crypto this week: Crypto week at a glance: Bitcoin’s dominance increases; Swiss McD accepts crypto
It seems that the market players are on risk appetite to start a new quarter. Bitcoin has traded sideways for most of the week as investors return to more macroeconomic caution.
Although Bitcoin successfully traded above $20,000, it struggled to get above it. However, its dominance in the market increased to 41 percent from 39 percent on September 10, 2022.
This indicates that market participants are choosing Bitcoin over other assets due to its relatively stable nature. The whale accumulation and the US dollar index rising to a 20-year high are the reasons for BTC’s growth in recent days.
The second largest cryptocurrency, Ethereum, has changed hands above the $1,300 level. Ethereum has experienced the heat of macroeconomic factors since the merger. If Ethereum can end the week trading above the $1,400 level, we could see an uptrend in the coming week.
On Friday, Bitcoin fell below the $20,000 level as markets prepare for the release of the latest US non-farm payrolls report. Bitcoin fell as bearish sentiment returned to the markets. Ethereum continued to consolidate ahead of the release.
While other major altcoins were mixed, some traded in the green while others in the red. Volatility in the crypto market has increased in recent weeks as market participants responded to rising inflation and fluctuations in the US dollar by moving away from riskier assets.
In an interesting twist, Fidelity Investments has been the flag bearer of Ethereum investments among institutional players. The leading asset management company has raised $5 million and is exclusively open to qualified investors.
The European Union will soon come up with its historic crypto law after two strict years. According to the head of the economy and currency committee, the legislation should be adopted at first reading in parliament. This move will open a new path to innovation.
McDonald’s has started accepting Bitcoin and Tether in Lugano, Switzerland. The news comes as the crypto community has rallied for years for the restaurant company to accept crypto like Dogecoin in all locations.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst performing cryptos of the past week:
Top 5 winners for the week (as of 10:00 AM IST on 9 October 2022):
1. Casper (CSPR): 19% up
2. Maker (MKR): 18% up
3. Convex Finance (CVX): 15% up
4. Ethereum Name Service (ENS): 14% up
5. Elrond (EGLD): 13% up
Top 5 Crypto Losers This Week (as of 10:00 AM IST 9 October 2022):
1. Reserve rights (RSH): 17% down
2. Teera Classic (LUNC): 13% down
3. Chiliz (CHZ): down 12%
4. Algorand (ALGO): 10% down
5. Helium (HNT): 9% down
Note: The study only includes the top-100 cryptocurrencies in terms of market capitalization listed on the data source, i.e. Coinmarketcap.
(Author Edul Patel is CEO and Co-Founder, Mudrex)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
