Its been an exciting week in the crypto world. TikTok Zoomers grabbed the Doge market by the leash driving price up well over 100%. The DeFI craze also continued. DeFi coin LEND on an almost year long run bull run is up over 50% in the past week. Another DeFi coin Ampleforth also rose up to 300%.
In this weekly spot we focus on the metrics that caught our eye. This data based approach helps provide solid grounding to the events of the previous week. Using the data can also help forecast future events and evaluate the fundamentals to certain cryptocurrencies and the crypto market as a whole.
In terms of price it was another stagnant week for Bitcoin. Price continuing to hover steadily around the 9000$ mark. This is highlighted perfectly by the continued decline towards all time lows in FTX’s Bitcoin Volatility Token.
Volume on a number of Bitcoin derivatives exchanges has also reached new quarterly lows.
In some other Bitcoin based metrics it was not as stagnant. Using data provided by Glassnode we can see that Bitcoins mining difficulty after slowing down over the past few weeks has once again propelled itself to new all time highs.
The number of Bitcoin wallets holding more than 0.1BTC again reached new highs.
Like Bitcoin, Ethereum has remained steady with traders waiting to see which way the chips will fall. Continuing to orbit to 250$ level.
Mirroring Bitcoin again the number of ETH wallets holding coins has again continued to increase. With the number of ETH wallets holding more than 0.1ETH reaching new highs.
Wallets holding more than 32ETH also reached new highs. Both metrics boding well for the continued adoption of Ethereum.
The larger altcoin that stood out this week was LINK with its continued growth in both price and user growth. Its price continued to climb making all time highs as LINK Marines rejoiced.
LINK Exchange inflows also rocketed. Presumingly to do with holders taking some profits on its price increase.
Fundamentally LINK also made gains. (May be in line with price increase) The the transaction volume of LINK also made a 5 month high.
Alongside this the percentage of LINK tied up in smart contracts made new highs. Demonstrating the interest in LINK smart contracts.
Speaking of smart contracts after KyberNetworks Katylast upgrade its supply in smart contracts jumped up 4% to 20%.
USDT as ever remains a vital tool for the cryptocurrency industry. This week the amount of USDT being held on exchanges reached a new 4 month low. This may be symptomatic of the lack of volatility in the major crypto markets or holders putting their Tether to use in other ways for example through DeFi.