Weekly Market Wrap — November 5, 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 slightly up this week with the total industry market cap hovering above $2.8 trillion. The price of Bitcoin (BTC) closed at $61,257.00, down 0.25% on the week, while Ethereum (ETH) closed at $4,492.67, up 5.33% on the week.
Macro Comparison
Ethereum and Bitcoin have both delivered strong positive returns over the last 30 days, with Ethereum rising 28.76% and Bitcoin up 19.60%. In that same time period, both assets have seen their rolling volatility decline.
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 have all shown a significant positive correlation with Bitcoin when looking at a 30-day rolling correlation, with the S&P 500 showing the strongest 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
- Justin Sun Withdraws Billions of Dollars Worth of Crypto From Aave’s Lending Pools — The Block
- DCG Is Hiring Advisors for a Planned Wealth Management Business Aimed at Crypto Millionaires — The Block
- Metaverse Startup The Sandbox Closes $93M Series B Led by SoftBank — CoinDesk
- CME to Launch Micro Ether Futures Next Month — The Block
- A SHIB Whale Just Moved Nearly $3 Billion Worth of the Meme Coin — Decrypt
DAR Vetted Exchanges Volume Ratio
Bitcoin and Ethereum both saw a temporary dip in their share of relative DAR Benchmark Asset trading volume this week when Decentraland (MANA) spiked to account for as much as 43.22% of total volume in a single day.
Sector Volatility vs Return
Most sectors have delivered positive daily returns over the last 30 days, with the General Purpose sector delivering the best performance in that time period. Sector volatility fell slightly, with most sectors seeing volatility between 3%-5.5%.
See how volatility compared to returns across different sectors of the digital asset market over the last month in the chart below. With 400+ classified assets, DAR’s Industry Taxonomy allows clients to perform analysis across market segments and more.
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.
