Last week’s crypto market prices were up +10.99%. Volume and volatility increased by +9.29% and +35.61%, respectively.
Chart of the Week
The two major cryptocurrencies, Bitcoin and Ethereum, extended their gains last week to reach new yearly highs. Bitcoin crossed the key level of US$50K at one point while Ethereum is closing in on US$2.7K.
Weekly Performance
Bitcoin (BTC) and Ethereum (ETH) rose by +15.0% and +10.9%, respectively, in the past seven days. Price action for other selected top-cap tokens was also positive.
Selected key categories were all up in terms of market cap change in the past seven days, led by Gaming.
News Highlights
Crypto.comlaunched Crypto.com Prime, a recognition programme created to empower high net worth traders to capture growth and build wealth that lasts generations. Prime members can access unrivalled benefits such as near-zero trading fees, institutional-grade trading and deep liquidity, bespoke tax and inheritance services, and much more.
Franklin Templeton is the latest firm to apply for a spot Ether exchange-traded fund (ETF) in the US. BlackRock, VanEck, Fidelity, Invesco Galaxy, Grayscale, and Hashdex are the other spot Ether ETF applicants.
The US Securities and Exchange Commission (SEC) has delayed its ruling on the Invesco Galaxy spot Ether ETF, which could potentially be pushed to July 2024.
US inflation came in at +3.1% YoY (as measured by the consumer price index) for January, above market expectations.
Ethereum developers have scheduled the “Dencun” upgrade for 13 March. The upgrade aims to enhance the Ethereum network’s scalability and efficiency by reducing costs for Layer-2 transactions.
Following the recent introduction of the ERC-404 token standard, a team of Ethereum developers launched DN-404, which aims to improve upon the former. DN-404 aims to be an NFT with native fractionalisation built in. Both ERC-404 and DN-404 contracts are experimental and unofficial.
Ethereum’s staking participation rate crossed 25% recently, meaning that around a quarter of ETH’s circulating supply was locked into the network. Higher participation is often interpreted as the network becoming more decentralised and secure.
Research Roundup Newsletter [January 2024]: We present to you our latest issue of Research Roundup, featuring trending market insights in January, charts of the month, and our deep dive into the world of crypto ETFs.
Crypto ETFs: This report explores what crypto ETFs are, providing an overview of the current crypto ETF market and looking into how they work as investment vehicles. Plus, we explore their features, significance, advantages, and drawbacks.
What Is Bitcoin (BTC) Dominance?: In this beginner’s guide, learn the ins and outs of BTC dominance — what it means, and what happens when BTC dominance goes up or drops.
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