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WEEKLY CRYPTO MARKET REPORT – 10th October’22

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market is in the extreme fear zone and compared to last week’s, the Fear & Greed Index has increased from “20” to “24”. 

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 0.99 which means the coins on average are being sold at loss. Generally, we see that the metric value of 1 acts as resistance during bear market. For strong confirmation of trend reversal the metric  should stay and oscillate above 1. 

 Has Bitcoin Reached Its Bottom?

Realized price is defined as the average cost of acquisition based on every coin moved on-chain. In all the previous bear markets we see that the price trades below the realized price which indicates on average the coins held during this period have higher cost of acquisition than the current market price.   Realized prices acts as psychological supports areas during bear market.

Currently, the realized price is 21,218 USD and is down by 8.5% since it crossed below the current price in mid June 2022 which indicates coins being exchanged at these levels. Though we have seen the metric rising above the market price for a small period in August, the realized price has spent almost 3 months below the market price.  

MVRV ratio is equal to the market capital divided by realized capital of Bitcoin. Realized capital unlike market capital does not use the current market price, but rather uses the prices of each Bitcoin when they last moved. 

So, for example if the price of most of the Bitcoin when they last moved was $10,000 and the current price is $60,000. Then the MVRV ratio would stand at 6. This means that the market is extremely heated and profit booking is likely. On the other hand, if the of most of the Bitcoin when they last moved was near the market price, then the CMP can be considered as the bottom.

Currently, the metric stands at 0.92 which means that market is holding 8% loss. In the current bear cycle, we have seen that the metric made a low of 0.83 in June and since then have been very volatile. We might see trend reversal when the metric starts oscillating above 1.

During 2020 bear market we see drastic recovery in supply in profit with a small upward movement in price. This indicates coins were being accumulated during this period and thus, decrease in cost basis or accumulation cost of all these coins.

In the current market cycle, we see 52% of the total supply had been in loss and the metric is showing sideways movement. This is the region of accumulation of coins where investors who have higher cost basis sell their coins leading to the decrease in realised price of overall market leading to the fall in the metric with a small increase in price. 

 

Overall Market Performance

Dow Jones

Dow Jones Industrial Average gained 1.92% in the previous week. RSI divergence is seen along with inverted hammer candlestick on a weekly timeframe. US stock markets are expected to revive in coming weeks

Gold

Gold Futures climbed up by 2.23% in the last week. The weekly trend for Gold has formed a descending channel pattern. The next support is expected at $1,620

Bitcoin

Bitcoin has formed a double bottom pattern on a weekly time frame. It is holding strong compared to stocks and Gold. The rising volume indicates the sign of accumulation, pull back is expected in coming weeks. The immediate support appear around $17.6K levels

ETHEREUM

Ethereum closed 1.58% higher against Bitcoin in the last week. It is retesting the support over descending channel pattern around 0.066 levels

 

Highlights of the week

 

Fidelity’s new Ethereum Index Fund will offer clients access to ether (ETH). The fund has raised about $5 million since sales started on Sept. 26

 

.

 

Japanese government recently established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI). METI is also looking into a proposal to offer tax incentives to Japanese crypto companies.

 

 

 

DEXs offer distributed revenue, like dividends, to token holders and the ability to self-custody funds, the report said. Once the trading rewards are included, these exchanges have comparatively lower fees than platforms such as Coinbase Pro, Citi added.

 

 

Our Pick of the Week:

Gala (GALA) We expect a gain of 10% from the Buy Price of 0.04218 USDT and outperform BTC in the coming week.

 

 

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

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WEEKLY CRYPTO MARKET REPORT – 3rd October’22

WEEKLY MARKET REPORT – 3rd October’22

 

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market is in the extreme fear zone and compared to last
week’s, the Fear & Greed Index has decreased from “24” to “20”.

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit
Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have sold at a profit or if they sold at
a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1
indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at
their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing
out noise from the metric.

 

aSOPR for this week stands at 0.98 which means the coins on average are being sold at loss. Generally,
we see that the metric value of 1 acts as resistance during bear market. For strong confirmation of trend
reversal the metric should stay and oscillate above 1.

Are Long-Term Holders Selling Their Coins?

 

Spent Output Age Bands USD metric aggregates the coins spent on-chain into different categories depending on their age in USD value. The metric is generally used to analyze the behaviour of Long-Term and Short Term Holders.Currently, we see the spending of investors who have held their coins for more than 6 months is at its lowest levels. This means these investors are not ready to sell their coins at the current price. If the metric shows spikes in spending of these investors, it might lead to further capitulation. But if it doesn’t this means that these investors behaviour is not influenced by the current market price.

 

Realized price is defined as the average cost basis at which the coins were purchased. UTXO Realized Price Age Distribution is a set of realized prices along with age bands. We see that the realized prices of investors holding BTC for more than 6 months are increasing. Strong uptrend in realized prices can be seen for investors holding BTC for 1.5-2 years. Since, the realized prices of these investors are increasing, we see huge fall in the realized prices of short-term investors (investors holding BTC for less than 6 months) which indicates these long-term holders are accumulating coins from short-term holders leading to the increase in realized prices of long-term holders.

Coin Days Destroyed (CDD) is calculated as the sum value of the number of days between created and spent multiplied by the UTxO amount.
When the metric value increases this indicates that long-term coins are moving in great amounts which might lead to huge volatility in prices or signal trend reveral. On the contrary, when the metric value decreases this indicates long-term holders are moving their coins in less amount.
Currently, the metric is at two year low which indicates that the amount of coin age that is being spent in the system is almost non-existent.

Exchange reserve is one of the important metrics to determine the potential number of coins with a high probability of getting spent in the market.
Exchange reserve increases: Liquid supply increases, selling pressure increases
Exchange reserve decreases: Illiquid supply increases, selling pressure decreases
Compared to last week, the metric has decreased significantly which indicates that selling pressure has decreased which might lead to increase in price.

 

Overall Market Performance
Dow Jones
Dow Jones Industrial Average dropped by 3% in the previous week. The weekly trend for Dow Jones has formed a descending channel pattern with a bounce-back expected from the lower trendline. The next support is expected at 27,800 level.

Gold
Gold Futures climbed up by 1% in the last week after closing in RED for 2 weeks. The weekly trend for Gold has formed a descending channel pattern. The next support is expected at $1,532

Bitcoin
Bitcoin remained fairly neutral during the previous week, closing in the green. The weekly trend for BTC continues to traverse within a descending triangle pattern. The next resistance is expected at $32.3K and key support is expected at $17.9K

ETHEREUM
Ethereum closed 3% lower against Bitcoin in the last week. The 4-hourly trend for ETH-BTC is moving within the descending triangle pattern. The next resistance is expected at 0.088 and next support is expected at 0.063.

 

Highlights of the week

Non-fungible tokens (NFT) have finally arrived on Instagram. Users can connect wallets from Coinbase, Dapper Labs, MetaMask, Rainbow and Trust to Instagram.

 

 

 

 

Polygon has a large user base of about 170 million addresses, of which some 300,000 are classed as active & it’s growing at a pace of 80,000 new users a day. The reason for the adoption of Polygon is because it has lower gas fees and availability of trading platforms such as Opensea and Uniswap.

 

 

Walmart has created two experiences, one called Walmart Land and the other Walmart’s Universe of Play. Walmart Land will include a virtual merchandise store, while Universe of Play contains various toy worlds and games.

 

 

 

Our Pick of the Week

Chromia (CHR)

We expect a gain of 10% from the Buy Price of 0.1506 USDT and outperform BTC in the coming week.

 

 

 

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

BD

WEEKLY CRYPTO MARKET REPORT – 26th Sep’22

 

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market is in the extreme fear zone and compared to last week’s, the Fear & Greed Index has moved from “fear” to “extreme fear” zone. The metric currently not  stands at “24”.

 

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 0.98 which means the coins on average are being sold at loss. Generally, we see that the metric value of 1 acts as resistance during bear market. For strong confirmation of trend reversal the metric  should stay and oscillate above 1.

 

Where Are We In The Bear Market?

Whenever a coin is moved on-chain, unspent output or a UTXO is created which holds the volume of BTC. From the time UTXOs are created up until the time they are spent , UTXOs accumulate lifespan known as age. Spent Output Age Bands helps in analysing  the lifespan accumulated by each of the spent outputs on any particular day.

From the graph, we see that more than 5,000 UTXOs with the lifespan of more than 7 years were spent on-chain and historically, whenever the UTXOs with age more than 7 years were spent we have seen drop in prices.

 

The total supply in profit is calculated by summing all the Bitcoins whose price at the time they last moved is lower than the current market price.

Generally, during bear consolidation phase we see that the investors who had bought coins at high level panic and redistribute their coins. Thus, during this period we see high volatility in the metric. After the redistribution of the coins, the cost basis of investors decreases and with a small percentage increase in price, the metric moves significantly. Currently,only 51% of the total supply is in profit and the metric is showing high volatility as the market is in the consolidation phase. 

The number of active addresses is directly proportional to the number of active users. It is important to note that the number of active addresses doesn’t give the exact number of active users as a user might have more than one address.

During a bull market, the number of active addresses increases tremendously and a sharp fall is experienced as prices begin to fall showing weaker hands leaving the market. Historically, we have seen the metric startes oscillating within a range after the fall in the bear market and increases sharply as the market prepares to move out of the bear phase. Currently, the metric is moving within a range (sideways movement).

Exchange reserve is one of the important metrics to determine the potential number of coins with a high probability of getting spent in the market.

Exchange reserve increases: Liquid supply increases, selling pressure increases

Exchange reserve decreases: Illiquid supply increases, selling pressure decreases

Exchange Reserve is showing an increasing trend whereas price is decreasing . This might increase selling pressure and hence, price volatility can be seen in the next few days.


MVRV ratio is equal to the market capital divided by realized capital of Bitcoin. Realized capital unlike market capital does not use the current market price, but rather uses the prices of each Bitcoin when they last moved.

So, for example if the price of most of the Bitcoin when they last moved was $10,000 and the current price is $60,000. Then the MVRV ratio would stand at 6. This means that the market is extremely heated and profit booking is likely. On the other hand, if the of most of the Bitcoin when they last moved was near the market price, then the CMP can be considered as the bottom.

Currently, the metric stands at 0.9. In the previous bear markets, we have seen that the metric falls below 1 and oscillates below 1 for few days or months which mark the bottom of the bear market. As the metric moves above 1, the trend reverses.

 

Overall Market Performance

Dow Jones

Dow Jones Industrial Average dropped by 4% yet again as the Dollar Index strengthened. The daily trend for Dow Jones has formed a descending channel pattern. The next support is expected at 27,800 level.

 

Gold

Gold Futures closed in negative, dropping by nearly 2% in the previous week. The daily trend for Gold has also broken below the descending triangle pattern. The next support is expected at $1,532

 

Bitcoin

Bitcoin plummeted by over 3% in the past week, dropping below the $19K levels. The daily trend for BTC continues to traverse within a descending channel pattern. The next resistance is expected at $32.3K and key support is expected at $17.9K

 

ETHEREUM

Ethereum remained fairly neutral against Bitcoin, last week. The weekly trend for ETH-BTC is moving within the descending channel pattern. The next resistance is expected at 0.088 and next support is expected at 0.063.

 

 

Highlights of the week

TravelX is a marketplace for tokenized travel products. The
platform currently offers 2.5 million tickets. After acquiring
an NFTicket, a customer can auction, sell, transfer, gift or
exchange them through a peer-to-peer system.

 

 

Coinbase, the largest U.S. cryptocurrency exchange, won a
regulatory approval from the Dutch central bank that will
eventually give it the ability to offer services in the entire
European Union.

 

MicroStrategy bought 301 BTC during the dip for
approximately $6.0 million in cash, at an average price of
$19,851 per bitcoin.

 

 

 

 

Our Pick of the Week

 

Santos FC Fan Token (SANTOS)
We expect a gain of 10% from the Buy Price of 1 USDT and
outperform BTC in the coming week.

 

 

 

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

 

BD

WEEKLY CRYPTO MARKET REPORT – 18th Sep’22

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market is in the fear zone and compared to last week’s, the Fear & Greed Index has not changed significantly and currently stands at “27”.

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

aSOPR for this week stands at 0.98 which means the coins on average are being sold at loss. Generally, we see that the metric value of 1 acts as resistance during bear market. For strong confirmation of trend reversal the metric  should stay and oscillate above 1.

 

 Where Are We In The Bear Market?

The number of active addresses is directly proportional to the number of active users. It is important to note that the number of active addresses doesn’t give the exact number of active users as a user might have more than one address.

During a bull market, the number of active addresses increases tremendously and a sharp fall is experienced as prices begin to fall showing weaker hands leaving the market. Historically, we have seen the metric startes oscillating within a range after the fall in the bear market and increases sharply as the market prepares to move out of the bear phase. Currently, the metric is moving within a range (sideways movement).

Exchange reserve is one of the important metrics to determine the potential number of coins with a high probability of getting spent in the market.

Exchange reserve increases: Liquid supply increases, selling pressure increases

Exchange reserve decreases: Illiquid supply increases, selling pressure decreases

With more than 10% gain in the price of Bitcoin last week, we saw Exchange Reserve also increasing. The metric clearly showed the possibility of profit booking and hence, price drop (as mentioned in last week’s report). This week, after the price drop we see the fall in metric too which indicates decrease in selling pressure.


MVRV ratio is equal to the market capital divided by realized capital of Bitcoin. Realized capital unlike market capital does not use the current market price, but rather uses the prices of each Bitcoin when they last moved.

So, for example if the price of most of the Bitcoin when they last moved was $10,000 and the current price is $60,000. Then the MVRV ratio would stand at 6. This means that the market is extremely heated and profit booking is likely. On the other hand, if the of most of the Bitcoin when they last moved was near the market price, then the CMP can be considered as the bottom.

Currently, the metric stands at 0.94. In the previous bear markets, we have seen that the metric falls below 1 and oscillates below 1 for few days or months which mark the bottom of the bear market. As the metric moves above 1, the trend reverses.

Stablecoin Supply Ratio (SSR) is the ratio of market cap of BTC divided by the market cap of all stablecoins.

  • Low SSR value indicates high Stablecoin Supply compared to that of BTC market cap indicating potential buying pressure and possible price rise.
  • High SSR value indicates low Stablecoin supply compared to the market cap of BTC indicating potential selling pressure and possible price fall.

Currently, SSR is near its bottom which means potential buying area of Bitcoins.

 

Overall Market Performance

Dow Jones

Dow Jones Industrial Average dropped by over 4% in the last week. The 4-hourly trend for Dow Jones has below the channel pattern. The next immediate support is expected at 29,600 level.

 

Gold

Gold Futures closed in negative in the previous week. The weekly trend for Gold has also broken below the ascending channel pattern. The next support is expected at $1,532

 

Bitcoin

Bitcoin plummeted by over 11% over the past week, dropping below the $20,000 levels. The daily trend for BTC is traversing within a descending channel pattern. The next resistance is expected at $32.3K and key support is expected at $17.9K

 

ETHEREUM

Ethereum tanked last week dropping by over 15% against. The weekly trend for ETH-BTC is moving within the descending channel pattern. The next resistance is expected at 0.088 and next support is expected at 0.063.

 

 

Highlights of the week

The Ethereum Merger happened on 15th Sept, it is an event
that aims to switch Ethereum’s network from Proof-of-Work
(PoW) to the Proof-of-Stake (PoS) algorithm. It is expected to
provide multiple benefits to developers and end users. It can
notably make it easier for developers to build dapps that are
compatible with one another.

‘Starbucks Rewards’ members will be able to earn and
purchase collectable digital stamps, then buy and sell them
in a marketplace with other members of the loyalty program.
The stamps will be non-fungible tokens (NFTs).

 

 

The Merit Circle DAO has partnered with Gameplay Galaxy,
the world’s first web3-powered, decentralized competitive
gaming ecosystem. The Merit Circle has voted on the
investment in Gameplay Galaxy as the highest investment
made by any DAO, that is $5,000,000.

 

Our Pick of the Week

Santos FC Fan Token (SANTOS)
We expect a gain of 10% from the Buy Price of 12 USDT and
outperform BTC in the coming week.

 

 

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today

BD

WEEKLY CRYPTO MARKET REPORT – 12th Sep’22

Crypto Market Dominance

 

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market is in the fear zone and compared to last week’s, the Fear & Greed Index has not changed significantly and currently stands at “26”.

Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.

The aSOPR for this week currently stands at 0.98 which means the coins on average are being sold at loss. Generally, we see that the metric value of 1 acts as resistance during bear market. For strong confirmation of trend reversal the metric  should stay and oscillate above 1.

 

Are We Out Of The Bear Market?

The number of active addresses is directly proportional to the number of active users. It is important to note that the number of active addresses doesn’t give the exact number of active users as a user might have more than one address.

During a bull market, the number of active addresses increases tremendously and a sharp fall is experienced as prices begin to fall showing weaker hands leaving the market. Historically, we have seen the metric startes oscillating within a range after the fall in the bear market and increases sharply as the market prepares to move out of the bear phase. The current gain in price of Bitcoin hasn’t moved the metric exponentially. It is still moving sideways and thus, the metric doesn’t confirm trend reversal.

Exchange reserve is one of the important metrics to determine the potential number of coins with a high probability of getting spent in the market.

Exchange reserve increases: Liquid supply increases, selling pressure increases

Exchange reserve decreases: Illiquid supply increases, selling pressure decreases

C ompared to last week, the metric has slightly increased and the recent price gain of Bitcoin might increase the probability of investors booking profit.


MVRV ratio is equal to the market capital divided by realized capital of Bitcoin. Realized capital unlike market capital does not use the current market price, but rather uses the prices of each Bitcoin when they last moved.

So, for example if the price of most of the Bitcoin when they last moved was $10,000 and the current price is $60,000. Then the MVRV ratio would stand at 6. This means that the market is extremely heated and profit booking is likely. On the other hand, if the of most of the Bitcoin when they last moved was near the market price, then the CMP can be considered as the bottom.

Currently, the metric stands at 1 which acts as resistance in the bear market. If the metric stays above 1 and oscillates above it, we might see trend reversal.

Stablecoin Supply Ratio (SSR) is the ratio of market cap of BTC divided by the market cap of all stablecoins.

  • Low SSR value indicates high Stablecoin Supply compared to that of BTC market cap indicating potential buying pressure and possible price rise.
  • High SSR value indicates low Stablecoin supply compared to the market cap of BTC indicating potential selling pressure and possible price fall.

Currently, SSR is at its bottom which means potential buying area of Bitcoins.

 

Overall Market Performance

Dow Jones

Dow Jones Industrial Average recovered by nearly 3% in the last week. The 4-hourly trend for Dow Jones is traversing within a channel pattern, bouncing of the bottom trendline. The next support is expected at 29,600 level and next resistance is expected at 34,300.

 

Gold

Gold Futures improved marginally over the previous week. The weely trend for Gold is moving withing an ascending channel pattern. The next resistance for Gold is expected at $1,840 and next support is expected at $1,680

 

 

Bitcoin

Bitcoin gained over 9% over the past week, closing positive for the 2nd week in succession. The weekly trend for BTC is traversing within a descending triangle pattern. The next resistance is expected at $32.3K and key support is expected at $17.9K

 

ETHEREUM

Ethereum gained over 3% against Bitcoin during the last week as Bitcoin Dominance index continued to weaken. The daily trend for ETH-BTC has broken below the ascending channel pattern. The next resistance is expected at 0.088 and next support is expected at 0.076.

 

 

Highlights of the week

 

MetaWeb is focused on supporting developers and
researchers building the future of Web3. MetaWeb invested
in Orderly, Niche, CornerstoneDAO, Sender Wallet, Kino, and
Play3.

 

 

 

 

 

Swiss digital asset banking platform SEBA Bank said that it
has launched an Ethereum staking service for institutions
that want to earn yields from staking on the Ethereum
network. According to the firm, the move is a response to
the growing institutional demand for decentralized finance
(DeFi) services.

 

The Russian central bank has been rethinking the approach
to regulating crypto and agreed with the finance ministry to
legalize crypto for cross-border payments as Russians rely on
foreign platforms to open a crypto wallet, the local news
agency TASS.

 

 

Our Pick of the Week

 

Ethereum (ETH)
We expect a gain of 10% from the Buy Price of 1,762.27 USDT and
outperform BTC in the coming week

 

 

 

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Bots today