Weekly Market Index

Happy Halloween 🎃. Last week’s market prices, volume, and volatility were all up significantly at +12.3%, +97.1%, and +155.5% respectively.

 

 

Weekly Performance

Bitcoin (BTC) reclaimed the $20K price level last week and was up +5.0%, while Ethereum (ETH) surged +16.1% and reached $1,600. Amongst other selected top-cap tokens, Dogecoin (DOGE) rocketed up +106.1%.

 

 

New Project Spotlight

• Aptos, a new Layer-1 blockchain, launched its mainnet. Aptos was created by ex-Meta developers and includes among its investors Andreessen Horowitz.
• In testing, Aptos claimed a transaction speed of 130K transactions per second (TPS), but upon launch was reported to have only 7 TPS, which is even less than that of the Bitcoin blockchain.
• The native token of Aptos is APT, which is available for trading on the Crypto.com App and Crypto.com Exchange. The initial total supply at mainnet launch was 1 billion tokens, with 30% distributed to the Aptos Foundation and private investors. Tokens held by private investors are subject to a 12-month lockup.

News Highlights

• Crypto.com and the City of Busan in South Korea announced the signing of a Memorandum of Understanding (MoU) to collectively advance the blockchain industry. Crypto.com will also establish a workforce presence within Busan. 
• In other Crypto.com related news, the company is collaborating with A Story to develop a social NFT series called the “Extraordinary Whales Club”. It is based on the Korean drama Extraordinary Attorney Woo.
• Elon Musk, billionaire and CEO of Tesla and SpaceX, formally acquired Twitter for US$44B.
• The U.S. Fed’s preferred inflation gauge rises less than expected in September. The PCE (Personal Consumption Expenditures) Price Index, increased 0.3% in September, slowing from August’s 0.4%.
• Visa filed trademark applications related to digital wallets, non-fungible tokens, and the metaverse. This includes trademarks related to “use as a cryptocurrency wallet”, and “managing and verifying cryptocurrency transactions” amongst others. 
• Matter Labs released the second version of its Ethereum scaling platform, zkSync, a network that uses zero-knowledge rollup technology to bundle up transactions before sending them to the Ethereum blockchain. It aims to improve transaction speeds and reduce gas fees.
• 74% of institutions plan to buy crypto, according to a new survey by financial services giant Fidelity. Investors cited decentralisation, non-correlation to other assets, and the macro environment as reasons to get involved with digital assets.

Recent Research Reports

Alpha Navigator (Sep 2022)	Ethereum: The Merge	Welcome to Web3

• Alpha Navigator (Sep 2022): Crypto outperforming since the recent Fed interest rate hike. ETH derivatives could be indicating less caution with The Merge now in the rearview mirror. Some Layer-1 tokens show strong price momentum.
• Ethereum: The Merge: The Merge is finally complete. Energy consumption is expected to drop by 99.95%. It will not reduce gas fees or increase transaction speeds. More upgrades are incoming.
• Welcome to Web3: Identity, Soulbound Tokens, and Decentralised Society: Exploring the emergence of a blockchain-based, decentralised society through the lens of Web3 identities, Web3 domains, and soulbound tokens.

Catalyst Calendar

 

 

 

 

 

 

Disclaimer:

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Author

Research and Insights Team

Get fresh market updates delivered straight to your inbox:

Be the first to hear about new insights: