BD

WEEKLY CRYPTO MARKET REPORT – 5th Sep’22

Crypto Market Dominance

 

 

What is the general sentiment for Crypto?

After staying above the “extreme fear” zone in the “fear zone” for more than a month, the sentiment towards the cryptocurrency market has again shifted to the extreme fear zone. Currently, the index stands at “25”.

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 0.97 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. In the current market, the metric is moving sideways showing that the market is sustained by the hodlers. We might see massive price movement once the metrics start making higher highs.

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

Currently, the metric is near its three-year low. This increases the pool of illiquid supply, decreases the selling pressure, and increases the probability of price rise.


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 0.93.  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 at its bottom which means potential buying area of Bitcoins.

 

Overall Market Performance

Dow Jones

Dow Jones Industrial Average dropped by 3% in the previous week as the Dollar index continued to strengthened. The hourly trend for Dow Jones has formed a channel pattern, trading close to the bottom trendline. The next support is expected at 29,600 level.

 

Gold

Gold Futures dipped by over 1.5% over the last week. The daily trend for Gold is moving withing the descending triangle pattern. The next resistance for Gold is expected at $1,840 and next support is expected at $1,680

 

Bitcoin

Bitcoin gained over 2% in the past week after closing in Red for the 2 weeks prior to that. 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 $19K.

 

ETHEREUM

Ethereum gained over 8% against Bitcoin during the last week as Bitcoin Dominance index continued to weaken. The weekly trend for ETH-BTC is moving within an ascending triangle pattern. The next resistance is expected at 0.088.

 

 

Highlights of the week

 

Dutch blockchain startup Triall announced that it has
partnered with American nonprofit medical center Mayo
Clinic & the Triall’s eClinical platform will support a 2-year
multi-center pulmonary arterial hypertension clinical trial
that includes 10 research sites & more than 500 patients
across USA.

 

 

Facebook rebrands to Meta and adopts infinity loop logo

Meta highlighted that users can now post NFTs on both
social platforms by connecting their digital wallets from
either of the apps & this integration may spark the broader
adoption of digital collectibles.

 

 

India's Largest Exchange Deploys State-of-the-Art AML & CFT RegTech - Coinfirm

“We want to build the ecosystem in India. We didn’t want to
just build a company, to make revenues. The larger goal is
how can we take India to a global stage and while that is
happening, we be the catalyst in terms of making that
happen,” said Sumit Gupta, CoinDCX co-founder and Chief
Executive Officer.

 

 

Our Pick of the Week

Enjin (ENJ)
We expect a gain of 10% from the Buy Price of 0.5229 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 – 29th AUG’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 “28”.

 

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 are being sold near their purchase price. For trend reverval 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. In the current market, the metric is moving sideways showing that the market is sustained by the hodlers. We might see massive price movement once the metrics start making higher highs.

 

Open Interest (OI) is defined as the number of open positions which includes both long and short positions. An increase in OI means more contracts are being opened which indicates more liquidity, volatility, and attention coming into the derivative market whereas decrease in OI indicates less number of future contract or positions which might trigger short/long squeeze.

Compared to last week, OI has not changed significantly but the price of BTC has fallen by more than 10%. The decerase in price is not supported by the open interest.


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.  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. After staying above 1 for almost a month, the metric has fallen below 1 due to recent drop in price.

 

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.

After SSR made its bottom in June, the metric had been making an upward movement for the past 2 years. The recent price drop has led to the drop in the metric from 5.5 to 4.6.

 

Overall Market Performance

Dow Jones

Dow Jones Industrial Average dropped over 4% in the last week as the Dollar index strengthened. The weekly trend for Dow Jones is traversing within a descending channel pattern and is retesting the upper trendline. The next support is expected at 29,600 level.

 

Gold

Gold Futures dipped by nearly 1% level last week. The daily trend for Gold is moving withing the descending triangle pattern. The next resistance for Gold is expected at $1,840 and next support is expected at $1,680

 

Bitcoin

Bitcoin dropped over 9% in the past week as the Dollar index strengthened. The daily trend for BTC has broken below the ascending channel pattern. The next resistance is expected at $32.3K and key support is expected at $19K.

 

ETHEREUM

Ethereum against BTC weakened during the week, falling by 3%. The weekly trend for ETH-BTC is moving within an ascending triangle pattern. The next resistance is expected at 0.088.

 

Highlights of the week

Polygon co-founder Sandeep Nailwal has raised $50 million
for a new startup fund dedicated to Web3 companies & it
has already invested in blockchain-focused gaming startups:
BlinkMoon, Planet Mojo and Community Gaming.

 

 

The $74 million plan by two former Uniswap Lab executives
for a new Uniswap Foundation has just become reality after
their proposal received over 99% of the votes from UNI
token holders. The foundation aims to streamline Uniswap’s
Grant Program (UPG) and reduce friction in the protocol’s
governance system.

Beijing Municipality announced an action plan that demands
various districts build technological infrastructure at a city
level and promote its use in various fields, including
education and tourism.

 

 

 

 

Our Pick of the Week

Polygon (MATIC)

We expect a gain of 10% from the Buy Price of 0.8159 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 – 21ST AUG’22

Crypto Market Dominance

 

Crypto Sentiment

The sentiment towards the cryptocurrency market plummeted into the “extreme fear”
zone falling from 46 last week to “27” this week.

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.
The Adjusted SOPR filters out transactions that are younger than 1 hour, thus,
clearing out noise from the metric.

The aSOPR for this week is at 0.98 which indicates that the coins are being sold close to
their purchase price. For a trend reversal to take place, 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 starts 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. In the current market, the metric is moving sideways showing that the
market is sustained by the HODLers. We might see massive price movement once the
metrics start making higher highs.


Open Interest (OI) is defined as the number of open positions which includes both long
and short positions. An increase in OI means more contracts are being opened which
indicates more liquidity, volatility, and attention coming into the derivative market
whereas decrease in OI indicates less number of future contract or positions which
might trigger short/long squeeze.

 

Bitcoin prices have fallen by more than 15% in the last week, leading to a decrease in
open interest by 1.3 billion.

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 each Bitcoin when they last moved.

Currently, the metric stands at 1.12. 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. Since, the
metric is above 1 and has started making higher lows, we can say that the market has
started moving out of the bear phase.

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

 

After SSR made its bottom in June, the metric had been making an upward movement
for the past 2 years. The recent price drop has led to the drop in the metric from 5.5 to
4.7

 

Overall Market Performance

DOW JONES

Dow Jones Industrial Average was fairly flat throughout the last week closing in red for
after six weeks. The daily trend for Dow Jones broke above the megaphone pattern
and is retesting the upper trendline. The next resistance is expected at 34,700 level.

GOLD FUTURES

Gold Futures dipped by nearly 1% level last week. The daily trend for Gold is moving
withing the descending triangle pattern, bouncing of the upper trendline. The next
resistance for Gold is expected at $1,840 and next support is expected at $1,680

 

BITCOIN

Bitcoin dropped by over 11% in the past week as the Dollar index strengthened. The
daily trend for BTC is moving within an ascending channel pattern making higher highs.
The next resistance is expected at $32.3K and key support is expected at $19K.

 

ETHEREUM

Ethereum against BTC weakened during the week, falling by 5.5%. The weekly trend for
ETH-BTC is moving within an ascending triangle pattern. The next resistance is expected
at 0.088.

 

Highlights of the week

Binance obtains in-principle approval to operate in
Kazakhstan. The Astana Financial Services Authority, or AFSA,
an independent financial regulator in Kazakhstan, has taken
a step towards licensing major cryptocurrency exchange
Binance to operate in the country.

 

Ripple has announced that foreign exchange company
Travelex will utilize RippleNet’s ODL(On-demand Liquidity) to
facilitate cross-border payments between enterprises by
utilizing Ripple’s XRP token.

 

Shima Capital fund has raised $200 million & is set to deploy
between $500,000 and $2 million in pre-seed funding for
crypto- and blockchain-focused companies at the intersection
of consumer products, decentralized infrastructure and
futuristic blockchain technology.

 

 

Our Pick of the Week

Manchester City Fan Token (CITY)


We expect a gain of 10% from the Buy Price of 6.888 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

Crypto Market Dominance

 

 

Crypto Sentiment

The sentiment towards the cryptocurrency market has entered back into the “neutral
zone” after nearly four and half months and currently is at “46”.

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.
The Adjusted SOPR filters out transactions that are younger than 1 hour, thus,
clearing out noise from the metric.

The aSOPR for this week stands at 1.0 which means that the coins are being sold at
their purchase price. For a 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 starts 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. In the current market, the metric is moving sideways showing that the
market is sustained by the HODLers. We might see massive price movement once the
metrics start making higher highs.

Open Interest (OI) is defined as the number of open positions which includes both long
and short positions. An increase in OI means more contracts are being opened which
indicates more liquidity, volatility, and attention coming into the derivative market
whereas decrease in OI indicates less number of future contract or positions which
might trigger short/long squeeze.

 

OI has started showing increasing trend since July and has increased by 70% since the
last month. The increasing trend supports current price movement of Bitcoin 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 each Bitcoin when they last moved.

Currently, the metric stands at 1.12. 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. Since, the
metric is above 1 and has started making higher lows, we can say that the market has
started moving out of the bear phase.

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 and has started making an upward movement which
means market has started moving away from its bottom.

 

 

Overall Market Performance

DOW JONES

Dow Jones Industrial Average gained nearly 3% during the past week closing in green
for the 6th straight week. The daily trend for Dow Jones is on the verge of breakout
from the megaphone pattern. The next resistance is expected at 34,700 level.

 

 

GOLD FUTURES

Gold Futures dipped below the $1,800 level last week, falling by just over 1%. The
monthly trend for Gold has formed a Cup & handle pattern. The next resistance is
expected at $1,840

 

 

BITCOIN

Bitcoin gained nearly 5% fin the past week. The 4-hourly trend for BTC is moving within
an ascending channel pattern making higher lows. The next resistance is expected at
$32.3K and key support is expected at $19K.

 

 

ETHEREUM

Ethereum against BTC closed positive for the 6th successive week, gaining 9%. The
weekly trend for ETH-BTC is moving within an ascending triangle pattern. The next
resistance is expected at 0.088.

 

 

Highlights of the week

Netherlands-based crypto investment firm Maven 11 has
launched its third lending pool on Maple Finance, giving
borrowers access to liquidity amid the bear market

 

 

 

Launch Cart, a rival to Shopify, integrates Lightning and
Bitcoin payments. The platform anticipates that by utilizing
spontaneous payments made through Bitcoin’s Lightning
Network will eliminate issues with fraud.

Nas Daily, the creator tech platform & Invisible college, will
enable $2,000 worth of courses that would cover topics such
as NFT investing, Community Building, Video Editing, and
Crypto fundamentals. Their goal is to become “The largest
web3 learning library on the internet.”

 

 

Our Pick of the Week

Gala (GALA)

We expect a gain of 15% from the Buy Price of 0.06930 USDT and
outperform BTC in the coming week

 

 

 

Target Achieved

Loopring (LRC)
LRC jumped by 12% in just a day and achieved our predicted target of
10%, outperforming Bitcoin which gained only 5% in the same period.

 

 

 

 

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

Crypto Market Dominance

 

 

 

Crypto Sentiment

The sentiment towards the cryptocurrency market continues to remain in the fear
zone and compared to last week’s, the Index has dropped from 39 to “31”.

 

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.
The Adjusted SOPR filters out transactions that are younger than 1 hour, thus,
clearing out noise from the metric.

 

 

The aSOPR for this week is at 0.99 which means that the coins are being sold close to
their purchase price. For a trend reversal, the metric should stay and oscillate above 1.
The metric has currently failed to oscillate above 1 and hence, doesn’t confirm to a
trend reversal.

 

 

Who is buying: Whales or Retail Investors?

The number of addresses with non-zero balance is at an all time high of 42.7 million.
Similar trend can be seen in the number of addresses holding at least 1 and 10 BTC.
The point to ponder here is, who are selling BTC to these investors?

The number of addresses holding at least 1000 Bitcoins have decreased by 149
addresses since the year peak in Mar 2022. This indicates that these investors have
been distributing their coins.

Even though we have seen addresses holding at least 1000 coins have decreased,
An increase in the number of addresses holding at least 10,000 BTC is a positive sign and
gives strength to the price movement.

 

Are we out of the Bear Market?

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 each Bitcoin when they last moved.

Currently, the metric stands at 1.06. 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. Since, the
metric is above 1 and has started making higher lows, we can say that the market has
started moving out of the bear phase.

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 and has started making an upward movement which
means market has started moving away from its bottom.

 

 

Overall Market Performance

DOW JONES

Dow Jones Industrial Average remained fairly flat in the last week closing in green for
the 5th consecutive week. The monthly trend for Dow Jones is traversing within an
ascending triangle pattern. An immediate resistance is expected at 33,300 level.

 

 

GOLD FUTURES

Gold edged above the $1,800 level last week, closing in green for the 3rd consecutive
week. The daily trend for Gold broken out of the descending channel pattern. The next
resistance is expected at $1,840

 

 

BITCOIN

Bitcoin remained fairly steady throughout last week. The daily trend for BTC is moving
within a descending channel pattern but has been on an uptrend in the recent days..
The next resistance is expected at $32.3K and key support is expected at $19K.

 

 

ETHEREUM

Ethereum against BTC closed positive for the 5th successive week. The 4-hourly trend
for ETH-BTC is moving within a classic triangle pattern, making higher lows. The next
resistance is expected at 0.076 and an immediate support is expected at 0.046

 

 

Highlights of the week

Tiffany & Co has announced the launch of an NFT collection,
exclusive to Cryptopunk holders. The collection has a supply
of only 250 and are priced at 30 ETH each ($50K USD).

 

 

 

RAKBANK announced an agreement with Kraken that will
allow UAE residents to trade digital assets using a local
Emirati bank account and dirhams.

 

 

 

Starbucks is looking for digital collectibles to better engage
customers and is planning to launch its Web3-based rewards
the program next month.

 

 

 

Our Pick of the Week

Loopring (LRC)
We expect a gain of 10% from the Buy Price of 0.4458 USDT and
outperform BTC in the coming week

 

 

 

Target Achieved

Chiliz (CHZ)
CHZ umped by 25% in just a day and achieved our predicted target of
10%, outperforming Bitcoin which gained only 5% in the same period

 

 

 

 

 

 

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

Start your Crypto Investments with XMINT Bots today