market wrap up

What happened in the crypto market this week?

The crypto market is bouncing back, and bullish sentiment returns. With the easing of long-term rates, investors anticipate that central banks will not be as keen to intervene in the market as the economic situation keeps deteriorating worldwide. As a result, the global cryptocurrency market cap jumped nearly 6% to $972 billion over the last days, with top coins recording gains. 

btc

Source : TradingView

Bitcoin is trading above its 20 days moving average for the first time in a month. In an increasingly risk-loving market, its value could continue rising in the coming weeks to reach $25,000. 

The same movement is occurring for ETH. The currency broke above its 20 days moving average, and the $1,500/1,600 target zone could be reached next after this strong correction period. The BTC/ETH pair is also rebounding, with its MA (moving average) inflection above 0.055.

Which coin has performed best this week? 

Let’s focus this week on the Evmos blockchain and its token EVMOS, which made a 35% return over the last 7 days. 

The Cosmos ecosystem is an interoperable universe made of “zones”. These are blockchains that can communicate without using bridges, and sending tokens across them is easy. This makes it an attractive environment for users.

Each zone has a specific use (confidentiality, liquidity exchange, support to ecological projects…).Evmos is the Ethereum Virtual Machine (EVM) compatible zone of the Cosmos ecosystem. It’s the zone that supports Cosmos’s software development, using Tendermint and Solidity.

Therefore, all EVM blockchain applications can easily be migrated to Evmos. The added value of this zone is that it is compatible with both the Keplr wallet and Metamask, making the experience very simple for users and developers.

What about our strategies? 

This week, the strong rebound of the market especially benefited the LO (Wise) and Absolute Return (Pulse) strategies exposed to ETH: 

  • +13.70% Pulse ETH-BTC Hourly
  • +6% Wise ETH-BTC
  • +4% Wise ETH.

Main LO (Wise) strategies had triggered their long signals and could benefit from a continuation of the trend. Pulse BTC Hourly strategies suffered from last week’s trend reversal, but their recent long exposure could benefit from the current trend. 

Learn more about our strategies

Disclaimer:

Investing involves risk, including the possible loss of all the money you invest. In particular, crypto-assets are a highly volatile and speculative asset class. Napbots is only suitable for traders who are willing to bear the risk of loss and experience sharp drawdowns. Past performance is not necessarily a guide to future performance. 

The purpose of this material is to provide objective, educational and interesting commentary and analysis on developments in the crypto-assets sector. Nothing in this material should be interpreted as constituting an offer of (or any solicitation in connection with) any investment products or services by any member of the CoinShares Group where it may be illegal to do so. Access to any investment products or services of the CoinShares Group is in all cases subject to the applicable laws and regulations relating thereto.