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| The latest moves in crypto markets, in context Edited by Omkar Godbole November 5, 2021 Sponsored by Bitcoin (BTC) -0.5% $61,589 Ether (ETH) -0.8% $4,499 (Price data as of November 5 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, Here's what's happening this morning: Market Moves: Bitcoin Dominance Weakens as Altcoins Rally
Technician's Take: Bitcoin Faces Resistance Near $64K; Support Between $55K-$60K
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Jeremy Allaire, Circle Stephen Ehrlich, Voyager Digital Don Tapscott, Blockchain Research Institute
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: The Graph (GRT): +12.3% Aave (AAVE): +7.3% Chainlink (LINK): +1.7% Top Losers: Uniswap (UNI): -4.1% Polygon (MATIC): -4.1% Stellar (XLM): -3.0% The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
A message from Bybit What if you could win 0.1 BTC or 1 ETH from performing trades? At Bybit, we value our traders — and we show it.
Market Moves by Lyllah Ledesma Bitcoin Dominance Weakens as Altcoins Rally Bitcoin, the world’s largest cryptocurrency, traded little changed between $60,000 and $63,000 Friday before the U.S. jobs report. The price is also little changed over the week, while altcoins and gaming tokens have seen significant gains.
Solana’s SOL token has rallied 21% this week, breaking through its all-time high on Thursday. Ether (ETH) also climbed to a record, hitting $4,628 on Nov. 3. It is up 2.4% on the week.
“Alternative coins to ETH are still in favor,” said Daniel Kukan, a trader at Crypto Finance AG.
The bitcoin dominance chart, which shows the extent of the cryptocurrency’s dominance over the rest of the market, is signaling a bias toward altcoin exposure, according to Matthew Dibb, COO of Stack Funds.
“This trend will likely persist for the short term,” he said.
Solana’s SOL token has rallied 21% this week, breaking through its all-time high on Thursday. Ether (ETH) also climbed to a record, hitting $4,628 on Nov. 3. It is up 2.4% on the week.
“Alternative coins to ETH are still in favor,” said Daniel Kukan, a trader at Crypto Finance AG.
The bitcoin dominance chart, which shows the extent of the cryptocurrency’s dominance over the rest of the market, is signaling a bias toward altcoin exposure, according to Matthew Dibb, COO of Stack Funds. “This trend will likely persist for the short term,” he said. Bitcoin market cap dominance (Source: TradingView) The chart shows bitcoin dominance declining as altcoins take a larger share.
“We have seen consistent bids for Layer 1 tokens throughout any market weakness,” said Dibb.
Avalanche’s AVAX token touched an all-time high $80.29 on Friday and is up 20% on the week. Polkadot’s DOT has also made significant gains this week and is up 20%.
Coins related to virtual worlds, or so-called metaverses, were also in the spotlight after Facebook said it will change its name to Meta and enter the arena.
“The recent rebranding from Facebook to Meta is making the crypto market reassess the future value of these metaverse competitors, which until last week, many of them were fairly undervalued” said Juan Pellicer, a research analyst at IntoTheBlock.
Decentraland (MANA), a virtual world on the Ethereum blockchain that allows users to monetize content and applications, is up 88% on the week. Sandbox (SAND), also a virtual world where players can build, own and monetize their gaming experiences using non-fungible tokens, has gained 132%.
Play-to-earn tokens have also experienced an uptick. Axie Infinity’s AXS token is up 5% on the week and Enjin Coin (ENJ), which is a gaming community platform and virtual goods marketplace with a market cap of $2.6 billion, is up 28%.
Enjin announced Thursday that it has formed a $100 million fund to support projects in its ecosystem geared toward developing a decentralized metaverse. The fund will focus on cross-chain NFT assets, digital collectible applications, gaming that harnesses mixed reality, virtual events and building multichain infrastructure. Read the original story here: Bitcoin Dominance Weakens as Altcoins Rally
Technician's Take by Damanick Dantes, CMT Bitcoin Faces Resistance Near $64K; Support Between $55K-$60K Bitcoin daily price chart (Source: TradingView) Bitcoin (BTC) continues to trade in a tight range, although buyers appear to be holding support above $60,000. Short-term indicators are neutral, although pullbacks could be limited given a series of price breakouts over the past month.
If buyers fail to hold $60,000, lower support around the 50-day moving average, currently near $55,000, could stabilize a pullback.
Bitcoin was trading around $61,500 at press time and is roughly flat over the past 24 hours.
For now, upside momentum is slowing, which suggests a period of consolidation could persist in the short-term. Eventually, indicators suggest momentum could improve to support a breakout in BTC above $65,000 based on positive historical returns in the fourth quarter. Read the original story here:
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BOLO Be on the lookout for the following events today: 12:30 UTC (08:30 a.m. ET): Nonfarm payrolls (Oct.). Est: 450,000 Unemployment rate (Oct.). Est: 4.7% Avg. hourly earnings (Oct.). Est: +0.4%
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts speak to former CFTC Chairman Timothy Massad for his take on the stablecoin report released by the President's Working Group on Financial Markets. AscendEX Head of Business Development Shane Molidor provides markets analysis as Ether hits a fresh all-time high at $4,668.69 Wednesday. Plus, EDM artist Alesso is teaming up with OneOf for a first-ever NFT that comes with stratospheric space flights for two token holders. Alesso and OneOf Co-founder & CEO Lin Dai share the details behind this initiative.
A Message from CoinDesk What will 2022 bring? Crypto 2022 is CoinDesk’s ambitious effort to scope out what’s next. This week it's Policy Week, a week devoted to exploring the complex ways governments are interacting with the cryptocurrency ecosystem, and how policy decisions or lack thereof will affect the year ahead. Read more here.
Latest Headlines Square’s Cash App Generated $1.8B in Bitcoin Revenue in Q3 The payments firm said bitcoin revenue and gross profit fell in the third quarter versus the prior quarter due to the relative stability in bitcoin prices. Spain’s Central Bank Requesting Financial Institutions to Outline Crypto Plans Until 2024: Report The Spanish financial authority is asking banks to report on their business relationships with crypto service providers and exposure to crypto.Day 4 of Kleiman v. Wright: Craig Wright’s Testimony Delayed The self-styled “Satoshi” will likely take the stand on Monday.mCBDC Bridge Reveals 15 Use Cases and 22 Heavyweight Participants Goldman Sachs, HSBC, Société Générale, and China’s biggest state-owned banks are part of the project.Kazakhstan Limits Crypto Investment for Retail Players: Report The country’s financial regulator is worried about the high risk associated with crypto.S. Korean Regulator Says NFTs Are Not Virtual Assets: Report Seoul will follow FATF guidance on the matter of NFTs and its regulation.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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