Crypto.com Weekly Market Update (Week 7, 15/02/2021 - 21/02/2021)
BTC ATH at $58K; ETH ATH at $2,000; Price index rose while volume and volatility indices dropped.
Market Recap
Bitcoin continued its bull run this week. It skyrocketed from below $49,000 on Monday to above $58,000 on Sunday, gaining more than 17% in a week. Its market capitalization surpassed $1 trillion on Friday for the first time in history. According to TradingView, Bitcoin’s dominance in the crypto space hovered around the 61%-63% range this week. According to ByBt, the open interest of Bitcoin futures also recorded new highs above $18 billion, indicating the market's healthy risk appetite.
Meanwhile, Ethereum hit new all-time highs of over $2,000 on Saturday. At the time of writing, it sat at a market capitalization above $220 billion, with the dominance of around 13% of the crypto space.
Overall, the price index rallied 16.48%, the volume index dropped 19.50%, while the volatility index plummeted 67.21%.
Check the latest prices on crypto.com/price.
Price Index
Most token prices surged except XTZ (-3.66%) and XLM (-3.10%).
Top 3 gainers: DOT (+55.09%), ADA (+30.24%), BTC (+18.04%)
Benchmark: BTC (+18.04%)
The Polkadot (DOT) project released a detailed roadmap last Monday, indicating the anticipated rollout of parachains was scheduled (ref). Besides, Goldman Sachs, JPMorgan, UBS were trading an ETP tied to Polkadot (ref).
Cardano (ADA) also announced that a major upgrade, Mary, was scheduled to be launched on March 1 (ref), which will unlock Cardano’s smart contract full functionality.
Bitcoin institutional adoption continued to grow, with Blackrock, the world’s largest asset manager, adding Bitcoin futures to two of its funds (ref). Furthermore, the first Bitcoin ETF in North America was launched on the Toronto Stock Exchange by Purpose Investments, seeing a massive opening day with $165 million traded on the first day (ref). Additionally, MicroStrategy raised $1.05B in its latest debt-for-bitcoin offering (ref).
Tezos announced a major upgrade to improve its network's functionality to support privacy and dApp functionality (ref), yet XTZ’s price dropped.
Volume Index
Most token volumes fell except ATOM (+20.77%) and DOT (+2.21%).
Top 3 decrease: XLM (-37.05%), EOS (-29.59%), XTZ (-26.20%)
Benchmark: BTC (-18.95%)
ATOM was supported by Cosmos’s new upgrade, Stargate, which enables Cosmos-based blockchain projects to communicate with one another (ref).
Volatility Index
Most token’s volatilities plummeted except XMR (+78.35%), LINK (+68.95%) and EOS (16.21%).
Top 3 decrease: BTC (-70.48%), XLM (-65.53%), XTZ (-50.13%)
Benchmark: BTC (-70.48%)
Top News
Bitcoin's market cap crosses $1 trillion milestone for the first time
Ether Sets New All-Time High Over $2,000 as Bull Run Continues
Ethereum Core Developers Eye Mid-April for ‘Berlin’ Hard Fork
World’s Largest Asset Manager Blackrock Enters Bitcoin Space — Discusses What's Driving Up BTC Price
First Bitcoin ETF in North America Has Massive Opening Day, $80,000,000 Traded in Just One Hour
Cosmos launches Stargate, paving the way for interoperable DeFi applications
Top DeFi News
Uniswap Reaches $100 Billion in Trading Volume, Marking Major Milestone for DeFi
Stablecoin RAI launches, a pure, decentralized alternative for DeFi
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