If you look at the coins that have risen and fallen over the past week, it becomes clear that traders were under tremendous pressure as total market cap increased 12.7% from $ 2.370 billion to $ 1.920 billion on December 3rd -Dollars as Bitcoin fell to $ 41,000 and $ 2 billion of long positions were liquidated.
Top coins rise and fall | Source: Nomics
Bitcoin price is down 14.6% over the past week, indicating poorer performance versus altcoins. Part of this unusual movement can be explained by the performance of decentralized applications (dApps) that have outperformed most of the market. The data shows Ether is down 6%, Binance Coin (BNB) is down 7.3%, and Solana (SOL) is down 7.8%.
This week’s top bulls include OKEx’s OKB-Token (OKB) and Bitfinex’s UNUS (LEO). You are likely to benefit from the lack of US companies as regulatory uncertainties continue to mount in the region. Additionally, Polygon (MATIC) and Algorand (ALGO) scaling solutions benefit from Ethereum’s transaction fees of $ 40 or more.
Terra (LUNA) appeared in the list of top coins last week after integrating the token burning mechanism, which significantly reduced the supply. Meanwhile, Stacks (STX), formerly known as Blockstacks, is pumping for D’Cent wallet support for SIP010 tokens.
The worst performing projects are the three decentralized sharing solutions: Theta Network (THETA), Filecoin (FILE) and Internet Computer (ICP). Of course, it’s not just these three projects, as a number of altcoins from industries outside the top 80 have suffered the same fate, with Siacoin (SC) down 34% and Ankr Network (ANKR) down 31.8%.
Chiliz (CHZ) has come into direct competition with Binance after successfully launching an independent soccer fan token called SANTOS. Originally the platform was created by Chiliz to host their exclusive promotions, services, and token fan polls, and more recently the project has ventured into the NFT market. However, this initiative also lost its influence after soccer player Neymar launched the collection with NFTStar.
Although the 1inch Network (1INCH) aggregated decentralized exchange engine is among the worst performing coins, it has completed a $ 175 million Series B investment round and these funds will be used to expand the usefulness of the protocol .
The OKEx Tether (USDT) premium measures the difference between peer-to-peer (P2P) transactions in China and the official US dollar currency and has decreased slightly over the past week.
OKEx USDT Peer Premium vs USD | Source: OKEx
Currently, the indicator is at 98%, slightly declining, suggesting weak demand for cash for stablecoins from crypto traders. Even for the best of the last two months, it couldn’t go past 99%, so Chinese players weren’t too excited about the overall market.
The overall effect of last week’s correction was a decline in futures open interest (OI), which fell 28% to $ 16.7 billion. However, the move is expected before total market cap drops and liquidations of around $ 3.9 billion take place during the week.
More importantly, funding rates for Bitcoin and Ethereum futures rebounded quickly after falling on December 3rd, and although long and short orders in each futures contract are being executed all the time, the leverage of the Bitcoin futures rebounded. and Ethereum futures contracts quickly.
Therefore, in order to offset their risk, the exchanges charge a funding rate for the side that uses more leverage, and this fee is paid to the counterparty.
Funding rate 8 hours for BTC and ETH Perpetual Futures | Source: Coinglass.com
The data showed that there was a modest downward trend on December 3rd and 4th, when the 8-hour funding rate fell below zero. The negative funding rate showed that Short was the payer, but the move briefly disappeared as Bitcoin and Ether prices rose 15% from their lows.
The above data may not sound encouraging, but given Bitcoin’s sharp decline this week, the overall market structure has held up well. If the situation got worse, people certainly wouldn’t expect a 99% tether premium or positive funding rate for perpetual contracts.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
This website uses cookies.