Weekly Market Wrap — November 12, 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 slightly up this week with the total industry market cap hovering above $2.9 trillion. The price of Bitcoin (BTC) closed at $65,169.54, up 6.17% on the week, while Ethereum (ETH) closed at $4,761.27, up 5.41% on the week.
Macro Comparison
Over the last 30 days, Ethereum is up 36.08% and Bitcoin has returned 17.07%. In that same time period, the S&P 500 and gold have also delivered positive returns, with the S&P 500 rising 6.8% and gold returning 3.74%. Bitcoin and Ethereum have seen their rolling volatility decline 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, the S&P 500, and gold all continue to show a significant positive correlation with Bitcoin when looking at a 30-day rolling correlation, though the strength of each correlation value has declined over the last week.
See how Bitcoin’s performance was correlated to Ethereum, gold, and the S&P 500 over the last month in the chart below.
Top News Recap
- JPMorgan Doubles Down On Its Massive Bitcoin Price Prediction — Forbes
- LUNA Price Fluctuates After Terra Votes to Burn $4.5 Billion in Tokens — Decrypt
- FATF Wants Governments to Hold the People Behind Defi Protocols Accountable — The Block
- Twitter Forms New Crypto Team to Incorporate Decentralized Tech Into the Platform — The Block
- Ethereum Name Service Tokens Soar After $500M+ Airdrop — CoinDesk
DAR Vetted Exchanges Volume Ratio
After spiking as high as 65.4% of relative DAR Benchmark Asset trading volume on Vetted Exchanges on October 20, Bitcoin’s share of relative volume has remained below 50% since October 24.
Loopring (LRC) has seen a significant increase in its share of relative volume since November 1. On November 10, Loopring accounted for 22.86% of relative DAR Benchmark Asset volume on Vetted Exchanges with Bitcoin and Ethereum excluded. Decentraland (MANA) also saw a decrease in its trading volume following a spike that started on October 31.
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.
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All publication decisions are at the discretion of the DAR editorial staff.
