Weekly recap: BTC and altcoins renew all time highs again

Crypto market in numbers

The crypto market was very close to breaking the $3 trillion mark on 9th November, according to CoinMarketCap. It has grown almost fourfold since the beginning of the year. Over the past week, the indicator increased by almost 6%.

Between 5th and 7th November, a gradual decrease in daily trading volumes from $140 million to $86 million was observed. Following this, the market revived again, with trading volumes reaching $143 million on 9th and 10th November.

The Crypto Fear and Greed Index remains in the “Greed” zone. On 9th November, it however reached 84 points, entering the “Extreme Greed” zone only to drop to 75 points the next day.

Bitcoin dominance remains almost unchanged, despite the active growth of altcoins. On 10th November, the indicator was 43.35% – exactly the same as a week ago, according to CoinMarketCap.

The dominance of ether decreased by 0.39% to 19.25% over the past week. According to Blockchaincenter, Ethereum’s share among native tokens of Smart Contract platforms is 85.2%. Its largest competitor, Cardano (ADA), accounts for only 10.1%.

Bitcoin’s 30-day Volatility Index has been showing a downward trend for a month now. According to CryptoCompare, on 6th November, it fell to a six-month low of 2.89%. On 10th November, the indicator stood at 3.03%.

All Time Highs

Gainers of the week (4th – 10th November 2021)

Losers of the week (4th – 10th November 2021)

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 (21st – 27th October 2021)

Most traded coins (3rd – 9th November 2021)

Top crypto market driving factors

The overall crypto market

▲ 03.11.2021 – Wall Street investment bank, Morgan Stanley, has published a detailed cryptocurrency guide for wealth management clients.

▲ 03.11.2021 – The U.S. Federal Reserve left the federal funds rate at the current level of 0 to 0.25% following its meeting held between 2nd and 3rd November. Fed Chair, Jerome Powell, promised to keep the zero interest rate for the next year.

▲ 03.11.2021 – European Central Bank President, Christine Lagarde, believes that the European Central Bank is very unlikely to raise interest rates next year as inflation remains too low.

▲ 04.11.2021 – Australia’s first crypto ETF started trading on the ASX exchange under the ticker CRYP and managed to set a new trading volume record for the exchange within the first 15 minutes on the market.

▲▼ 06.11.2021 – The U.S. House of Representatives has passed a $1.2 trillion infrastructure bill without any amendments to crypto-related provisions. The cryptocurrency regulations are expected to come into force by 2024. By that time, amendments regarding the crypto market can be passed within another bill.

▼ 08.11.2021 – Swedish regulators have called for a ban on energy-intensive crypto mining as it threatens the country’s ability to meet targets set in the Paris Agreement, adopted in 2015.

▲ 08.11.2021 – Russia’s Ministry of Economic Development, the Ministry of Energy and the State Duma suggest that crypto mining should be legalised and regulated as an entrepreneurial activity, according to a report from local media, Izvestia.

▲ 08.11.2021 – Morgan Stanley’s report: the banking industry will most likely try to capitalise on the demand for stablecoin deposits on the back of the market’s exponential growth.

▲ 08.11.2021 – CoinShares: for the 12th consecutive week, digital asset investment products recorded inflows. Between 1st and 5th November, inflows of $174 million were seen, bringing year-to-date inflows to $8.9 billion. This is a significant jump from the $6.7 billion observed in 2020.

▲ 09.11.2021 – Payment card network Mastercard is to launch cryptocurrency-linked payments cards in the Asia-Pacific region.

▲ 09.11.2021 – Amazon teams up with Venmo, a PayPal mobile payment service that supports payments in BTC, ETH, LTC and BCH.

▲ 09.11.2021 – Apple CEO, Tim Cook, revealed that he personally owns cryptocurrency but dismissed suggestions that his company might target crypto as an investment.

Bitcoin (BTC)

▼ 03.11.2021 – The Block: several large Bitcoin mining operations listed in North America have revealed shipment disruption in their recent production updates as a result of the ongoing global logistics issue being witnessed over the past two months.

▲ 04.11.2021 – The SEC noticed Grayscale’s petition on converting its Bitcoin Trust into an ETF. The regulator asked the company to provide an explanation regarding the mechanisms of product change. The first possible date for the ETF approval is 24th December.

▼ 04.11.2021 – Payments company, Square, said that it made $1.82 billion in bitcoin revenue during the third quarter of 2021 – a 33% decrease compared to the second quarter. The company also reported $42 million in bitcoin gross profits, which is 24% less than in the previous quarter.

▼ 04.11.2021 – Santiment: the market records near-irrational confidence in bitcoin, which can lead to a short-term BTC price correction.

▼ 05.11.2021 – CryptoQuant: most BTC exchange deposits are coming from whales.

▲ 08.11.2021 – Santiment: large whale addresses holding between 10,000 to 100,000 BTC increased their investments in bitcoin by $2.8 billion over the past five days. During this period, BTC whales bought 43,000 BTC.

▲ 08.11.2021 – Spanish Bank Santander is actively preparing to launch a Bitcoin ETF.

▲ 08.11.2021 – Zimbabwe’s government started consulting the private sector on bitcoin use cases and its possible adoption as legal tender.

▲ 08.11.2021 – CoinShares: bitcoin inflows in the 8th bull-run week totalled $2.8 billion. This is about 44% of all BTC inflows since the beginning of the year – $6.4 billion.

Ethereum (ETH)

▲ 03.11.2021 – Glassnode: ETH volume on exchanges fell to a two-year low.

▲ 04.11.2021 – A record amount of coins are locked in major DeFi protocols and solutions: $106.9 billion and $4.93 billion, respectively.

▲ 05.11.2021 – Institutional platform, Bakkt, has announced the integration of Ethereum into its services.

▲ 08.11.2021 – Ether hit a new price record amid an increased token network activity. The volume of ETH tokens that moved over the past 6-12 months broke an all-time high, according to Bitinfocharts.

▲ 08.11.2021 – CoinShares: Ethereum saw renewed positive sentiment after an insignificant outflow observed at the end of October. Between 1st and 5th November, ETH inflows totalled $33.1 million. The total AUM for Ethereum-based products reached a record $20 billion.

▼ 08.11.2021 – Arrow Glacier, Ethereum’s next hard fork scheduled for 8th November, will move the difficulty bomb from December 2021 to June 2022, the date developers expect to have finished the transition to Proof-of-Stake.

▲ 09.11.2021 – Discord CEO and founder, Jason Citron, hinted in a tweet that social network, Discord, is considering being linked to the Ethereum blockchain.

Cardano (ADA)

▲ 09.11.2021 – ADALend, a scalable lending protocol based on the Cardano blockchain, announced its plans to start cross-platform development.

XRP (XRP)

▲▼ 03.11.2021 – Ripple’s XRP is set to debut on the Ethereum blockchain as a wrapped digital asset (WXRP) by December.

▲ 07.11.2021 – Ripple CTO, David Schwartz, announced his company’s entry into the NFT market. Ripple recently invested in the NFT marketplace Mintable, which would allow the platform to integrate with the XRP Ledger (XRPL).

▲ 09.11.2021 – Ripple Swell, an annual conference hosted by Ripple Labs, has started.

▼ 09.11.2021 – A New York court ordered Ripple to provide the US SEC with internal audio and video recordings of general meetings, including meetings with SBI Holdings and others.

▲ 09.11.2021 – Ripple to launch the Liquidity Hub service in 2022 to allow customers to easily buy and sell BTC, ETH, XRP, LTC, BCH and ETC.

Dogecoin (DOGE)

▲ 07.11.2021 – Dogecoin developers stated that a new minor update dubbed Core 1.14. 5, which aims to reduce the fee to all network participants, is ready to go live.

▲ 08.11.2021 – Dogecoin fee-reduction upgrade is now live.

Litecoin (LTC)

▼ 08.11.2021 – CoinShares: over the past week, Litecoin-based products saw outflows of $1.9 million, which is equal to the amount of inflows recorded in the previous two weeks.

Bitcoin Cash (BCH)

▲▼ 05.11.2021 – A fake press release on Kroger’s website claimed that the company is accepting Bitcoin Cash. The company denied the information, saying that the press release is fraudulent.

Tron (TRX)

▲ 07.11.2021 – The TRON Foundation tweeted that the circulation amount of USDT issued by Tether on the TRON network exceeded 37.9 billion. At that time, the amount of USDT issued on the Ethereum network was $35 billion. The use of the TRON blockchain is explained by both low fees and little network load.

▲ 08.11.2021 – Tron saw inflows of $21.9 million between 1st and 5th November and $79 million over the past seven weeks. When it comes to the amount of funds raised over the past week, the asset was surpassed only by bitcoin and ether. TRX ranked eighth in terms of AUM, having outperformed XRP and BCH.

Ethereum Classic (ETC)

▲ 05.11.2021 – Ethereum Classic launched its own NFT ‘ETCPunks’ after the October price plunge.

Tezos (XTZ)

▲ 03.11.2021 – Racing team Red Bull has launched NFTs on the Tezos blockchain.

EOS (EOS)

▼ 03.11.2021 – Yves La Rose, the “community-elected CEO” of the EOS Foundation said that “EOS, as it stands, is a failure” and “a terrible investment”. According to Rose, the EOS Foundation intends to step up activities as the project can no longer rely on Block.one.

BitTorrent (BTT)

▲ 04.11.2021 – The Tron Foundation revealed that BitTorrent Chain (BTTC), a second-layer cross-chain scaling solution, has integrated with Binance Smart Chain (BSC).

Zcash (ZEC)

▲ 05.11.2021 – Ethereum co-founder, Vitalik Buterin, published a blog post dedicated to Halo – the Zcash network update. The developer was interested in the possibility of Zcash implementing a gateway into Ethereum’s DeFi ecosystem.

Dash (DASH)

▲ 05.11.2021 – Dash Core developers announced the release of Dash Platform v0.21 on testnet.

NEM (XEM)

▲ 06.11.2021 – NEM developers announced the seventh network hard fork – HarLock.

EXMO news

EXM fun month: сelebrating EXMO Coin’s Birthday. Take part in the festive activities we have planned for you throughout November.

EXMO supports the monthly reports published by CryptoCompare. Read the Exchange Review of October 2021 and stay on top of cryptocurrency trends with access to proven insights from the global leader in digital asset analytics.

EXFI airdrop update: new snapshot date. Due to numerous requests, Flare Finance has decided to push back the SGB snapshot date for its upcoming EXFI airdrop.

ROOBEE on EXMO: final results of the contest with Apple prizes have been announced.

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.