Chart of the Day
The recent employment and wage figures surpassed forecasts and prompted traders to increase their wagers on when rates will peak in the current tightening cycle. After a strong close on Friday, Asian equities joined their US counterparts in rally, rising on Monday amid speculations of the further reopening of China from Covid restrictions. The dollar continued its decline versus most of its major counterparts, with a gauge of the currency's strength reaching a five-month low.
The broader crypto market experienced a brief boost during the week, but remained indecisive over the weekend. However, the largest cryptocurrency by market kicked started the week with renewed hope. As of the time of writing, BTC is hovering over $17.3k, after posting a 1.8% increase in the last 24 hours. The current cycle is slightly different from past cycles because it correlates strongly with changes in monetary policies. The peaks and troughs of the shadow federal funds rate correspond with the bottom and height of the current bear market, indicating how Federal rates hikes could sway the digital currency markets.
ETH is moving in tandem with BTC, rising 2.9% in the same period to test resistance near the $1,300 zone. Mid-to-large-cap altcoins are largely in the green, with CRO leading the pack on double-digit percentage gains.
Weekly Gainer
While major cryptocurrencies slowly regained momentum in the past week, this hidden gem outperformed the broader market with double-digit percentage gains. Fantom Network's native token FTM is up 29.84% week-on-week on the back of bullish news on its treasury reserve. Fantom's advisor Andre Cronje, a long-serving figure in the DeFi space, revealed that the Fantom Blockchain is now cash positive, having more than 30 years' worth of cash runway. The announcement proves to be a positive catalyst for FTM's price actions.
On the 1-day chart, FTM experienced a multi-day layup that pushed the token to test the resistance zone near $0.26. The price retraced slightly but found support near the $0.235 level. RSI for the pair is on the high end but has yet to crossover to the overbought territory. However, the momentum is weakened as the MACD displayed with a histogram moves to negative territory on the 4-hour chart.
Check Out the Latest Prices, Charts, and Data for ,FTMUSDT,!
Talk of the Town
Reddit's NFT collection hit another milestone on December 3 with a new record of 255k Collectible Avatars being minted in a single day. The new record surpassed previous all-time highs reached on the last days of August. The new mints bring the total number of Collectible Avatars in circulation to more than 4.4 million since the launch in July. Reddit's Polygon-based NFTs, created by a number of independent artists, are primarily used on the social media platform as users' avatars. The collection is popular on secondary marketplaces as well, with some of the most sought-after pieces selling for over five times their original price.
Source: Bybit Blog
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