in the NFT industry (ref).
Some market observers suggested that ATOM's surge might be due to its undervaluation compared to other similar layer-one projects such as DOT and AVAX (ref).
Volume Index
All token volume spiked.
Top 3 increase: XTZ (+110.33%), EOS (+96.25%), ATOM (+73.52%)
Benchmark: BTC (+29.92%)
Volatility Index
Top 3 increase: EOS (+147.01%), XLM (+75.98%), ATOM (+58.15%)
Top 3 decrease: LINK (-57.06%), ETH (-32.64%), XMR (-16.83%)
Benchmark: BTC (+35.78%)
CME’s ETH futures went live (ref).
Top News
Deutsche Bank Quietly Plans to Offer Crypto Custody, Prime Brokerage
Morgan Stanley Unit Considers $150 Billion Bitcoin Investment: Bloomberg
Top DeFi News
Total value locked in DeFi marks new all-time high close to $40B
BadgerDAO partners with Yearn.Finance to build sustainable Bitcoin vaults
Grayscale Files to Register Trust for DeFi Platform Yearn Finance
DeFi aggregator 1inch stages new ‘vampire airdrop’ to Uniswap users
Thank you for reading! We hope you find our Weekly Market Update enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!