If you look at the last seven days with winners and losers, you can get the impression that the cryptocurrency markets are generally positive. However, the total market value actually fell 6.7% to $ 2.72 trillion as the price of bitcoin (BTC) fell 8.3% to $ 58,425.
The biggest winners and losers of the 80 biggest coins in the sector. Source: Nomex
The only link between the top winners this week seems to have to do with the gaming segment and the gaming segment, which has been on the rise since Facebook renamed Meta on October 28, indicating its new focus on the segment. Another bullish news that supports the current rally in metaverse tokens is the $ 400 million increase from the Gemini cryptocurrency exchange on November 19 to create a decentralized metaverse.
Top athletes had special reasons to pump
Gala (GALA) was promoted after being listed on Coinbase and Huobi on November 16th. The tool code supports a decentralized gaming system that gives players a voice in the financing and development phases.
Crypto.com (CRO) also released its own news on November 18 to justify the rally. The marketing arm of the Singapore Stock Exchange has decided to donate $ 700 million to buy the rights to the name of the stadium where the Los Angeles Lakers play in the NBA.
On November 19, Elrond (EGLD) also announced a $ 1.29 billion incentive program to attract users and liquidity to the decentralized financial system. The project uses hashing technology to achieve speeds of up to 15,000 transactions per second (TPS).
Tokens affected by decentralized exchanges
Among the worst were two decentralized exchange tokens. The only negative news seems to be the November 9 newspaper of the US Securities and Exchange Commissioner Caroline Crenshaw. The study said that the sector lacks market protection and raised concerns about aliases and market manipulation.
Quantity (QNT) continues its downward trend after a 7-day 122% rally on September 3, aided by a protocol update that allowed ERC-20 and ERC-721 tokens to work together.
Vechain Thor (VET) recovered after a change of 38% for 7 days on November 2, before the Proof of Authority (PoA) v2.0 test network was released on November 5. The update provides a more secure system for identifying block manufacturers.
The premium for OKEx Tether (USDT), which measures the difference between peer-to-peer (P2P) transactions in China and the official USD currency, has improved slightly.
OKEx USDT peer-to-peer premium against US dollars. Source: OKEx
The current 99% index is a bit bearish, indicating weak demand from crypto traders to convert funds to stablecoins – still a big improvement from the 5% discount in mid-October.
Meanwhile, the general open interest in cryptocurrency futures has been negatively affected by the general decline in prices. However, this was to be expected as the total market value fell and a liquidation of 2.7 billion dollars took place within a week.
Total open interest in aggregate futures contracts for cryptocurrencies. Source: Coinglass.com
Despite this, the index remained at a good level of $ 50.3 billion, up 60% from two months ago. It is worth noting that declining open interest is not necessarily bearish, but maintaining a certain level is interesting as more liquidity providers and market makers enter the market.
The data above may not sound encouraging, but given that Bitcoin (BTC) and Ether (ETH) both suffered significant losses this week, the overall market structure is still good. Altcoin’s season tippers may be disappointed, but at least there has not been a total loss of 15% or more.