Cryptocurrency Market Weekly Review: Slow Gains, Surprising Winners, and Notable Partnerships

Market Overview

Over the past week, the crypto market has behaved like that friend who shows up at a party but doesn’t dance—slightly unexciting yet still persistent. The total market capitalization saw a modest increase of 1.8%, ultimately hitting $2.7 trillion. While Bitcoin (BTC) may have taken a vacation with a 6% dip until November 28, it managed to make a glamorous return with a $3,200 rally, closing the week up 1.5%.

Top Performers Among Altcoins

In a playful twist, some altcoins decided they were ready to shine. Gala (GALA), The Sandbox (SAND), and Decentraland (MANA) entered the fast lane, joining the ranks of the top five gainers. How did they do it? Well, despite the limited interaction in the play-to-earn and metaverse realms, major announcements have provided a dazzling effect on their valuations.

• The Metaverse Group dropped a cool $2.5 million on virtual land in Decentraland.
• A plot in Axie Infinity found a buyer for 550 ETH, ringing in at around $2.5 million.
• What’s more, a newly-announced collaboration between Sony Pictures and AMC will offer up to 86,000 Spider-Man-themed nonfungible tokens (NFTs) on opening day.

Privacy Coins Make Waves

On November 20, privacy-focused cryptocurrency Zash (ZEC) surprised many with a 20% spike in 24 hours. How? Developers are abandoning the old traditional mining methods and are switching to a proof-of-stake approach. A savvy move for those looking to optimize on energy use.

Meanwhile, Amp (AMP), the collateral token for the Flexa payment network, jumped in value after being listed on a major exchange. And Terra (LUNA)? They’re enjoying the benefits of a major token burn, with over 5.4 million tokens executed in just four days.

Ethereum-Killers Stumble

On the not-so-savory side of the coin, we have the Ethereum competitors—Cardano (ADA), Near Protocol (NEAR), Polkadot (DOT), and Harmony (ONE)—who seem to be limping along. Ethereum co-founder Vitalik Buterin proposed changes to the transaction calldata limit, aiming to cut down on costs and inspire an ecosystem-wide shift to a rollup-centric Ethereum. A clever yet seemingly desperate bid to maintain dominance.

Meanwhile, Aave Protocol (AAVE) is struggling to keep its head above water, with total value locked (TVL) tanking 30% in three months. Even Dash (DASH) saw its count of wallets holding a minimum of 1,000 tokens drop to a disheartening low of 5,210, a figure not seen since July 2018.

Stablecoins and Futures Activity

In the world of stablecoins, the OKEx Tether (USDT) premium has seen slight improvement, indicating a marginal rise in demand for stablecoins even if traders are still a bit hesitant to convert cash. Open interest in futures remains steady near $50 billion—10% shy of its all-time high. Although an open interest drop can appear bearish, the situation showcases a robust liquidity landscape. Notably, despite nearly $2 billion in liquidations, markets appear to be holding their ground.

Closing Thoughts

While this week’s data may not jump off the page with enthusiasm, Bitcoin and Ether are exhibiting some strong signs as of November 29. Could this mean the two-week correction period is nearing its end? Only time will tell, but for now, stay vigilant and keep your investment strategies sharp. Remember, every investment comes with risks, so ensure you do your homework.