Crypto Market Highlights
Biden signs infrastructure bill, handing crypto broker definitions to the US Treasury
Senators Wyden & Lummis to introduce bill limiting crypto tax rules
Biggest-ever crypto VC Fund at $2.5B, Paradigm, launched by Coinbase co-founder
Polygon unveils ZK-Rollup solution Miden to scale Ethereum
KuCoin launches $100 Million Metaverse Fund
Sandbox Metaverse Alpha to launch Nov. 29 after four years in development
Tether launches Synonym to boost Bitcoin adoption through Lightning Network
Iota Foundation to launch staging network and reward token
Acala wins Polkadot’s first parachain auction with $1.3B secured
Elrond launches $1.29B Liquidity Incentive Program as Maiar DEX goes live
Floki Inu partners with India’s biggest football club, the Kerala Blasters FC
Maple Finance launches DeFi’s first syndicated loans with Alameda Research
LA Lakers’ home Staples Center renamed to CryptoCom Arena in a $700M Deal
VanEck’s Bitcoin futures ETF, the third Bitcoin ETF, debuts amid fading enthusiasm
Big four accounting firm Deloitte partners with Ava Labs to leverage Avalanche Blockchain
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
The overall crypto market experienced a bloodbath this past week with the total market cap down $300B as of this writing to sit at $2.59T according to CoinMarketCap. Fortunately, the market bounced higher today, otherwise $400B of value would have been lost in a week. The crypto market, as usual, was led by Bitcoin, with the original cryptocurrency falling through key support levels all the way down to the $55K level at one point before recovering somewhat. All of the top ten cryptocurrencies (excluding stablecoins) ended the week in the red. The only coins that defied the onslaught were the metaverse & gaming related tokens.
We did write in this week’s outlook that “some analysts believe the dog memecoin frenzy is starting to fade while the gaming and metaverse related cryptos will pick up the slack.” This just might be the case as more and more companies are committing to being part of and building out the metaverse. Additionally, the number of SHIB holders dropped for the first time since October 8th, currently sitting at 980,500 as of November 19. This week’s shakeout also drastically shifted market sentiment according to the Crypto Fear & Greed Index. One month ago, the sentiment indicator was at 82, signifying extreme greed, whereas it’s currently sitting at 43, signifying fear.
The Heavy Weights
Bitcoin (BTC) finished the week down 9% to trade at $57,923 as of this writing. The week was full of lower lows and false hope as multiple support areas weren’t able to hold. The price even hit a monthly low of $55,650 during Friday morning’s Asian trading session, according to Tradingview taking prices from Binance. Hundreds of millions worth of positions were liquidated as BTC fell nearly 20% from its all-time highs. Support is still present just above $53K at the 100DMA.
Ethereum (ETH) largely followed Bitcoin’s lead this past week. It finished the week down 7% to trade at $4,320 as of press time. ETH briefly fell under $4,000 multiple times, but the bulls were able to regain their footing and find some breathing room. It’s still down a good deal from its all-time high of $4,878.
Solana (SOL) was a big loser this week, but bounced back just as big this past Friday. As of press time, SOL is down only 3% on the week to trade at $220, whereas it previously tested the support area of $190 multiple times.
Cardano (ADA) did fall through multiple support areas and hasn’t reclaimed them all just yet. It’s currently trading at $1.89, down 7% on the week. ADA tested the major $1.72 support level Thursday and was luckily able to fight higher, but it’s still a way’s away from taking back the $2 level.
The Sandbox (SAND) was a major winner this week. As of this writing, it had a weekly gain of 52% to trade at $4.27. Just three days ago, it was trading near $2.50. SAND also put in a new all-time high this week of $4.62. The rally is likely due to continued interest in metaverse related coins as well as The Sandbox announcing that it will launch the Sandbox Metaverse Alpha event this month after four years in development.
Crypto.com Coin (CRO) surged higher this week as well. As of press time, CRO is trading at $0.5804 for a 60% weekly gain. CRO was propelled higher this week due to the positive response to the news that it had secured the naming rights for the Los Angeles Lakers’ basketball stadium in a $700M deal.
Avalanche (AVAX) defied the bearish momentum this week as well. As of this writing, it’s trading at $116.93 for a weekly gain of 37% - just off its all-time high. The stellar performance was likely aided by news of the partnership with big four accounting firm Deloitte.
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