January 23, 2022

EXMO company blog | News of the week: ETH overtakes BTC

EXMO company blog | News of the week: ETH overtakes BTC

</strong>News of the week - a source of information about key events in the crypto market.

</strong>Cryptocurrency market capitalization for 7 days rose 2.3% to $ 2.65 trillion, according to CoinMarketCap. There was no pronounced movement up or down during the week.

By the end of the week, the daily trading volumes on the market also showed a slight increase - 2.9% to $ 130 million. The greatest recovery in trading was observed on 26November, Black Friday, during the American session: daily volumes increased to $ 170 million.On the weekend, there was a significant decline - almost 2 times - to $ 92 million.

The Cryptocurrency Index of Fear and Greed has been in the "Fear" zone for almost the entire week. On December 1, its value was 34 points.

Bitcoin dominance declined 0.8% over the week. On December 1, its market share is 40.7%.Ether's market share increased 1.4% to 21.1%. Ether has not exceeded 21% since July 2017. Over the past 7 days, the price of ETH has increased by 10%, while the BTC rate has remained practically unchanged. The growth of assets since the beginning of the year is 94% and 546%, respectively.

ETH is almost back to its all-time high of early November. To reach this level, the asset hasgrow by 4%. BTC needs to rise by 21% to return to the high. Against this background, discussions were resumed on the possibility of ousting bitcoin from the first place in terms of capitalization by the second cryptocurrency. To do this, ETH needs to grow by another 49% relative to BTC.

TOP factors of market movement

▲ 24.11.2021 - Morgan Stanley ramped up positions in the Grayscale Bitcoin Trust (GBTC) through its funds during the third quarter. Compared to the second quarter, Morgan Stanley Growth Portfolio increased its GBTC portfolio by 71%, Morgan Stanley Insight Fund by 63%, and Morgan Stanley Global Opportunity Portfolio by 59%.

▲ 24.11.2021 - Blockdata: Since the beginning of 2021, the Bitcoin network has processed more transactions in US dollars than the PayPal payment system: $ 489 billion versus $ 302 billion.Both figures are significantly lower than the average quarterly volumes of Mastercard and Visa: $ 1.8 trillion and $ 3.2 trillion, respectively.

▲ 24.11.2021 - WhaleStats: the largest ether holders have accumulated almost 50 trillion Shiba Inu "meme" tokens (about $ 2 billion) on their wallets. This is about 9% of the coins in circulation, based on data from CoinGecko. The number of SHIB holders has reached a record high of over 995 thousand.

▲ 11/24/2021 - JPMorgan Chase: ether will be a better choice for investors than Bitcoin.

▲ 11/24/2021 - The number of ETH burned since the activation of the London update has exceeded 1 million. Emission decreased by 39%. Inflation has slowed down to 1.8% per year.

▼ 11/26.2021 - WHO expressed concern about the emergence of a new strain of the Covid-19 virus - Omicron. Financial market participants began to get rid of risky assets, including cryptocurrencies.

▼ 11/26/2021 - China has restricted access to the domains of mining pools and cryptocurrency media.

▼ 11/26/2021 - In China, as part of strengthening digital asset regulation, a cryptocurrency transaction tracking system will be created.

▲ ▼ 11/27/2021 - Glassnode: On November 25th and 26th, the daily volume of BTC in circulation exceeded 200K, which indicates that more coins will enter the market during the correction period last week.

▲ 11/28/2021 - Investing.com: почти половина (46%) неквалифицированных инвесторов в России считают криптовалюту защитным активом. По оценкам опрошенных «Известиями» экспертов, за последний год россияне увеличили вливания в этот рынок в шесть раз, до эквивалента $300–500 млрд.

▼ 11/29/2021 - The difficulty of bitcoin mining has decreased for the first time since the Chinese ban - as a result of the next recalculation, the indicator decreased by 1.49%, to 22.3 trillion hashes.

▲ 11/29.2021 - CoinShares: Last week saw an inflow of $ 305.6 million in crypto investment funds, the second highest in half a year, after the week the first Bitcoin ETF was launched in the United States.

▲ 11/29.2021 - CoinShares: last week polkadot funds received the largest inflow of funds in relation to the total amount of assets under management - 8.6% or $ 11.5 million. The inflow of funds into DOT-based funds has been observed for the seventh consecutive week.

▲ ▼ 30.11.2021 - Russian President Vladimir Putin: cryptocurrencies are not backed by anything, have colossal volatility and carry very high risks. Maybe this is the future, but we need to carefully monitor how this process develops.

▼ 11/30/2021 - Fed Chairman Jerome Powell: inflation is no longer temporary. Powell allowed the early winding down of stimulus to the economy through the purchase of bonds.

▲ 11/30/2021 - WhaleStats: whales began to acquire SHIB again and currently own tokens with a total value of more than $ 2.3 billion, which is about 9% of the asset's capitalization.

EXMO news

GMT token added to EXMO listing. You can already make deposits in GMT and trade in GMT / BTC and GMT / USDT pairs. On the occasion of the listing, we also launched a competition with a prize pool of $ 10,000.

This is a short summary of the top crypto news of the week. Follow the link to read the full version of the weekly cryptocurrency review.

Facebook Notice for EU! You need to login to view and post FB Comments!