Weekly Market Wrap — December 10, 2021
Welcome to the Weekly Market Wrap, which arrives each Friday.
The Weekly Market Wrap is DAR’s new newsletter on crypto market performance and the week’s news, trends, and data.
Want to receive the Weekly Market Wrap each Friday by e-mail? Sign Up Here
Data Source: DAR, TradingView¹
Macro Overview
Digital asset markets were down this week with the total industry market cap hovering above $2.3 trillion. The price of Bitcoin (BTC) closed at $47,673.75, down 16.46% on the week, while Ethereum (ETH) closed at $4,122.61, down 9.13% on the week.
Macro Comparison
Bitcoin and Ethereum are both down over the last 30 days, with Bitcoin falling 29.23% and Ethereum down by 13.69% in that time period. Ethereum continues to see higher rolling volatility than Bitcoin.
See a comparison of rolling volatility and net returns across Bitcoin, Ethereum, gold, and the S&P 500 over the last month in the chart below.
Gold is now positively correlated with Bitcoin when looking at a 30-day rolling correlation and Ethereum continues to be positively correlated with Bitcoin.
See how Bitcoin’s performance was correlated to Ethereum, gold, and the S&P 500 over the last month in the chart below.
Bitcoin Performance by Region
Bitcoin’s performance across regional trading sessions was down over the past week. The most significant downturn of the week happened on December 4 during the Asian session when Bitcoin’s price fell by 11.26%. The most positive price action of the week happened on December 6 during the North American session when the price of Bitcoin rose by 4.36%.
Top News Recap
- EOS Community Halts Payments Worth $250 Million in Eos to block.one and Brock Pierce — The Block
- Sushiswap’s CTO Resigns Amid Infighting — The Block
- Binance Smart Chain and Animoca Brands Set Up $200M Program for Blockchain Gaming — CoinDesk
- Coinbase Launches DeFi Yield Product for Non-U.S. Customers — Bloomberg
- Polygon Acquires ZK-Rollups Startup Mir Protocol for $400 Million — The Block
DAR Vetted Exchanges Volume Ratio
Bitcoin and Ethereum’s combined share of relative DAR Benchmark Asset trading volume on Vetted Exchanges increased over the last several days, going from 36% on December 7 to 66% yesterday (December 9).
Tezos (XTZ) and Polygon (MATIC) saw notable volume this week when looking at DAR Benchmark Asset volume on Vetted Exchanges with Bitcoin and Ethereum excluded. Tezos accounted for 26.97% of volume on December 8, while Polygon reached 19.83% of volume on December 7.
¹ Value as of yesterday 4p ET; indices and financial products market data from TradingView daily close
² DAR price at 4p ET and % change from prior day’s values
Contact us for details on Vetted and Watchlist Exchanges or prices and volumes for 1000+ crypto assets. We also welcome feedback on this newsletter.
If you would like to submit an announcement or a news item for inclusion in this newsletter, please reach out to news@digitalassetresearch.com.
All publication decisions are at the discretion of the DAR editorial staff.
