Crypto.com Weekly Market Update (Week 9, 01/03/2021 - 07/03/2021)
BTC at $51K, ETH at $1,728; Price and volatility indices grew while the volume index dropped.
Market Recap
After a sharp pullback to $45,000, Bitcoin successfully regained the $50,000 level at the end of this week. According to ByBt, the open interest of Bitcoin futures and options sat at around $15.2B, still down more than 20% from the all-time high seen two weeks ago.
Meanwhile, Ethereum bottomed out at the $1,400 level last Sunday, and gradually climbed back above $1,700. EIP-1559 was confirmed by Ethereum developers to be launched during the London upgrade scheduled for July.
Overall, the price index rose 16.94%, while the volume index plummeted 50.83%, and the volatility index increased 10.52%.
Check the latest prices on crypto.com/price.
Price Index
All token prices grew except ADA (-4.12%).
Top 3 gainers: ETH (+23.69%), XTZ (+20.77%), LINK (+20.66%)
Benchmark: BTC (+16.89%)
Cardano’s “Mary” upgrade went live on March 1, which gave Cardano multi-asset support (ref). The completion of a highly anticipated catalyst resulted in ADA's relative underperformance this week.
EIP-1559, a proposal that seeks to reduce ETH transaction fees by introducing flat fees alongside a burn mechanism, was scheduled for July (ref). The proposal has been widely anticipated and pushed through despite the disagreement of the majority of ETH mining pools.
The city of Reno in Nevada is developing its own DAO and Burning Man-related NFT art on top of the Tezos blockchain network (ref).
Volume Index
All token volumes plunged.
Top 3 decrease: BTC (-57.79%), ATOM (-51.23%), XLM (-51.03%)
Benchmark: BTC (-57.79%)
Bitcoin gained continual support from institutional investors. First, Microstrategy acquired another $10 million in Bitcoin, bringing its holdings to nearly 100k BTC (ref). Next, a survey by Goldman Sachs unveiled that a majority of institutions were bullish on cryptocurrencies (ref). Additionally, JP Morgan suggested its private wealth clients invest in Bitcoin as portfolio diversification (ref).
Grayscale invested in 35 million XLM (ref).
Volatility Index
It was a mixed bag for token volatility.
Top 3 increase: ETH (+21.47%), DOT (+13.45%), BTC (+12.86%)
Top 3 decrease: XLM (-47.84%), XMR (-42.87%), ADA (-40.31%)
Benchmark: BTC (+12.86%)
Top News
Crypto Wallet Exodus Seeks SEC Permission to Tokenize Shares, Aims for $75M Raise
Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls
Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury
Top DeFi News
DeFi Money Market Compound Embraces Multi-Chain Future With ‘Gateway’ Testnet
‘Better as friends’: DeFi protocols Yearn and Cover announce cessation of merger
Crypto project PAID exploited, attacker gains over 2,000 ETH after minting nearly $160M in tokens
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