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- Dgenz Crypto Weekly 006
Dgenz Crypto Weekly 006
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Yesterday, the U.S. government moved 19,800 $BTC, valued at nearly $2 billion, to Coinbase, potentially indicating plans to sell. These Bitcoin holdings were seized in connection with criminal proceedings against Silk Road. Historically, large government Bitcoin sales have caused market volatility, as seen with the German government earlier this year. Despite a brief 3.8% flash dip following the news, Bitcoin’s price has since stabilized. Meanwhile, $XRP has surged 110% over the past week, reaching a $160 billion market cap and securing its position as the third-largest cryptocurrency. $DOGE has also experienced a remarkable 175% rise in the past month, achieving a $57.8 billion market cap and overtaking Porsche’s valuation of $56.1 billion.
Crypto Insights: Weekly Charts
Bitcoin Monthly Returns
Bitcoin makes history with its largest-ever monthly candle, posting a price gain of $26,400. The November close came in at approximately $96,400, marking a new all-time high for $BTC and finishing the month with a 37% increase. This performance makes November the second best month of 2024 for Bitcoin so far.
Bitcoin Dominance
$BTC.D looks to have finally topped out near 61.5% giving way to the long awaited alt season, the peak of this run will most likely be found at that final support level sitting at 40%. However, it's not likely to be a free fall from here as we should expect to see a bounce around that 54% area which would cause a large pullback on altcoins. In the past few days we have seen prices breaking multiple resistances with no retests at most of these levels. Prices going constantly up with no big pullbacks is always a sign of a bigger pullback ahead and this could eventually result in alts giving huge wicks and retesting all of those supports along the way.
The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.
USDT Dominance
Two possibilities here, $USDT.D gets hammered real bad here at the 1Day 12 EMA and 4Hour Quarterly VWAP and $BTC goes above $95K again, or $USDT.D goes up to that resistance and gets rejected anyway with $BTC heading down to $91K.
The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.
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Spotlight: Token of the Week
$NEIRO
We called this memecoin a week ago In our Dgenz NFT discord as it was sitting inside this support zone and just a few days later secured an easy 16% gain. As you can see we have now retraced back down into this support zone offering up a second chance to milk this coin for some profit. FYI you may find the ticker to be $NEIROETH on some exchanges, not to be confused with $NEIROCTO.
This is not financial advice. Please conduct your own research and trade responsibly.
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