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- Dgenz Crypto Weekly 003
Dgenz Crypto Weekly 003
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
The past week in crypto has been a thrilling ride for the bulls. Bitcoin surged over 32% following the pump that began on U.S. election day, setting a new all-time high just shy of $90,000. Another notable milestone was Bitcoin’s market cap surpassing that of silver on a global scale, strengthening its reputation as the digital gold. While last week’s rally seemed unstoppable, this week has started with some volatility. Bitcoin quickly retraced over 5% from its new highs, and altcoins have also taken a hit as the Others Dominance index bounced off resistance at 9.7%. This correction suggests that while the crypto market remains bullish, it’s susceptible to fluctuations as investors consolidate their gains and watch for signs of continued momentum or potential pullbacks in the weeks ahead.
Crypto Insights: Weekly Charts
TOTAL2
Today, the TOTAL2 index faced a substantial rejection candle as it hit daily resistance, breaking a week-long streak of upward momentum. It does look to have found a short term support at $1.1T but the key support level still remains much lower where it would also find a retest of the trendline.
The TOTAL2 chart shows the market cap of all cryptocurrencies excluding Bitcoin, offering insight into the altcoin market's health. A rising TOTAL2 often signals increased interest in altcoins, while a decline may indicate a shift back to Bitcoin or reduced altcoin investment.
USDT DOMINANCE
Last week saw USDT.D flip its support into resistance as sentiment shifted and investors traded in their stable coins for more volatile assets trying to capitalize on what looks to be the beginning of an alt season. However USDT.D has now entered a key area of support here at 4.25% as traders take profits.
The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.
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Spotlight: Token of the Week
$ENS
Dgenz NFT holders were given this call only a few days ago in our discord as we knew a pullback to support was imminent. Limit orders were set and entries were filled on the wick down today.
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