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.

Sources: Crypto.com Research, Crypto.com Price

Notes: Based on market-cap adjusted index of selected top-cap tokens

Weekly Performance

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

Sources: Crypto.com Research, CoinGecko

Notes: Selected top-cap tokens; rectangle size represents market cap

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. As part of this strategic partnership, Crypto.com will leverage its partnerships, resources and expertise to advance innovation, technologies, education, and research with the goal of advancing the City of Busan’s blockchain ecosystem and Digital Assets Exchange project. Additionally, Crypto.com will 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. Part of one of the applications applies for trademarks related to software for “management of digital transactions; use as a digital currency wallet and storage services software; use as a cryptocurrency wallet; and managing and verifying cryptocurrency transactions using blockchain technology".

• 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

Check out our latest research reports:

• Alpha Navigator (Sep 2022): Crypto outperforming since the recent Fed interest rate hike. ETH derivatives maybe 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

* Forecasts from CME FedWatch Tool; dates shown are for Eastern Time

Disclaimer:

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