Crypto Market Weekly Summary: October 11 - October 15, 2021
Crypto Market Highlights
Fifth-largest Australian pension fund is exploring cryptocurrencies
Polkadot to debut parachain auctions after governance vote
Elon Musk Highlights Importance of Running Dogecoin Nodes
FTX US launches marketplace for trading Solana-based NFTs
Swiss think tank initiates vote to add Bitcoin in federal constitution
Active user addresses reach a new all time high on the XRP blockchain
North America’s Largest Bitcoin Mining Firms Reportedly HODLing Over 20,000 BTC
Polygon Transactions Drop by Half Following Gas Fee Hike
SHIB Gets More Mentions on Twitter Than Bitcoin, Ethereum, DOGE
Binance launches $1 billion growth fund for Binance Smart Chain
Coinbase Is Launching an NFT Marketplace in 2021
Russia has no plans to stop crypto trading says Deputy Finance Minister
Binance to Remove OTC Marketplace for Chinese Yuan
U.S. Claims Top Spot For Bitcoin Mining
U.S. Office of Foreign Assets Control Releases Guidance for Crypto Space
Tether Slapped with $41 Million Fine by CFTC
Bitcoin futures-based ETF receives approval from SEC, to list Monday
*The crypto events from the past week, as well as many more were detected by Crowdsense hours or days before reaching the market…
Market Overview
The entire market value of all crypto assets has moved in a range from $2.25 trillion to $2.51 trillion over the past seven days and as of this writing is sitting near the $2.50 trillion mark. This marks a new high for the crypto assets space with the previous high being $2.42 trillion. Like last week, Bitcoin led the way for the market with its market cap now sitting above $1.15 trillion and its market dominance listed as 46.8%.
The Heavy Weights
Bitcoin (BTC-USD) again had an impressive week, gaining 13% over the past seven days to currently trade at $62,100. It had several run ins with the $58K resistance area before finally breaking through the resistance on Friday. Afterwards it sailed through the $60K level and has been moving around the $62K level since, still two thousand away from its all-time high. The main stimulant for the move higher was the MAJOR news that a Bitcoin ETF is finally happening. Specifically, the ProShares Bitcoin Strategy ETF is expected to start trading next week. It's important to note however that this is a futures-based ETF and not a spot based one. In more bullish news, according to Santiment, whales scooped up nearly $4,800,000,000 in BTC since the September bottom, highlighting that this rally has largely been driven by whales.
Ethereum (ETH-USD) also had a positive week, gaining 7% to trade at the current price of $3, 855. It followed BTC's lead and finally broke through resistance at the $3,600 level after a few attempts earlier in the week. It continues to benefit from positive on-chain trends as well as a disinflationary supply and a growing user base.
Cardano (ADA-USD), on the other hand, has not ridden the Bitcoin wave and has been languishing between the $2.10 and $2.30 level, currently down 2% on the week to trade at $2.22. According to the CoinShares institutional flows report, ADA still saw inflows from institutional investors, but it hasn't been enough to propel the now fourth largest cryptocurrency higher.
Binance Coin (BNB-USD) had a very nice week, gaining 13% to trade at the current price of $478. It's market cap is now at $80B, $7B above Cardano's market cap, making it the third largest cryptocurrency. It was aided this week by the news that Binance is making a $1B fund to support project development on Binance Smart Chain - a move quickly appreciated by investors as BNB was trading under $400 at one point last week. In more bullish news, Santiment has noted that large holders of BNB have recently increased their holdings by 10%.
High Flyers
Nucypher (NU-USD) had a monster week, rallying 500%!!! to sit at its current price of $1.88. The parabolic move was potentially due to the partnership with Keep to launch Threshold Network and tBTC v2.
Polkadot (DOT-USD) was a winner as well, rallying 27% to sit at the current price of $43. The gains were a result of the news that Polkadot's parachain auctions will be commencing in November, a major development.
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