Weekly Report: Overall Market Sentiment Improved
November 10 2021 — At the macro level, the President’s Working Group on Financial Markets under the Biden administration released a report on stablecoin, calling on Congress to enact legislation to regulate stablecoin. New public chains such as Kadena, Radix and Ronin have become new hotspots in the market. The secondary market was generally up though with a decrease in turnover. Bitcoin’s market dominance level has dropped to 43% and altcoins showed better performance, overall market sentiment is positive.
Overall Market Sentiment Improved. Market value rose to above US$3 trillion last week as Bitcoin performed strongly in the secondary market to reach US$66,000. Besides Bitcoin, altcoins showed better performance. Bitcoin’s market dominance level dropped to 43%. However, market turnover recorded a decrease, with a decline in trading volume of spots and Bitcoin and Ethereum futures. At the macro level, the U.S. House of Representatives passed a US$1.2 trillion infrastructure bill with no clear policy on cryptos, though new provisions are possible in the future. The President’s Working Group on Financial Markets under the Biden administration released a report on stablecoin, calling on Congress to enact legislation to regulate them. In addition, new public chains such as Kadena, Radix and Ronin have become new hotspots in the market, which saw robust trading activities and overall positive sentiment.
- Total market value increased. Last week, the total market value of digital assets increased from US$2.53 trillion to around US$3 trillion. Bitcoin rose significantly, jumping to above US$66,000.
- Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 76 staged growth, while 24 witnessed decline.
- Bitcoin’s hash rate increased. The average hash rate of Bitcoin increased week-on-week. The weekly average hash rate was about 165.24EH/s.
- Bitcoin’s on-chain activity declined and Ethereum’s on-chain activity also decreased. The Bitcoin network saw a decrease of 1.69%, 0.67% and 7.93% in average number of transfers, average number of active addresses and average transfer amount, respectively. In the Ethereum network, the average number of on-chain transactions, the number of active addresses and the average on-chain transaction amount were down by 2.95%, up by 2.09% and down by 12.62%, respectively.
- Stock exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased. Binance moved down by 13.5%. Bitfinex, Bitstamp and Coinbase recorded a decrease of 11.6%, 17.6% and 11.5%, respectively.
- Open position in futures increased to US$24.2 billion. Last week, turnover of Bitcoin futures market grew 22.7% week-on-week, with open position up to US$24.2 billion.
- Bitcoin and stablecoin rose to US$129.2 billion. Last week, turnover of USDT rose by US$2.3 billion. USDC increased by US$1.2 billion, and BUSD decreased by US$10 million.
About HashKey Capital
HashKey Capital, HashKey Group’s venture capital arm, is an institutional asset manager investing exclusively in blockchain technology, digital assets and crypto-financial infrastructures. It provides accredited investors and professional investors with secure access and diversified exposure to digital assets. HashKey Capital combines the agility and independent risk-taking traditionally found in the best venture firms, while offering differentiated access to the network of relationships found in one of the largest industrial and financial conglomerates in the world.
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