6 Key Metrics To Know As Crypto Market Cap Passes $2 Trillion

August 18, 2021 03:30 PM
Crypto Story of the Day

Crypto Story of the Day




Crypto was selling off this morning, leaving Solana (SOL) to be the only asset up in the Top 10. Robinhood will release Q2 results after markets close today. 

Crypto Story of the Day

The estimated crypto market cap surpassed USD 2 trillion this week, largely led by alt coins. BTC Dominance has fallen to 44%, the lowest the metric has been since early June. Today, we provide a summary of key market metrics.

Metric 1

Over the past month, BTC has added roughly USD 291 billion to its market cap, resulting in a 48% increase. During the same period, the estimated aggregate crypto market cap saw an increase of about USD 675 million, or 49%. ETH and DeFi tokens saw notable appreciation: ETH added about USD 139 billion to its market cap, Uniswap’s UNI added roughly USD 7 billion, and AAVE added 1.7 billion.

Metric 2

Capital deployed in Ethereum-based DeFi venues saw an appreciation of roughly USD 25 billion, or 44%, over the past 30 days. Similarly, Binance Smart-Chain-based DeFi venues saw a growth of about USD 8 billion, or 44%, in deployed capital. 

Metric 3

Smart contract networks, seen by some as Ethereum competitors, also saw significant growth over the past month. Some of the most notable metrics include Cardano (ADA) adding about USD 25 billion (+ 44%), Polkadot (DOT) adding roughly USD 11 billion (91%), and Solana (SOL) adding about USD 12 billion (191%). 

Metric 4

Exchange tokens saw mixed performance. For example, Bitfinex’s LEO has traded in a range between roughly USD 2 billion and 3 billion for the past 3 months. FTX’s FTX token saw its market cap nearly double in the last month to a market cap of USD 4.2 billion, while Binance Coin grew by about USD 17 billion for a valuation of USD 68 billion. 

Metric 5

Since the beginning of August, open source data suggests a resurgence in Ethereum-based NFT activity. For example, daily USD denominated sales of NFTs reached their second-highest level to date, USD 81 million, on August 6. NFT marketplace OpenSea has seen record daily users, volume, and transactions this month, according to crypto data site DappRadar. 

Metric 6

Despite aggressive growth, the spread between BTC and ETH spot and FTX December 31 futures has averaged 4% over the past week for both assets. This is unlike earlier in the year, specifically in April, when the spread reached as much as 26% and 30% for BTC and ETH, respectively. BitMEX BTC perpetual rates have also been subdued in comparison to earlier in the year. For example, the BTC perp rate has averaged 2.87% over the past week, compared to 43% in April. ETH perp rates, on the other hand, are more exaggerated. The average ETH perp rate over the past week has been 33%.

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About the Author

FRNT Financial is a technology and sales layer that offers institutional and accredited investors access to various forms of exposure to crypto-assets. You can subscribe to FRNT Financial Morning Note at https://www.frnt.io/morningnote