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- Dgenz Crypto Weekly 020
Dgenz Crypto Weekly 020
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
The total value locked (TVL) in DeFi has erased all gains made since Donald Trump’s election in November 2024, dropping from a high of $138 billion in December to $92.6 billion today. Meanwhile, movement of Bitcoin linked to Mt. Gox has sparked speculation about resumed creditor payouts. On Tuesday, the defunct exchange transferred 11,834 BTC (~$930 million) to new wallets, with $26 million landing in an “operations wallet,” possibly in preparation for distributions. In traditional finance, Spain’s second-largest bank, BBVA, is making waves by enabling Bitcoin and Ethereum transactions via its app. Initially available to a select group, the service will expand to all private customers in Spain over the coming months, marking a rare move among major European banks into retail crypto trading.
Elon Dreams, Mode Mobile Delivers
As Elon Musk said, “Apple used to really bring out products that would blow people’s minds.”
Thankfully, a new smartphone company is stepping up to deliver the mind-blowing moments we've been missing.
Turning smartphones from an expense into an income stream, Mode has helped users earn an eye-popping $325M+ and seen an astonishing 32,481% revenue growth rate over three years.
They’ve just been granted the stock ticker $MODE by the Nasdaq, and you can still make an investment in their pre-IPO offering.
Crypto Insights: Weekly Charts
Bitcoin Dominance
Once again we are back to this major resistance level on $BTC.D, and as you can see on the 4HR chart here we actually made a slight deviation move above it but it still looks as if we will be closing within this resistance band again. With so many touches of this resistance it is very weak now and a break out from this level would be no surprise. If Bitcoin were to continue to trend down and this break out move does indeed happen then the altcoin market is gonna be a blood bath.
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
Last weeks candle close was a scary sight to behold as we closed above the weekly trendline we formed back in mid 2019. If there is any hope of the bull market resuming its course then we would need to hope that this is just a deviation move. If we look at the daily chart we can see that it put in a deviation move above the 5.52% resistance and on the 4HR we can also see it is now rejecting from it. Although short term we may see prices bounce back, the long term outlook is still bearish until we break back below the trendline and flip that support at 4.6% back to resistance.
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.
TOTAL2
Over the last few days we lost our daily up trend that was formed back in Auguest and have since gone to retest a support line we hadn't touched since November last year. Now although this was a deviation of the support we are still in a clear down trend with new lower highs and lower lows being formed. If you are spot trader then waiting for a retest of this support gives a good opportunity to build positions on alts, but will likely only be a short run, and mostly larger marketcap coins. For leverage traders, or those favoring shorts, then waiting for a bearish retest of the trendline will give great opportunities to short. For the alt market to regain any sort of momentum we will first need to flip that 1.06T line back to support along with the trendline.
The TOTAL2 chart shows the market cap of all cryptocurrencies excluding Bitcoin, offering insight into the altcoin market's health. A rising TOTAL2 often signals increased interest in altcoins, while a decline may indicate a shift back to Bitcoin or reduced altcoin investment.
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Spotlight: Token of the Week
$BTC
The only thing worth holding in a market like this is Bitcoin, and even then im not a buyer until much lower. The only reason Bitcoin bounced at $76k was due to $USDT.D hitting resistance so I would still like to see a retest of $73k first, but I will be spreading out my buys all the way down to $60k.
This is not financial advice. Please conduct your own research and trade responsibly.
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