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- Dgenz Crypto Weekly 008
Dgenz Crypto Weekly 008
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Bitcoin hit a new all-time high of $108,394 this week, surpassing its previous record of $104K, while Ethereum climbed to $4,109, although still 18% below its 2021 peak of $4,867. Spot Bitcoin ETFs have now accumulated over $36 billion in assets, pushing the total value of all Bitcoin ETFs to $130 billion, now overtaking gold ETFs which sit at $128 billion. Meanwhile, crypto trading continues to outpace traditional finance, with Coinbase leading the way and generating $5.75 billion in the past year. Coinbase currently ranks fifth globally for exchange revenue, outperforming traditional stock exchanges like Nasdaq, and accounting for 11% of global exchange revenue, more than double that of the decentralized exchange sector.
Crypto Insights: Weekly Charts
Bitcoin Dominance
$BTC.D is retesting another key resistance area here and we can see the RSI is getting topped and starting to form a bearish divergence. If we see a rejection from this area then altcoins will start to rally once again.
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
$USDT.D has once again found support here at 3.8% but on both the 4hr and daily charts we can see a LH/LL pattern forming. What we want to see is a break below this major support level, followed by an unsuccessful retest so that we can then see alt coins begin to moon.
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
$LINK
Chainlink has been one of the strongest performing coins so far this cycle and it looks like it's ready for another bounce up to local highs again. The last time we called $LINK in our exclusive discord server members made over 28% gains.
This is not financial advice. Please conduct your own research and trade responsibly.
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