Crypto Market Weekly Summary: August 30 - September 3, 2021
Crypto Market Highlights
Paul Tudor Jones’ Tudor Group Reportedly Working on Digital Disruption Fund with crypto angle
Vitalik Buterin “hopes that Doge can migrate from a Proof-of-Work consensus algorithm to a Proof-of-Stake, like ETH 2.0”
Coinbase Launches Ethereum Staking for Britons and Germans
Fractionalized Doge meme NFT valued at $225 million after SushiSwap auction
Stablecoins aren’t currencies, but assets to be regulated and “supervised by asset regulators — says ECB president Lagarde
Twitter May Enable Bitcoin And Ethereum Support For It’s “Tip Jar” Feature
JPMorgan suggests crypto valuations, especially altcoins & NFTs, are getting frothy
OKEx launches NFT marketplace and DeFi hub
Cryptocurrencies now recognized under commercial law in Texas
Japan’s SBI Holdings announces plans to launch crypto fund by November
SEC reportedly investigates decentralized exchange Uniswap
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
The entire market value of all crypto assets has moved in a range from $2.03 trillion to $2.29 trillion over the past seven days and as of this writing is sitting near $2.27 trillion, near the top end of the range.
The Heavy Weights
BTC-USD has gained 5% on the week. Earlier this morning and again just recently, it climbed to the $50,300 area, but each time was repelled back. The battle to retake the psychologically important $50K level continues, similar to the previous week. Resistance seems steady at the $50,400 level. Top influencers believe that $51K is the crucial area to reach before setting sights on $60K.
ETH-USD has rallied 25% over the past seven days and as of this writing is working its way up to the $4K resistance. Two days ago it broke above the $3,500 level, recapturing it for the first time since May. The recent surge in price is likely due to the rising popularity of Ethereum-based NFTs as well as Coinbase’s recent announcement that Ethereum staking will now be available in Germany and the U.K. Increased ETH staking limits the available supply, putting upward pressure on ETH's price.
ADA-USD is up 9.5% over the past week and even hit a new all-time-high of $3.10 yesterday, but has since pulled back to just under the $3 mark. It’s market cap is sitting at $95B and assuming Cardano can push its way higher, it could surpass the $100B market cap milestone. Its recent performance is likely due to the recent launch of smart contracts on its Testnet, meaning developers can now start building DApps in the test environment. Sentiment is also strong due to the Mainnet upgrade which is now just nine days away. Not to mention, this week Cardano saw its largest ever institutional investor weekly inflows, totaling $10.1M.
FTM-USD (Fantom) has surged 90% for the week due to its newly announced $318M incentive program. Interestingly, the funds will be used to support developers who want to build on the platform. The performance could also be partially due to Coinbase recently integrating Fantom into its digital wallet.
SOL-USD (Solana) also had ANOTHER great week with a monster 69% weekly gain. It reached a new high above $140 likely due to continued strong sentiment as a result of the current excitement in the DeFi and NFT space. Solana also moved up one spot, above Dogecoin to become the #7 most valuable cryptocurrency by market capitalization, currently sitting above $40B.
MIOTA-USD (IOTA) was another big winner, gaining 54% on the week. In the last 24 hours, it had over $1B in trading volume. To put that into perspective, its market cap is currently sitting at $4.3B. IOTA’s trading volume has certainly been on a tear this week. The bullish price action is likely due to its Hornet update which streamlines the process of running a private Tangle, the network of nodes that confirm transactions. In addition, chatter about the Nectar upgrade, which will enable smart contracts, likely also buoyed the price.
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