Bitcoin dominance reached the highest level since April 2021; BRICS nations unveiled its new payment system, BRICS Pay; Stripe acquired stablecoin platform Bridge in a US$1.1 billion deal.
US spotBitcoin ETFs had a weekly net inflow of $998 million last week. Spot Ether ETFs saw a $25 million net outflow.
On the macro side, the Bank of Canada reduced interest rates by 0.5% to 3.75%, the first 50-basis-point cut since the COVID-19 pandemic. The inflation rate in Canada dropped to 1.6% in September, within the bank’s target of 2%. The S&P Global Flash US Composite PMI, which tracks service and manufacturing sectors in the US, rose to 54.3 in October from 54.0 in September, indicating continued growth in business activities. The latest CME FedWatch Tool showed a 95% probability of a November rate cut in the US (vs 94% last week).
Notable updates: Gala (GALA) released the GalaChain Decentralization Whitepaper, ApeCoin (APE) launched ApeChain; the Crypto.com App listed Scroll (SCROLL) and Lumia (LUMIA).
Notable events in the coming week: Bank of Japan interest rate decision, US GDP, US Core Personal Consumption Expenditures Price Index, and EU GDP
Weekly Market Index
All three indices were down last week. Price, volume, and volatility indices decreased by -2.26%, -3.18%, and -33.56%,respectively. Volatility drop was led by DOGE (-59.90%) and ETH (-44.92%).
Chart of the Week
Bitcoin dominance reached 58.1% on 27 October, the highest level since April 2021, according to data from Coinglass. Higher Bitcoin dominance often indicates that investors are favouring Bitcoin over altcoins. This coincided with ETH’s lacklustre performance against tokens like BTC and SOL. The ETH/BTC price ratio reached 0.038 on 18 September, the lowest since April 2021, while SOL/ETH hit a record high of around 0.0692 on 23 October.
Weekly Performance
BTC and ETH decreased by -1.5%and -9.4%, respectively, in the past seven days. Prices for all other selected top market capitalisation tokens decreased except SOL (+3.9%). The SOL/ETH price ratio hit a record high of 0.0692 on 23 October, which coincided with rising decentralise exchange (DEX) usage on Solana and meme coin activities. SUI (-20.9%) and LDO (-15.2%) led the decrease.
Key categories all decreased in market capitalisation change in the past seven days. The NFT category led the drop.
Aurum Equity Partners announced the launch of a $1 billion tokenised fund. It will rely on Zoniqx’s asset tokenisation solutions and leverage XRP Ledger (XRPL) to explore real-world asset (RWA) tokenisation. The fund will focus on establishing data centres in the US, UAE, Saudi Arabia, India, and Europe.
The BRICS nations (Brazil, Russia, India, China and South Africa), unveiled a new payment system, BRICS Pay. It utilises blockchain technology and enables BRICS nations to conduct cross-border transactions without multiple intermediaries. BRICS Pay supports digital currencies or stablecoins pegged to national currencies of the member countries, and can help to reduce reliance on USD.
Intent-Based Protocols: Intent-based protocols simplify the user experience and lowers the entry barrier. Learn about them in our report.We present to you our latest issue of Research Roundup, featuring our deep dives into AI Agent in Crypto and Pair Trading.Delve into Pair Trading, a market-neutral strategy that taps into price movements between two correlated assets, and learn how traders identify opportunities.
Pair Trading: Delve into Pair Trading, a market-neutral strategy that taps into price movements between two correlated assets, and learn how traders identify opportunities.
Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you!
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.
The brands and the logos appearing in this report are registered trademarks of their respective owners.
📈 Bitcoin dominance reached the highest level since April 2021; BRICS nations unveiled BRICS Pay
Bitcoin dominance reached the highest level since April 2021; BRICS nations unveiled its new payment system, BRICS Pay; Stripe acquired stablecoin platform Bridge in a US$1.1 billion deal.
Sei pronto per avventurarti nel mondo delle criptovalute?
Ottieni subito la guida per configurare il tuo account Crypto.com
Cliccando sul pulsante Invia, riconosci di aver letto l' Informativa sulla privacy di Crypto.com dove illustriamo come usiamo e proteggiamo i tuoi dati personali.
