Crypto Market Weekly Summary: November 29 - December 3, 2021
Crypto Market Highlights
Jack Dorsey-led Square changes name to Block, doubling down on crypto focus
Bitcoin DeFi project BadgerDAO hacked for $120M
Grayscale launches Solana Trust following investors appetite
Borderless Capital launches $500M fund for Algorand projects
Fidelity Investments to launch a spot Bitcoin ETF in Canada
Crypto.com acquires two US-based derivatives platforms for $216M
Grayscale prepares to sue SEC over spot Bitcoin ETF
Xinfin Network (XDC) launches the much-awaited Andromeda Upgrade
Meta expands crypto advertisement eligibility on Facebook
Crypto exchange FTX launches new Ethereum-based NFT marketplace
Polygon partners with GameOn to make new NFT games
IOTA to launch new Layer-1 network, redistribute 70% of token supply as rewards
Japan’s Astar Network wins 3rd Polkadot parachain auction
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
Another Friday and another scene of carnage. After moving range-bound and appearing to finish the week on a positive note, the crypto market suddenly plunged with no clear cause. Stock markets around the world are also trending lower as it appears to be a risk-off type of day. One possibility is that the drop may be a result of the market taking the new COVID variant and governments’ reaction to its spread more seriously, but it could also just be another case of traders booking profits in this range-bound market. As of this writing, only two of the top twenty cryptocurrencies, Terra and Polygon, are in the green for the day. Even the Metaverse tokens took a step back this week after their spectacular performance in November. Most of the major Metaverse coins are down +15% over the last seven days as of this post. The total crypto market cap has now fallen to $2.47T according to CoinMarketCap - $500B away from the $3T market it reached just last month.
The Heavy Weights
Bitcoin (BTC) is down just 1% during this volatile week as of press time, trading at $53, 650. During the week, BTC was mainly trading in a range between $53K and $59K with multiple failed attempts to break through the $59K resistance. Today, Bitcoin dropped all the way to $52.8K before the buyers poured in. Recall that the $53K level is a key support area that corresponds to Bitcoin’s $1T market cap.
Ethereum (ETH), on the other hand, is up 4.5% on the week, trading at $4,224. ETH gradually rose during the week until failing to overcome the $4.8K area, just below its all-time high of $4,868. Then Friday’s drop occurred and the smart contract leader plunged through its support of $4,350 all the way to $4,110 before bouncing back somewhat. Traders were getting excited earlier in the week when Ethereum moved above 0.08 BTC on the ETC/BTC chart - a key breakout against the crypto king that should be observed going into the weekend.
Binance Coin (BNB) gained 1.5% over the past seven days to trade at $595 as of this writing. BNB made it as high as the $650 area on Wednesday before pulling back. Initial support was thought to be present at $600, but the bears pushed BNB below it earlier today. The Bruno hard fork upgrade that happened earlier in the week which introduced a real-time burning mechanism appears to have already been discounted by the market, at least in the short term.
Solana (SOL) was one of the winners, rallying 10% over the past week to trade at $211 as of this post. The major catalyst for the price performance was Grayscale announcing a Solana trust. Solana tested support around $185-$190 earlier in the week, but it hasn’t looked back since and even went as high as $243 before the Friday drop.
Cardano (ADA) had quite an interesting week. As of this post, it’s flat for the past seven days, trading at $1.57, but it did spike 15% earlier this week to as high as $1.75 before giving back the gains the following day. The spike appeared to be a result of Charles Hoskinson touting Cardano’s Plutus security advantages in the wake of this week’s BadgerDAO and MonoX hacks. Additionally, Cardano this week reached the milestone of 20 million transactions without a single outage. It continues to chug along in a range under $2.
Terra (LUNA) surged 50% over the past seven days, trading at $62 as of this writing.
LUNA was in price discovery mode this week and reached a new all-time high of $69.66 before giving back some gains. It’s weekly chart is just beautiful.
Stacks (STX) also had a nice weekly run, gaining 36% to trade at $2.53 as of press time. The layer-two Bitcoin solution broke out from a descending resistance line on November 30th and reached a new all-time high the next day. Moreover, STX will be getting a mainnet upgrade on December 6th, the SIP-012 upgrade.
Gala (GALA) was one of the Metaverse coins that took a significant step back this week, as we speculated might happen in this space in our weekly outlook. The gaming and metaverse related token fell 29.3% over the week, to trade at $0.4941 as of this post. Its gains over the past month have been amazing, so a pullback and some profit taking is not so unexpected.
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