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Weekly recap: summer altcoin network upgrades
The Ethereum testnet successfully moved to PoS, Tether launched USDT on Tezos, while Grayscale increased its allocation towards Cardano amid the upcoming network hardfork. Meanwhile, the DOGE team is set to roll out its update this summer and Chainlink plans to launch LINK staking. Read the Weekly recap to find out more about the main events of the crypto market that happened between 03rd and 10th June 2022.
Crypto market in numbers
The cryptocurrency market has been sideways for almost a month. The 30-day median market capitalіation is $1.26 trillion, according to CoinMarketCap.
Trading volumes showed a downward trend. From 03rd to 09th June, they fell to $449 billion, which is 17% lower than in the previous period. The average daily trading volume stood at $64 billion for the last seven days.
The Cryptocurrency Fear and Greed Index has stayed in the “Extreme Fear” zone for more than a month. The indicator has been below 20 points since 08th May. The median value of the index is 13 points for the week.
Bitcoin maintains its highest levels of market dominance in 2022. Since the beginning of June, its market share has stayed above 46% and even periodically rose to 47%.
Market volatility is decreasing. The 30-day Bitcoin volatility index fell by 0.8% to 3.5% over the week, returning to mid-May levels. The same indicator for ether fell by 0.65% to 4.5%.
Gainers of the week (04th – 10th June 2022)
| Coin | Opening price 04.06, $ | Opening price 10.06, $ | Change |
| LINK | 7.22 | 9.80 | 35.7% |
| XTZ | 1.92 | 2.40 | 24.7% |
| EXM | 0.019 | 0.023 | 24.1% |
| ROOBEE | 0.0019 | 0.0022 | 18.6% |
| ADA | 0.59 | 0.66 | 11.8% |
Losers of the week (04th – 10th June 2022)
| Coin | Opening price 04.06, $ | Opening price 10.06, $ | Change |
| WAVES | 10.40 | 8.23 | -20.8% |
| CRON | 0.20 | 0.17 | -13.8% |
| GMT | 0.163 | 0.149 | -8.4% |
| ATOM | 9.73 | 9.20 | -5.5% |
| XLM | 0.155 | 0.149 | -4.3% |
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
(04th – 10th June 2022)
Most traded coins (03rd – 09th June 2022)
| Coin | Trading volumes, $ |
| BTC | 17,456,710 |
| ETH | 8,966,545 |
| WAVES | 1,305,418 |
| XRP | 1,245,331 |
| ROOBEE | 1,188,086 |
| GMT | 779,959 |
| LTC | 663,395 |
| ADA | 449,805 |
| SMART | 396,878 |
| EXM | 304,842 |
Top crypto market driving factors
Overall crypto market
▼ 02.06.2022 – Bloomberg: The Biden administration is teeing up policy recommendations to lower cryptocurrency mining’s energy consumption and emissions footprint.
▲▼ 02.06.2022 – Dove Metrics: total venture capital investment in crypto declined to $4.7 billion in May – 38.2% down compared with the previous month. At the same time, it surged by 97.8% since last year.
▼ 03.06.2022 – Alejandro Zelaya, El Salvador’s Finance Minister: it is not yet time for the country to launch bitcoin bonds. The main reason behind this is the global situation.
▼ 03.06.2022 – The New York State Legislature has passed a bill imposing a two-year moratorium on cryptocurrency mining operations that run on carbon-based power sources.
▼ 03.06.2022 – On 03rd June, the US stock market indices ended trading with a decrease amid a moderately positive report on the US labour market and the OPEC+ decision. The Federal Reserve System (Fed) is expected to continue tightening monetary policy.
▼ 03.06.2022 – CNBC: thousands of digital tokens are likely to collapse while the number of blockchains in existence will also fall over the coming years.
▼ 03.06.2022 – U.S. Federal Trade Commission (FTC): between January 2021 and March 2022, more than 46,000 people have reported losing over $1 billion in crypto to scams.
▲ 06.06.2022 – CoinShares: between 30th May and 03rd June, digital asset investment products saw inflows totaling $100 million.
▲ 06.06.2022 – CoinShares: over the past week, multi-asset investment products saw inflows totaling $4.3 million.
▲ 06.06.2022 – Consensus 2022, the largest blockchain and cryptocurrency conference, will be held in Austin, Texas, between 09th and 12th June.
▼ 07.06.2022 – U.S. President Joe Biden has declared a state of emergency in the country due to threats to power generation capacity, which could negatively affect the activities of local miners.
▲ 07.06.2022 – PayPal expands its crypto offering with a new feature that allows users to transfer crypto from their accounts to external wallets and exchanges.
Bitcoin (BTC)
▼ 03.06.2022 – The Block: Ethereum mining revenues fell by roughly 20% in May. Miners generated a total of $906 million in revenue.
▲ 03.06.2022 – Arcane Research: May has seen a strong recovery in the BTC ETPs, with global net inflows amounting to 9,765 BTC (around $293 million). In early June, the global BTC ETP holdings hit a new all-time high of 205,008 BTC (worth over $6 billion).
▼ 04.06.2022 – A coalition of environmental groups has separately been urging New York’s Governor administration to deny the air permit renewal for Greenidge Generation.
▲ 06.06.2022 – CoinShares: between 30th May and 03rd June, Bitcoin saw inflows totaling $126 million, bringing total inflows year-to-date to half a billion mark.
▲ 06.06.2022 – Octagon Networks is the first cybersecurity firm to convert its entire balance sheet to Bitcoin. The company has also integrated cryptocurrencies into its business operations.
▲ 07.06.2022 – Mining company, HIVE Blockchain Technologies, has used the proceeds from the sale of about 10,000 ETH (worth over $18 million) to fund a strategic relationship with Intel and create new bitcoin miners.
▲ 07.06.2022 – Santiment: wallets holding between 10,000 and 100,000 BTC were actively increasing their positions over the past few weeks. They accumulated almost 12% of the total BTC supply.
▲ 08.06.2022 – On 08th June, following another recalculation, the mining complexity of the first cryptocurrency increased by 1.29% to 30.28 T.
Ethereum (ETH)
▼ 03.06.2022 – The Block: Ethereum mining revenues fell by roughly 27% in May. Miners generated a total of around 1 billion in revenue.
▲ 05.06.2022 – Ethereum’s hashrate has surpassed May highs, hitting 1,15 PH/s.
▼ 06.06.2022 – CoinShares: Ethereum continues to suffer, with the ninth week of outflows. Between 30th May and 03rd June, they totaled $32 million. Outflows since December of last year account for only 7% of all Ethereum AuM.
▲ 07.06.2022 – Mining company, HIVE Blockchain Technologies, has used the proceeds from the sale of about 10,000 ETH (worth over $18 million) to fund a strategic relationship with Intel and create new bitcoin miners.
▲ 08.06.2022 – Ethereum’s Proof-of-Stake merge went live on its longest-running Ropsten testnet.
▲ 08.06.2022 – Trustnodes: Ethereum miners have accumulated an additional 200,000 ETH since May 2021. They are now holding a total of 920,000 ETH.
Cardano (ADA)
▲ 03.06.2022 – Santiment: on 03rd June, the number of $100,000 ADA transactions increased significantly. In six hours, traders carried out a record number of transactions since 11th May — about 160.
▲ 07.06.2022 – Grayscale increased its allocation towards Cardano on its smart contract platform, Ex-Ethereum fund, from 25% to 32%. As a result, ADA emerged as the leading asset in terms of the fund’s investment size.
▲ 07.06.2022 – U.S. satellite TV giant, DISH Network, partnered with Cardano to launch a decentralised loyalty coin system.
Solana (SOL)
▲ 02.06.2022 – Alchemy, a web3 developer platform, is launching a suite of development tools for Solana, which can spur further growth on the upstart blockchain.
▲ 03.06.2022 – Blockchain oracle platform, Chainlink, has launched its price feeds on the Solana blockchain, expanding the toolkit for blockchain developers.
▲ 07.06.2022 – Developers fixed the bug that caused outages of the Solana (SOL) network.
▼ 07.06.2022 – DeFiSafety: Solana is the second-worst blockchain network, in terms of technical performance.
▲ 07.06.2022 – Solana Ventures and Solana Foundation set up a $100 million fund for South Korean startups focused on DeFi, NFT and GameFi.
Dogecoin (DOGE)
▲ 07.06.2022 – The DOGE team is expected to roll out update 1.46.6 this summer.
Shiba Inu (SHIB)
▲ 06.06.2022 – Reports are doing the rounds on social media that the layer-2 solution, Shibarium, might be released in June. However, this information contradicts the previously made announcements by the Shiba Inu team.
Tron (TRX)
▲ 06.06.2022 – The Tron team intends to support “overcollateralization” of its USDD algorithmic stablecoin to avoid the trouble of its fellow token, TerraUSD.
Chainlink (LINK)
▲ 03.06.2022 – Blockchain oracle platform, Chainlink, has launched its price feeds on the Solana blockchain, expanding the toolkit for blockchain developers.
▲ 07.06.2022 – The Chainlink team announced the launch of staking in the second half of 2022.
▲ 07.06.2022 – Santiment: addresses holding between 100,000 and 10 million LINK have increased their balances by 25% since the beginning of May 2022.
Litecoin (LTC)
▼ 08.06.2022 – Large South Korean crypto exchanges have delisted Litecoin because of the latest privacy-focused MimbleWimble upgrade.
Stellar (XLM)
▲ 08.06.2022 – The Stellar network upgrade has been successfully implemented.
NEAR (NEAR)
▲ 09.06.2022 – Orderly Network, a permissionless platform built on top of Near Protocol, completed a $20 million strategic round of financing from several crypto funds, including Sequoia China, Jump Crypto, Three Arrows Capital, Pantera Capital, Alameda Research and others.
Cosmos (ATOM)
▲ 08.06.2022 – MakerDAO’s DAI stablecoin was introduced to the Cosmos ecosystem.
Tezos (XTZ)
▲ 09.06.2022 – Tether has launched its USDT stablecoin on the Tezos blockchain.
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.