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- Dgenz Crypto Weekly 011
Dgenz Crypto Weekly 011
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
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The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Global financial markets saw notable movements on Monday. Stock and crypto prices rose, while the U.S. dollar index dropped by 0.73%, settling at 108.17, after President-elect Donald Trump denied a report suggesting that his incoming administration might adopt a less aggressive tariff policy than previously anticipated. As a result, the euro strengthened, climbing 0.88% to $1.0399. Oil prices also hit a 12-week high, driven by increased demand for energy as a winter storm surged across the U.S. Meanwhile, Ethereum founder Vitalik Buterin made headlines by transferring nearly $1 million in $USDC to his biotech fund, Kanro. This move followed his liquidation of various meme coins, which had been sent to his "vitalik.eth" wallet. Vitalik has a history of converting these unsolicited tokens into funds for charitable causes. On the Solana front, a market dynamic that previously signaled a price top in March 2024 has reemerged, with centralized exchanges recording a significant $227.21 million inflow of $SOL, casting uncertainty over its bullish technical outlook.
Crypto Insights: Weekly Charts
USDT Dominance
$USDT.D is up 6% on the day causing an average loss of 10% today across the crypto market. However, $USDT.D is now facing the mid range point where we could possibly reject and head back down, but more likely action will continue upwards toward the weekly trendline where we would find stronger resistance at around 4.45%.
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.
OTHERS Dominance
Last week $OTHERS.D broke out of it's daily downtrend, although it has recently rejected and looks to be once again returning to retest the support at 10.5%. With both of these charts still showing some room to move, the price action across the market is likely to continue down today and into tomorrow before we see some relief.
The OTHERS.D chart highlights the market share of altcoins outside the top 10 by market cap, giving investors insight into capital flow and interest in the broader crypto market.
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Spotlight: Token of the Week
$DOT
Polkadot recently had a nice run up but price is now heading back down towards its previous support at $6.823 where it would be a nice spot to set bids and wait for price action to come to us. Incase of a larger pullback be sure to leave room to DCA into this play lower at $6.333.
This is not financial advice. Please conduct your own research and trade responsibly.
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