Weekly Market Wrap — December 17, 2021
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The Weekly Market Wrap is DAR’s new newsletter on crypto market performance and the week’s news, trends, and data.
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Data Source: DAR, TradingView¹
Macro Overview
Digital asset markets were flat this week with the total industry market cap hovering above $2.3 trillion. The price of Bitcoin (BTC) closed at $47,947.65, up 0.57% on the week, while Ethereum (ETH) closed at $4,019.73, down 2.50% on the week.
Macro Comparison
Bitcoin and Ethereum are both down over the last 30 days, with Bitcoin falling 19.78% and Ethereum down by 4.24% in that time period. Ethereum continues to see higher rolling volatility than Bitcoin, with both assets recording increased volatility over the last month.
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.
Ethereum and gold are positively correlated with Bitcoin when looking at a 30-day rolling correlation, while the S&P 500 is not significantly 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 flat over the past week. The most significant downturn of the week happened on December 13 during the European session when Bitcoin’s price fell by 3.20%. The most positive price action of the week happened on December 15 during the North American session when the price of Bitcoin rose by 2.88%.
Top News Recap
- Bitwise Launches NFT-Tracking Index Fund for Accredited Investors — The Block
- Bitcoin CME Futures Slip Into ‘Backwardation’ as Bearish Sentiment Grips Market — CoinDesk
- Solana Ventures Announces New $150 Million Fund for Blockchain Gaming — The Block
- Dune Analytics Is Raising Funds at a $1 Billion Valuation: Sources — The Block
- Data Startup Nansen Secures Fresh Funding at $750 Million Valuation — The Block
DAR Vetted Exchanges Volume Ratio
Bitcoin and Ethereum’s combined share of relative DAR Benchmark Asset trading volume on Vetted Exchanges dipped to 49.2% on December 11 but then increased to 60.08% yesterday (December 16).
Stellar (XLM) saw a notable increase in volume this week when looking at DAR Benchmark Asset volume on Vetted Exchanges with Bitcoin and Ethereum excluded. Stellar accounted for 16.31% of volume on December 10.
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.
