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17 Jan 2022|MARKET UPDATES

Weekly Market Update (Week 2, 10/1/2022 – 16/1/2022 )

Price index on the rise, while volume and volatility tumble. DOGE leaps 25% as Tesla accepts it for payments

Key Takeaways

  • Bitcoin (BTC) traded in a tight range this week, which provided some relief to market participants after a volatile start to the year. The cryptocurrency was up about 3%, while Ethereum (ETH) gained 5% and DOGE spiked by 20%, over the past week.
  • Former Twitter CEO and Block founder Jack Dorsey has announced plans to create a ‘Bitcoin Legal Defense Fund’ to help provide a legal defense for Bitcoin developers and will include a team of volunteers and part-time lawyers.
  • Dogecoin (DOGE) has leapt 25% after Musk announced DOGE payments for Tesla merchandise. The bullish news comes months after the billionaire entrepreneur said DOGE was a better token to transact with than Bitcoin.
  • The general price index was positive at +6.09%, while the volume and volatility indices were negative at -13.62% and -47.52%, respectively.

Highlights

Market Index Tokens

MetricsPriceVolumeVolatility
Top GainersATOM (+21.51%)
ADA (+20.47%)
DOT (+14.57%)		ADA (+23.62%)
XMR (+13.22%)
XLM (+6.91%)		ADA (+100.20%)
XLM (+30.61%)
Top LosersLINK (-5.27%)XTZ (-58.91%)
LINK (-31.01%)EOS (-23.05%)		LINK (-62.69%)
BTC (-57.76%)
XTZ (-54.46%)
BenchmarkBTC (+4.07%)BTC (-12.14%)BTC (-57.76%)
* Market index tokens: BTC, ETH, XMR, LINK, EOS, XLM, XTZ, ATOM, ADA, DOT

Notable Events

  • Cardano (ADA) announces some exciting developments for 2022 to deal with the anticipated increase in dApp development. (ref)
  • This week, 17 projects adopted Chainlink (LINK) across 7 different blockchains and 5 independent oracle services. (ref) LINK is said to be on track to move upwards despite its underwhelming performance in the market last year. (ref)

DeFi Tokens

MetricsPriceVolumeVolatility
Top GainersAAVE (+14.63%)
CRV (+11.01%)
UNI (+10.05%)		NXM (+31.07%)LRC (+6.81%)
Top LosersLRC (-12.56%)
LINK (-5.27%)
UMA (-5.05%)		MKR (-97.61%)
UMA (-71.44%)
SNX (-70.18%)		LINK (-62.69%)
SNX (-59.03%
)UMA (-54.25%)
BenchmarkLINK (-5.27%)LINK (-31.01%)LINK (-62.69%)
* DeFi tokens: LINK, YFI, AAVE, SNX, UNI, COMP, MKR, UMA, REN, LRC, NXM, BAL, CRV

Other Tokens

Price Change (%)NFTGamingMeme
Top GainersOMI (+37.2%)
ENJ (+5.46%)
UOS (+4.81%)		AXS (+11.89%)
ILV (+4.11%)
MANA (+3.76%)		DOGE (+14.09%)
SHIB (+4.24%)
MONA (+0.0%)
Top LosersWAXP (-4.28%)
FLOW (-4.13%)		ATLAS (-12.91%)
MBOX (-7.64%)
YGG (-6.44%)		PEPECASH (-6.98%)
HOGE (-6.2%)
*NFT tokens: THETA, CHZ, ENJ, FLOW, FET, WAX, OGN, UOS, OMI
*Gaming tokens: AXS, MANA, SAND, ALICE, YGG, MBOX, ILV, ATLAS, POLIS, DAWN
*Meme tokens: DOGE, SHIB, MONA, HOGE, PEPECASH

Notable Events

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