Weekly recap: Cardano overtook BTC in terms of brand intimacy

CME Group launches euro-denominated Bitcoin and Ether futures, while Iran formally approves the use of crypto for imports. Read the Weekly recap to learn more about the main crypto events that happened between 25th August and 1st September 2022.

Crypto market in numbers

The crypto market cap decreased by 7% to $972 billion over the past week. The indicator fell below the $1 trillion mark on 26th August 2022 – for the first time since 27th July 2022, according to CoinMarketCap.

The market trading volume remained approximately at the same level for three consecutive weeks. Over the past week, it amounted to $491 billion, down 2.3% from the previous week. The average daily trading volume was $70 billion.

Market sentiment continued to deteriorate. The Cryptocurrency Fear & Greed Index remained in the “Extreme Fear” zone. On 1st September 2022, it dropped to 20 points, the lowest since 18th July 2022.

Bitcoin’s dominance held below 40% during the entire week. On 31st August 2022, its market share fell to almost 39%, for the first time in more than four years. It is noteworthy that the first cryptocurrency is losing its market position to stablecoins rather than altcoins. The total share of the top-3 stablecoins almost tripled over the year, from 5.3% to 14%.

The market share of Ethereum fell below 19% on Saturday but managed to rise above this level on Monday. As of Thursday, the indicator stood at 19.5%.

Gainers of the week (26th August – 1st September 2022)

Coin	Opening price 26.08, $	Opening price 01.09, $	Change
ONG	0.38	0.40	4.7%
GNY	0.0147	0.0154	4.7%
NEAR	4.79	4.89	2.2%
SMART	0.00058	0.00059	0.9%

Losers of the week (26th August – 1st September 2022)

Coin	Opening price 26.08, $	Opening price 01.09, $	Change
ROOBEE	0.0009	0.0007	-29.5%
PRQ	0.15	0.12	-19.6%
EOS	1.90	1.54	-18.9%
DCR	38.41	31.49	-18.0%
BTG	28.75	25.09	-12.7%

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
(26th August – 1st September 2022)

Cryptocurrencies have been divided into groups based on the range of price changes observed over the past week. To represent the data, the rates of all cryptocurrencies were converted to USD.

Most traded coins (25th – 31st August 2022)

Coin	Trading volumes, $
BTC	8,437,533
ETH	7,932,424
DEBT	1,373,272
ROOBEE	1,238,373
XRP	1,002,216
TON	925,751
ETC	521,133
GMT	470,166
LTC	383,547
WAVES	379,041

Top crypto market driving factors

Overall crypto market

▲ 25.08.2022 – U.S. gross domestic product – the broadest measure of economic activity – shrank by 0.6% at an annualised rate from April through June. The activity was revised upward from the advanced estimate released in July, which showed a 0.9% decline.

▼ 26.08.2022 – Fed’s Сhairman, Jerome Powell: our primary goal is bringing inflation back down to 2%, and therefore the Fed does not plan to lower interest rates in the short term.

▼ 29.08.2022 – CoinShares: digital asset investment products saw minor outflows last week, totaling $27 million. Trading volumes fell to a two-year low of $901 million.

▼ 30.08.2022 – The head of JPMorgan’s digital assets unit, Umar Farooq: most crypto is still junk actually and real crypto use cases have yet to fully present themselves.

▼ 30.08.2022 – JPMorgan’s chief global strategist, David Kelly, advised investors to sell cryptocurrencies and buy stocks.

▲ 30.08.2022 – Iran formally approved the use of digital assets for imports.

▲ 30.08.2022 – Top executives from crypto trading and investment firms Galaxy Digital and Genesis are set to launch the $500-million DBA Crypto Fund I LP.

Bitcoin (BTC)

▼ 27.08.2022 – The crypto industry has been abuzz with rumours that 137,000 BTC held by the defunct crypto exchange, Mt. Gox, would soon be offloaded on the market, with some believing that a tranche was set for release in one go. However, Mt. Gox creditors denied plans of a massive Bitcoin dump.

▼ 29.08.2022 – CoinShares: over the past week, Bitcoin was almost the sole focus of the outflows, which totaled $29 million. Short-bitcoin investment products saw inflows totaling $1 million.

▲▼ 29.08.2022 – The Chicago Mercantile Exchange (CME Group) announced the launch of euro-denominated Bitcoin and Ether futures.

▲ 31.08.2022 – As a result of the latest recalculation, Bitcoin mining difficulty increased by 9.26%, hitting 30.97 trillion. The hashrate hovered over 230 EH/s, almost as high as an ATH of 231 EH/s.

Ethereum (ETH)

▼ 29.08.2022 – CoinShares: between 22nd and 26th August 2022, Ethereum saw minor outflows totaling $1 million.

▲▼ 29.08.2022 – The Chicago Mercantile Exchange (CME Group) announced the launch of euro-denominated Bitcoin and Ether futures.

▼ 30.08.2022 – Bloomberg: Ether could soon drop to $1,000 or below.

▲ 30.08.2022 – Ethereum network will start transitioning to PoS on 6th September 2022, with the Bellatrix upgrade on the Beacon Chain.

▲ 31.08.2022 – Ethermine, the world’s largest Ethereum mining pool, launches an ETH staking pool service for users.

XRP (XRP)

▲ 25.08.2022 – Tranglo, the cross-border payment specialist and Ripple’s investment partner, has opened a Ripple ODL payment corridor to the United Arab Emirates.

Cardano (ADA)

▲ 26.08.2022 – Cardano ranked 26th in MBLM’s ‘Top Brand Intimacy 2022’ report, beating Bitcoin and other crypto projects. The scale of the study included more than 600 global brands.

▲ 28.08.2022 – Cardano founder Charles Hoskinson: while “extensive testing” is still being conducted, the Vasil hard fork may occur “sometime in September.”

▲ 31.08.2022 – Aada Finance announced the release of the Aada Finance V1 lending and borrowing protocol scheduled for 13th September 2022. The protocol marks the first DeFi project to launch on the Cardano network.

Solana (SOL)

▲ 25.08.2022 – Solana blockchain explorer and indexing provider, SolanaFM, raised $4.5 million in a seed round, led by SBI Group’s Digital Asset Opportunity Fund.

▲ 30.08.2022 – Digital asset custody platform, Fireblocks, has launched support for Solana, giving its users access to the network’s DeFi and Web-3 applications.

▲ 31.08.2022 – The core developers of the crypto-fueled wireless network, Helium, have proposed the migration from the project’s own custom blockchain to Solana.

Shiba Inu (SHIB)

▲ 30.08.2022 – Shiba Inu developers reported on the establishment of a core structure for SHIB The Metaverse.

▲ 31.08.2022 – Shibburn: the number of Shiba Inu being burned has surged by more than 300% in the last 24 hours, more than ever before. Since the beginning of August, over a billion SHIB tokens have been burned. There are around 590 trillion SHIB tokens left now.

Uniswap (UNI)

▲ 25.08.2022 – Uniswap’s community voted to accept a $74 million spending plan to form the Uniswap Foundation.

Cosmos (ATOM)

▲ 25.08.2022 Analysts at VanEck fund praised the high potential and uniqueness of Cosmos’ Inter-Blockchain Communication Protocol and predicted ATOM’s price to hit $140 by 2030.

Stellar (XLM)

▼ 28.08.2022 – Grayscale responding to questions from the U.S. SEC: Zcash (ZEC), Stellar (XLM) and Horizen (ZEN) “may currently be a security, based on the facts as they exist today.”

Maker (MKR)

▲ 28.08.2022 – MakerDAO co-founder, Rune Christensen, recommended depegging DAI from USD.

Zcash (ZEC)