Monday Markets: First Dip
Good morning. We’re Week 2 in 2021 and crypto prices have so far retreated.
Welcome to Monday Markets, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.
Market Price as of January 11, 2021:
Bitcoin closed January 10, 2021, at $38,398 per BTC. We’re up 11% in the last 7 days and 27% since the year began. This is 5.92% below the previous all-time high of $40,815, which was hit three days ago.
Bitcoin’s market capitalization stands today at $680,338,691,190 which is 67.46% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,009,638,971,171.
On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Bitcoin miners saw 33% revenue increase in December
Extending November’s own 48% increase, miner revenues continued to soar as bitcoin rallied over 300% last year, briefly trading above $29,000 for the first time ever on New Year’s Eve.
Network fees brought in $68.3 million in December, or nearly 10% of total revenue, a slight percentage decrease from the 10.5% of revenue represented by fees in November.
Fees were quite volatile in December, bouncing between $4 to all the way to above $12 throughout the month, per Coin Metrics. (Zack Voell, Coindesk)
Maker’s daily transfers hit all-time high as price surges by 50%
ATH of $11 million, surpassing the former ATH set on 13 August 2020 of $10.9 million, according to metrics site Glassnode. The transfer volume describes the total value of coins transferred on-chain.
Glassnode distinguishes between transfer volume, which involves the transfer of wealth between network participants, and overall trading volume on exchanges, some of which occurs off-chain and also comprises reshuffling between internal wallets. Daily trading volume for Maker today sits at close to $1 billion. (Tim Hakki, Decrypt)
Sushiswap reveals ambitious 2021 roadmap
After a wild, up-and-down 2020 that saw Sushiswap become the largest decentralized exchange (DEX) by liquidity at two different points, the decentralized finance (DeFi) platform has released a wildly ambitious project roadmap for 2021.
Key forthcoming developments include multiple examples of some of the most complex and advanced functionalities in the DeFi space, including a cross-chain DEX that will be enabled by Rune and Moonbeam, an implementation on the Polkadot chain, and a fully decentralized governance structure by the end of 2021. (Andrew Thurman, Cointelegraph)
Institutions are coming to Ether – but for real this time
Ethereum has seen a wave of positive events unfold. While these are driving a confluence of improvements for Ethereum’s long-term potential, short-term metrics point to the recent rally being over-extended.
IntoTheBlock’s Large Transactions Volume aggregates the volume transferred in transactions of over $100k, acting as a proxy to institutional activity. This metric surpassed $10 billion in daily volume for the first time since January 2018. (Lucas Outumuro, IntoTheBlock, via The Defiant)
What else is happening
- Top crypto mergers and acquisitions of 2020 (Joshua Mapperson, Cointelegraph)
- Daniel Larimer, CTO of EOSIO developers block.one, resigns (Andrew Thurman, Cointelegraph)
- Famed value investor Bill Miller says bitcoin becomes less risky the higher the price goes (Kevin Stankiewicz, CNBC)
This article is published on BitPinas: Monday Markets: First Dip