Weekly Market Wrap — November 19, 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.
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Data Source: DAR, TradingView¹
Macro Overview
Digital asset markets were down this week with the total industry market cap hovering slightly above $2.6 trillion. The price of Bitcoin (BTC) closed at $57,995.48, down 3.74% on the week, while Ethereum (ETH) closed at $4,063.19, down 4.27% on the week.
Macro Comparison
Over the last 30 days, Bitcoin is down 9.53% while Ethereum is up 6.71%, though both assets have fallen over the last week. Ethereum’s rolling volatility has also seen a slight increase recently.
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.
The S&P 500 and gold are no longer significantly correlated with Bitcoin when looking at a 30-day rolling correlation, but Ethereum continues to show a significant positive correlation to Bitcoin.
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
- SEC Asks Court to Enforce Subpoena Against Crypto Startup Terraform Labs — The Block
- Paradigm Launches $2.5 Billion Venture Fund for Crypto Companies — The Block
- Coinbase Is Looking at Support for Third-Party Defi Apps on Its Platform, Says CFO — The Block
- Crypto.com Pays Reported $700 Million for Naming Rights to Lakers, Clippers Arena — Decrypt
- Maple Finance, Alameda Research Launch DeFi’s First Syndicated Loan — Decrypt
DAR Vetted Exchanges Volume Ratio
After dropping to 35.08% on November 12, Bitcoin’s share of relative DAR Benchmark Asset trading volume on Vetted Exchanges has risen over the last several days; Bitcoin accounted for 52.99% of relative volume yesterday (November 18).
Both Decentraland (MANA) and Loopring (LRC) continued to see notable volume this week when looking at DAR Benchmark Asset volume on Vetted Exchanges with Bitcoin and Ethereum excluded. Decentraland accounted for over 30% of relative volume on November 13 and November 14, while Loopring reached 18.98% of volume on November 15.
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.
