Weekly recap: big crypto players show bullish signs

Crypto market in numbers

The capitalisation of the crypto market remained unchanged from the previous week at about $1.2 trillion. Since Monday, there has been hope for a recovery: the market rose above the $1.3 trillion mark, but failed to stay at this level for two days.

Trading activity was slightly higher than a week earlier. According to CoinMarketCap, between 26th May and 01st June, trading volume stood at about $563 billion, up 13.5% from the previous period. The average daily figure was $80 billion.

The Cryptocurrency Fear & Greed Index recorded a slight increase but remained in the “Extreme Fear” zone. It peaked at 17 points on 01st June, reflecting the previous day’s rise. However, the next day it dropped to 13 points.

Bitcoin’s dominance is at its highest level since the beginning of the year. Recently, the figure has risen above 46%. Ethereum’s market share continued to decline and reached 17.8%, the lowest value since mid-March.

Bitcoin’s volatility has skyrocketed. Since Monday, the 30-day volatility index has increased to 4.2%, although on the previous days it hovered around 3.9%. The indicator strengthened throughout May and rose from 2.54% to 4.29% as of 01st June 2022.

Gainers of the week (27th May – 02nd June 2022)

Losers of the week (27th May – 02nd June 2022)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Segmentation of cryptocurrencies based on trading results
(27th May – 02nd June 2022)

Most traded coins (26th May – 01st June 2022)

Top crypto market driving factors

Overall crypto market

▼ 27.05.2022 – Glassnode: stablecoin balance on exchanges hits an all-time-high.

▲ 30.05.2022 – CoinShares: between 16th and 20th May, digital asset investment products saw inflows totaling $87 million.

▲ 30.05.2022 – CoinShares: over the past week, multi-asset investment products saw inflows totaling $4.8 million.

▲ 30.05.2022 – Kaiko: the market depth (2%) to volume ratio surged on major fiat exchanges on 22nd May 2022 and remained elevated on most exchanges over the past week. Analysts suggest that market makers are providing extra liquidity relative to trading volume, in response to heightened market volatility.

▲ 31.05.2022 – Fidelity Digital Asset Services LLC plans to double its head count by hiring 110 tech workers by the end of 2022.

▲ 31.05.2022 – Intotheblock: Bitcoin’s correlation with the stock market hit its lowest level since March 2022, indicating a weakening connection between bitcoin and the stock market.

▼ 01.06.2022 – The Fed is to cap monthly runoff at $47.5 billion, scaling up to USD 95 billion per month by September.

Bitcoin (BTC)

▼ 26.05.2022 – Arcane Research: Bitcoin mining profitability has been slipping for the past nine months. Many devices operate on the verge of break-even.

▲ 29.05.2022 – The Commodity Futures Trading Commission Report: majors on CME are building up long positions in bitcoin futures. Small players prefer shorts over longs. Among few institutions, the number of short positions is growing.

▲ 30.05.2022 – CoinShares: between 16th and 20th May, Bitcoin saw inflows totaling $69 million.

▲ 30.05.2022 – Anthony Scaramucci, Founder of SkyBridge Capital and Chair of SALT: institutional investors are “ready to pounce” on spot bitcoin ETF.

▼ 01.06.2022 – Compass Mining: BTC miner flows to exchanges have reached their highest point since January. As the tumbling price of bitcoin erases profit margins, miners may begin to sell off their Bitcoin holdings.

▼ 01.06.2022 – First BTC and ETH ETFs in Australia saw a significant decrease in trading volumes in less than a month.

▲ 01.06.2022 – The Purpose Bitcoin ETF saw a consistent inflow over the last five trading days. The fund’s holdings increased to 43,701.7 BTC, according to Glassnode.

Ethereum (ETH)

▼ 29.05.2022 – Coin Metrics: the average Ethereum network fee has dropped to the lowest value since July 2021. After reaching an all-time high of $200 on 01st May 2022, the indicator fell sharply to below $4. Miner earnings also fell to the levels seen during mid-summer 2021.

▼ 29.05.2022 – Glassnode: the number of Ethereum addresses that hold at least 10, 000 ETH dropped during the month.

▼ 30.05.2022 – CoinShares: between 16th and 20th May, Ethereum resumed its grind lower with outflows totaling $11.6 million, bringing net outflows year-to-date to US$250m, a stark contrast to most other altcoins.

▲ 31.05.2022 – Ethereum core developer, Tim Beiko, reminded that Ethereum’s oldest proof-of-work testnet is transitioning to Proof-of-Stake. The merge is expected around 08th June on the network.

▲ 01.06.2022 – Optimism, an Ethereum scaling solution, has launched the airdrop for its OP governance token.

▲ 01.06.2022 – Soros Fund Management CEO, Dawn Fitzpatrick: Ethereum is likely to gain some more traction than Bitcoin.

▼ 01.06.2022 – First BTC and ETH ETFs in Australia saw a significant decrease in trading volumes in less than a month.

▲ 01.06.2022 – Fidelity Digital Assets will offer its clients custody and trading services for ether.

Cardano (ADA)

▲ 30.05.2022 – Iagon has launched a Cardano-Ethereum bridge that will allow for the transfer of USDC stablecoins from the Ethereum blockchain to Cardano.

XRP (XRP)

▲ 31.05.2022 – Apex, a company that provides Node-as-a-Service, will deploy a fully insured bridge connecting Avalanche and the XRP Ledger (XRPL) by the end of August 2022.

Solana (SOL)

▲ 26.05.2022 – CryptoSlam: Solana has overtaken Ethereum, in terms of daily NFT trading volume.

▼ 27.05.2022 – The developers of the Solana crypto project reported that the internal clock in the blockchain was out of sync with the current time.

▲ 30.05.2022 – CoinShares: between 16th and 20th May, Solana investment products saw inflows totaling $1.8 million. Month-to-date inflows totaled $0.1 million.

▼ 02.06.2022 – Solana halted block production for more than four hours.

Dogecoin (DOGE)

▲ 27.05.2022 – Tesla CEO, Elon Musk, has announced that SpaceX merchandise may now be purchased using Dogecoin (DOGE).

Polkadot (DOT)

▲ 31.05.2022 – ​​Polkadot’s DeFi protocol, Moonbeam, announced the integration of liquid staking giant, Lido.

Tron (TRX)

▲ 30.05.2022 – The market cap of the USDD algorithmic stablecoin on the Tron network exceeded the $600 million mark.

▲ 31.05.2022 – DeFi Llama: the ecosystem of decentralised applications based on Tron ranked third in terms of total value locked. Over the month, the indicator grew by more than 48%, reaching $6 billion.

Shiba Inu (SHIB)

▼ 30.05.2022 – Shiba Inu’s anonymous founder, Ryoshi, deleted the Twitter account’s entire activity and Medium posts.

Litecoin (LTC)

▲ 27.05.2022 – A week after activating Litecoin’s long-awaited MimbleWimble Extension Block (MWEB) upgrade, blockchain analytics firm, Elliptic, announced the addition of support for the cryptocurrency’s privacy feature.

Stellar (XLM)

▲ 30.05.2022 – One of the largest money transfer services in the world, MoneyGram, will partner with Stellar to provide stablecoin remittances.

Algorand (ALGO)

▲ 30.05.2022 – CoinShares: between 16th and 20th May, ALGO investment products saw record inflows totaling $20 million.

Zcash (ZEC)

▲ 01.06.2022 – Zcash Network Upgrade 5 went live on mainnet.

Waves (WAVES)

▲ 27.05.2022 – Crypto project, Waves, recently revealed a plan for the recovery of its DeFi sector and the USDN stablecoin.

▲ 31.05.2022 – DeFi Llama: the total value locked in the Waves ecosystem has risen by 25% in the past 24 hours and reached $1.11 billion.

Harmony (ONE)

▲ 26.05.2022 – DappRadar: Harmony Timeless 1Wallet beta waitlist is live. The web3 wallet promises exciting social features and a complete web3 suite of tools to its users with DeFi and NFT support.

EXMO news

New trading pairs with USDT are already available on EXMO. You can now trade Tether (USDT) with Uniswap (UNI) and yearn.finance (YFI).

That’s all for this week! Follow EXMO on YouTube, Twitter and Telegram to stay tuned to the main events and trends in the crypto market.