Market Snapshot: Your Midweek Momentum Report

December 13, 2023

Get a jump on the midweek crypto trends

Table of Contents

What Is A Bitcoin Extractor And How Do Cybercrime Units Use It

Key Takeaways:

Top Performers:
- AVAX ↑ 50.59%
- ADA ↑ 40.20%
- ALGO↑ 31.91%
Assets Showing Declines:
- SUSHI ↑ 6.80%
- MKR ↑ 4.41%
- BCH ↑ 3.97%
OTC Desk Insights:
- Despite a pullback to $40,500 USD earlier this week, Bitcoin is currently trading at $42,754 USD. Altcoins like Cardano (ADA) (+35%) and AVAX (+53%) showed resilience. However, the market is experiencing equal buying and selling pressure across major coins.
- BTC’s upward trend for eight weeks straight (not seen since 2017) indicates a positive sentiment. But for a solid bull market, market depth is crucial. Research from Kaiko suggests that robust market depth is needed to sustain and push prices higher.
- The United Arab Emirates is becoming a crypto hub. Its friendly regulatory environment has attracted many companies. Bloomberg reported a surge in special purpose vehicles (SPVs) registered in Abu Dhabi Global Markets (ADGM), showing growing interest from investors.
- The growth of the UAE as a crypto destination is a positive sign for the industry. Despite this, many believe that the US still has the potential to support these pioneering companies and investors in the crypto space.

Your Midweek Momentum Report

Amidst an exhilarating week in the crypto market, several altcoins have surged ahead, marking notable gains. NEAR, ENJ, and AVAX have captured attention for their impressive performances, showcasing substantial increases in value.

AVAX ↑ 50.59%
ADA ↑ 40.20%
ALGO↑ 31.91%

Despite the overall stability this week, some assets have taken a hit. SUSHI, MKR, and BCH are the standouts in the red zone.

SUSHI ↑ 6.80%
MKR ↑ 4.41%
BCH ↑ 3.97%

The three top cryptocurrencies by market cap experienced small changes over the past week. BTC decreased by 2.31%, XRP also dropped by 1.59%, whereas ETH jumped up slightly by 0.59% over the past 7 days.

How have these fluctuations impacted your portfolio in this dynamic crypto landscape?

OTC Desk Insights

The second week of December BTC has seen a pullback to $40,500 USD seen on Monday, currently trading around the $42,754 USD level. Optimism in the crypto market is still strong despite this correction, some alt-coins have in fact rallied these past few days – Cardano (ADA) is up 35% and AVAX 53% over the past 7 days. This week our desk has seen relatively equal buying and selling pressure across the major coins. BTC has been trading higher for eight consecutive weeks, this streak has not been seen since 2017. With that said, according to a research from Kaiko, a leading data analytics and research provider; in order for a bull market to be solidified we still need market depth to return in order to see prices continue to rise.

Each year has brought major changes in the crypto landscape, and one geographic shift that has taken place over the last year has been the United Arab Emirates; the UAE has become a popular home to some of the largest crypto companies due to its inviting regulatory environment and deep pockets. Bloomberg had reported that to date there are more than 5000 special purpose vehicles (SPV’s) registered in the emirate’s international economic zone known as the Abu Dhabi Global Markets (ADGM), this is compared to just 46 SPV’s in 2016. The list includes vehicles linked to India’s Adani family, hedge fund billionaire Ray Dalio and Russian steel magnate Vladimir Lisin. The growth seen in the UAE is still positive news for the asset class as a whole and there are still many business leaders that believe the US can support these companies and investors who are pioneering the industry.

Happy Trading,

Andrew Bulman
Head of Sales & OTC Trading
otc@netcoins.com

Netcoins User Testimonials

    
 
 
        
   Clint U 
 2023-01-30
 
 
  Netcoins goes the extra mile to make sure their customers are as safe as possible against scams and bad actors.
I work in the crypto space, and couldn't recommend them enough for a custodial exchange and as a fiat on and offboarding option.
  
 
       
   Natalie Tavangari 
 2023-01-20
 
 
  Amazing service! Easy to use system for people like myself that is not that great with technology! All the staff at Netcoins are always so helpful they have a contact number so any issue I had they answer the phone quick also quick to respond to emails. This is probably the safest network to use as they go over and beyond to make sure there system is kept safe! Thank you Netcoins!
  
 
       
   Martin Mobile 
 2022-12-31
 
 
  With all the stress of the holidays while in a rush I transfered over 600$ US to Netcoins from another platform. Its usually a very simple transaction witch Ive done several times.  This time I send it to the wrong wallet ,it seemed as if I lost my transfer into the Blockchain.
Thanks to Justin customer service representative at Netcoins I was able to get back the full amount with in 24 hours .  Netcoins, thank you for the great service and saving my money .
  
 
       
   Harim Nam 
 2022-11-08
 
 
  Very responsive customer service. App itself still can use lot of work but covers basics. After security verification, best exchange for fiat-crypto on/off ramp so far imo.
  
 
       
   Yvonne St-Louis 
 2022-11-07
 
 
  A trustworthy experience! What made my experience great is the following. When I did the interac transfer to send money to my Netcoins wallet I forget to put my Netcoins account number is the note. Then it dawned on me to write Netcoins and ask how long the transfer takes. The support team quickly handled my request within minutes after having sent in an email to their zen desk for support. What made it absolutely trustworthy is my email for etransfers is different than the email for my account with Netcoins. The security measure that were taken to make sure it was I, holder of these two emails, was remarkable. This issue was quickly resolved with back and forth emails until the funds they deposited my funds to my Netcoins wallet. A trustworthy experience that I appreciate. It showed me how Netcoins really takes good care of their clients. Yvonne
  
 
       
   Newman Obossou 
 2022-10-05
 
 
  Thank you very much for creating Netcoins as it is very simple and essential in my life now. I plan to be a customer of yours for as long as possible as long as everything works as it did when I used it and the transactions and uses are smooth.

A big thank you for your work, satisfied customer.
  
 
       
   Saeed Eghbal 
 2022-09-28
 
 
  Very good customer support and super fast. I hate running in to any issues but when I do, with Netcoins it's a pleasure dealing with their support team. They make it so easy and did I say super friendly too? Thank you Netcoins.
  
 
       
   Ian Davenport 
 2022-07-28
 
 
  Although I very rarely leave reviews good/bad this one I felt needed too!  I have found previously applying to sites frustrating especially when you get into verification processes etc.  so several times today I called to verify because "big surprise" I was uncertain of a certain task that needed to be completed and I  didn't want to make a mistake and hold my verification up . Customer service was probably the best I have ever encountered , knowledgeable, prompt, friendly and just overall really helpful ; no bouncing you from dept. to another dept. no endless prompts" for this problem press 1" all the way thru to "for this problem press 9" , no "were experiencing higher than usual calls your expected wait time is 90 minutes".  I'm new to crypto; but knowing that the help I received today is less than 5 minutes away if needed , made this experience awesome .

Written by: John Pawlak

Cryptocurrency expert, content marketing at Netcoins.

John has been mining cryptocurrency as a hobby since 2015, from securing thousands of dogecoin, to minting NFT’s, John has been in the thick of cryptocurrency for many years.

Twitter
LinkedIn

Disclaimer

The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions.

Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk.

The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.