Digital Assets Weekly: September 9th
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Market Analysis
Following a quiet August for Bitcoin price action, the asset sold off from its highs around $12,000 to as low as $9,946 on Saturday, before climbing back above $10,000 support and ending the week around $10,400. For the 7 days ended 8/7, Bitcoin was down 11.2% and now sits around ~$10,250.
Despite its meaningful sell-off, Bitcoin remains well ahead of all other asset classes on a YTD basis. Outside of Bitcoin, nearly all other major asset classes saw price declines last week with oil falling as much as 7%.
Amongst all the majors, Bitcoin was the best performing asset this week (-11.2%), while Litecoin was the worst performing asset (-20.2%).
Bitcoin led all FS Crypto Indices this week. FS Crypto FX 250 was the worst performing index with Maker (-22%) and Synthetix (-37%) representing major contributors to the underperformance.
Despite a 19% decline this past week, Ethereum remained well ahead of all other major crypto assets on a YTD basis and is still up 175%.
Bitcoin’s Mkt Cap/CMR ratio decreased 11.5% week over week from 11.2x to 9.9x
Bitcoin’s Mkt Cap/RV ratio declined 11.3% from 1.9x to 1.7x.
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