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Market Wrap: Bitcoin Makes Headway to $10.3K; Ether Volatility Highest Since May

Bitcoin is making some modest price gains while the ether roller coaster gathers more steam.

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Bitcoin is eking out gains Wednesday while ether’s volatility is up on DeFi drama.

  • Bitcoin (BTC) trading around $10,299 as of 20:00 UTC (4 p.m. ET). Gaining 2.7% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $9,818- $10,349
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcsep9
Bitcoin trading on Coinbase since Sept. 7.

Bitcoin is slowly making gains Wednesday, reaching as high as $10,349 as of press time. 

Read More: Bitcoin’s Correlation With Gold Hits Record High

“After the Sept. 2-3 drop, bitcoin has been stuck in a narrow range of $10,100 to $10,500, looking for direction,” said David Lifchitz, chief investment officer for crypto quantitative firm ExoAlpha. “Each drop below $10,000 has been furiously bought, keeping BTC above that,” he added.  

Over the past week, traders have come in and scooped up sub-$10,000 bitcoin, with $9,800 being a level tested but retraced. 

btcweeksep9
Bitcoin trading the past week.
Source: TradingView

While bitcoin is trending upward, the cryptocurrency needs volume to boost it further, Lifchitz added. “This is typical of a wounded asset recovering,” Lifchitz added.” Contrary to traditional assets, there’s no federal printing press to artificially prop up digital assets, only good old demand,” he said.

So far Wednesday, demand as measured in volume is relatively flat – a paltry $245 million combined on major spot exchanges according to Skew. This is much lower than a week ago, when spot volumes hit a one-month high of $1 billion.

skew_btc_spot__aggregated_daily_volumes-34
Bitcoin volumes on major spot exchanges the past month.
Source: Skew

John Willock, CEO of digital-asset liquidity firm Tritium, says the ebb and flow in the bitcoin market is simply natural. “This short-term dip down to current levels was a reasonable pullback,” he said.  “A steady move upwards in BTC is fully in line with my expectations for the medium-term and through the end of the year.” 

Read More: ‘High’ Severity Bug in Bitcoin Software Revealed 2 Years After Fix

According to ExoAlpha’s Lifchitz, “Until bitcoin reaches above $10,600, there’s no hope for a retry toward $12,000 anytime soon.” 

Read More: Huobi Launches Crypto Saving Products to Compete With DeFi

Ether volatility up

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday, trading around $357 and climbing 6% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: Firms Warn of Potential DeFi Scam After $2.5M in ‘Locked’ Cryptos Moved

Ether’s one-month realized volatility, a measure of the standard deviation of returns based on historical data, is at 106% on an annualized basis, its highest point since way back on May 6.

skew_ethusd_realized_volatility-3
Realized volatility for ETH/USD the past six months.
Source: Skew

It is clear that ether is more volatile than bitcoin, which, at 57% one-month realized annualized volatility Wednesday, is at a level consistent with its August volatility numbers. 

skew_btcusd_realized_volatility-2
Realized volatility for BTC/USD the past six months.
Source: Skew

Vishal Shah, an options trader and founder of derivatives exchange Alpha5, said uncertainty surrounding decentralized finance, or DeFi, is helping drive volatility in ether, and not in the derivatives that are usually the culprit in crypto. 

“I don’t think much of this volatility is driven by ETH optionality, as the market is relatively small,” Shah said. “Rather, it seems to be a byproduct of pent-up disbelief in gas prices and the large rotations in total value locked in DeFI,” he added. 

Read More: NY AG Asks Court for New Order to Make Bitfinex Turn Over Documents

Other markets

Digital assets on the CoinDesk 20 are all in the green Wednesday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 

Read More: Arca to Gnosis: Show Us a Turnaround Plan or Give Investors’ Money Back

Read More: Court Denies Bitmain $30M in Damages From Co-Founders of Rival Poolin

Commodities:

  • Oil is up 3.3%. Price per barrel of West Texas Intermediate crude: $37.96.
  • Gold was in the red 0.90% and at $1,948 as of press time.

Read More: DCG Enters Retail Crypto Market With Acquisition of Luno Wallet

Treasurys:

  • U.S. Treasury bond yields all climbed Wednesday. Yields, which move in the opposite direction as price, were up most on the two-year, coming in at 4.2%.

Read More: Mastercard Platform Enables Central Banks to Test Digital Currencies

https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: https://www.coindesk.com/market-wrap-bitcoin-ether-volatility

Blockchain

Kraken Daily Market Report for February 24 2021

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Overview


  • Total spot trading volume at $2.43 billion, up 18% from the 30-day average of $2.06 billion.
  • Total futures notional at $742.6 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Augur (+22%), Icon (+20%), Lisk (18%), and Compound (18%).

February 24, 2021 
 $2.43B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$50855. 
↑4.0% 
$927.5M
ETH 
$1694.5 
↑7.3% 
$442.0M
USDT 
$1.0009 
↑0.06% 
$308.7M
ADA 
$1.0666 
↑11% 
$140.5M
DOT 
$36.359 
↑5.2% 
$112.8M
USDC 
$1.0002 
↑0.01% 
$58.0M
XDG 
$0.0552 
↑16% 
$46.8M
XRP 
$0.4888 
↑2.7% 
$45.1M
LTC 
$187.16 
↑5.4% 
$44.2M
LINK 
$28.266 
↑8.8% 
$43.1M
BCH 
$546.64 
↑5.9% 
$19.9M
ATOM 
$20.971 
↑4.1% 
$17.4M
XLM 
$0.4278 
↑11% 
$17.0M
FLOW 
$22.203 
↑3.6% 
$14.8M
UNI 
$26.741 
↑7.6% 
$13.7M
GRT 
$1.9695 
↑16% 
$13.2M
AAVE 
$398.38 
↑9.2% 
$9.83M
ALGO 
$1.1312 
↑12% 
$9.67M
KSM 
$259.95 
↑8.0% 
$9.22M
XMR 
$218.18 
↓1.3% 
$9.14M
DASH 
$253.84 
↑9.8% 
$8.88M
EOS 
$4.0463 
↑5.0% 
$8.57M
XTZ 
$3.8502 
↑8.5% 
$8.23M
TRX 
$0.0492 
↑9.5% 
$4.84M
DAI 
$1.0012 
↓0.01% 
$4.78M
ICX 
$1.7515 
↑20% 
$4.63M
QTUM 
$5.5107 
↑7.1% 
$4.55M
SNX 
$20.534 
↑13% 
$4.44M
OMG 
$5.0897 
↑8.7% 
$4.29M
BAT 
$0.5229 
↑9.5% 
$4.29M
SC 
$0.0113 
↑3.3% 
$3.78M
WAVES 
$10.304 
↑10% 
$3.76M
NANO 
$6.0203 
↑16% 
$3.59M
YFI 
$36385. 
↑8.8% 
$3.55M
ZEC 
$131.65 
↑3.6% 
$3.33M
FIL 
$37.762 
↑6.3% 
$3.21M
COMP 
$452.55 
↑18% 
$2.38M
OXT 
$0.5371 
↑8.4% 
$2.12M
ETC 
$12.339 
↑8.4% 
$2.07M
LSK 
$3.1380 
↑18% 
$1.93M
KAVA 
$3.7965 
↑17% 
$1.57M
MANA 
$0.2622 
↑13% 
$1.53M
REP 
$35.637 
↑22% 
$1.49M
CRV 
$2.2995 
↑7.7% 
$1.45M
KNC 
$1.7123 
↑6.8% 
$982K
MLN 
$41.951 
↑12% 
$834K
PAXG 
$1804.9 
↓0.2% 
$778K
KEEP 
$0.3739 
↑10% 
$710K
STORJ 
$0.6370 
↑12% 
$670K
ANT 
$4.7319 
↑10.0% 
$576K
BAL 
$40.659 
↑16% 
$568K
GNO 
$141.23 
↑11% 
$508K
REPV2 
$26.630 
↑8.9% 
$274K
TBTC 
$54060. 
↑9.8% 
$244K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 24 2021)

Figure 2: Mid-size trading assets: (measured in USD) (February 24 2021)

Figure 3: Smallest trading assets: (measured in USD) (February 24 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (February 24 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (February 24 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 24 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 24 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8041/kraken-daily-market-report-for-february-24-2021/

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Blockchain

India’s largest crypto exchange adopts decentralized Unstoppable Domains

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India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.

Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.

Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.

The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.

Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin campaign. Despite regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being in line with the maturation of the crypto industry in India. Vishwanath said:

“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”

Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian government to allow the spread of cryptocurrency within its borders:

“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.”

On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.

As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, meaning any web browser can now access the .crypto URL extensions.

A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to be shut down in the near future, the addresses and URLs created through the platform would remain unaffected.

Source: https://cointelegraph.com/news/india-s-largest-crypto-exchange-adopts-decentralized-unstoppable-domains

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Blockchain

DEX volumes have already surpassed $120b in 2021

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Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

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