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Bitcoin and altcoins took a hit, but derivatives data reflects a calmer market

Published 12/06/2021, 05:19 PM
Updated 12/07/2021, 05:00 AM
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Looking at the winners and losers of the past week clearly shows that traders endured some serious heat as the total crypto market capitalization dropped by 12.7% when Bitcoin fell to $41,000. This sharp downside move knocked the figure from $2.37 trillion to $1.92 trillion on Dec. 3 and a total of $2 billion long future contracts were liquidated.

Top winners and losers from top 80 coins. Source: Nomics

Bitcoin (BTC) price retraced 14.6% over the past week, effectively underperforming the broader altcoin market. Part of this unusual movement can be explained by the performance seen in decentralized applications which held up better than most of the market. Data shows Ether (ETH) traded down 6.0%, Binance Coin (BNB) lost 7.3% and Solana (SOL) dropped by 7.8%.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx
BTC and ETH perpetual futures 8-hour funding rates. Source: Coinglass.com

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