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
- Bitcoin soars above USD 44,000 as market sentiment recovers
- Ethereum, Solana, Polkadot lead crypto price bounceback
- U.S. Congress’ 2021 crypto trading volume trails stocks’ by 500x
- Bitcoin and related investments now make up half of Bill Miller’s personal portfolio
- USDC’s supply on Ethereum surpasses that of rival USDT’s for the first time
- Bitcoin drops below $40,000 for first time in 3 months as fear is set to ‘accelerate’
- UFC heavyweight champion mulls accepting 50% of his next fight purse in Bitcoin
- Bitcoin and Tether bought massively in Turkey as safe haven from falling Lira
- Swiss crypto broker taps former Barclays and UBS bank executive as CEO
- Simplify reveals plans to launch Web3 ETF
- FTX launches $2B venture fund, hires Lightspeed exec to lead
- Gap turns hoodies into NFTs with help of Frank Ape
- El Salvador is down $12M on its Bitcoin buys
Market Index Tokens
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | ATOM (+21.51%) ADA (+20.47%) DOT (+14.57%) | ADA (+23.62%) XMR (+13.22%) XLM (+6.91%) | ADA (+100.20%) XLM (+30.61%) |
| Top Losers | LINK (-5.27%) | XTZ (-58.91%) LINK (-31.01%)EOS (-23.05%) | LINK (-62.69%) BTC (-57.76%) XTZ (-54.46%) |
| Benchmark | BTC (+4.07%) | BTC (-12.14%) | BTC (-57.76%) |
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
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | AAVE (+14.63%) CRV (+11.01%) UNI (+10.05%) | NXM (+31.07%) | LRC (+6.81%) |
| Top Losers | LRC (-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%) |
| Benchmark | LINK (-5.27%) | LINK (-31.01%) | LINK (-62.69%) |
Other Tokens
| Price Change (%) | NFT | Gaming | Meme |
|---|---|---|---|
| Top Gainers | OMI (+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 Losers | WAXP (-4.28%) FLOW (-4.13%) | ATLAS (-12.91%) MBOX (-7.64%) YGG (-6.44%) | PEPECASH (-6.98%) HOGE (-6.2%) |
*Gaming tokens: AXS, MANA, SAND, ALICE, YGG, MBOX, ILV, ATLAS, POLIS, DAWN
*Meme tokens: DOGE, SHIB, MONA, HOGE, PEPECASH
Notable Events
- 21.1 million SHIB burned in the past 24 hours, while the new SHIB burn site kicks off.
- Dogecoin (DOGE) surged by 12% on Friday after Elon Musk confirmed that the memecoin can now be used to buy merchandise.
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