{"id":370884,"date":"2021-11-22T23:45:00","date_gmt":"2021-11-22T20:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/total-crypto-market-cap-drops-by-6-7-but-futures-data-finds-a-silver-lining\/"},"modified":"2021-11-22T23:45:00","modified_gmt":"2021-11-22T20:45:00","slug":"total-crypto-market-cap-drops-by-6-7-but-futures-data-finds-a-silver-lining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/total-crypto-market-cap-drops-by-6-7-but-futures-data-finds-a-silver-lining\/","title":{"rendered":"# Total crypto market cap drops by 6.7%, but futures data finds a silver lining"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf6f6c9fba\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf6f6c9fba\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/total-crypto-market-cap-drops-by-6-7-but-futures-data-finds-a-silver-lining\/#Top_performers_had_specific_reasons_for_the_pumping\" >Top performers had specific reasons for the pumping<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/total-crypto-market-cap-drops-by-6-7-but-futures-data-finds-a-silver-lining\/#Decentralized_exchanges_tokens_take_a_hit\" >Decentralized exchanges tokens take a hit<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Total crypto market cap drops by 6.7%, but futures data finds a silver lining <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Looking at the past seven days of winners and losers might give one the impression that cryptocurrency markets are net positive. Still, total market capitalization actually fell by 6.7% to $2.72 trillion as Bitcoin&#8217;s (BTC) price retraced 8.3% to $58,425.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/0a82f548-8e97-455a-9590-901cd2957ae1.png\"><figcaption style=\"text-align: center;\"><em>Top winners and losers from the sector&#8217;s top 80 coins. Source: Nomics<\/em><\/figcaption><\/figure>\n<p>The only connection between this week&#8217;s top gainers seems to be the metaverse and gaming sector, which has been on a bull run since <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> rebranded to Meta on Oct. 28, signaling its new focus on that segment. Further bullish <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> backing the current surge in metaverse-related tokens is the Nov. 19 raise of $400 million by the Gemini crypto exchange to build a decentralized metaverse.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Top_performers_had_specific_reasons_for_the_pumping\"><\/span>Top performers had specific reasons for the pumping<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gala (GALA) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinbase\/status\/1460738834623184896\">pumped<\/a> after its Coinbase and Huobi listing on Nov. 16. The utility token powers a decentralized gaming ecosystem that gives players a voice in the funding and development phases. <\/p>\n<p>Crypto.com (CRO) also had news of its own on Nov. 18 to justify the rally. The marketing department behind the Singapore-based exchange decided to splurge $700 million to purchase the naming rights to the stadium where the NBA&#8217;s Los Angeles Lakers play.<\/p>\n<p>On Nov. 19, Elrond (EGLD) also announced a $1.29 billion incentive program to help attract users and liquidity to its decentralized finance ecosystem. The project uses sharding <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to achieve up to 15,000 transactions per second (TPS).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Decentralized_exchanges_tokens_take_a_hit\"><\/span>Decentralized exchanges tokens take a hit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the worst performers were two decentralized exchange utility tokens. The only negative news <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to be the Nov. 9 paper by the United States Securities and Exchange Commission Commissioner Caroline Crenshaw. The study mentioned that the sector lacks market protections and raises concerns about pseudonymity and market manipulation.<\/p>\n<p>Quant (QNT) continues in a downtrend after a 122% 7-day rally on Sept. 3, fueled by a protocol upgrade that allowed ERC-20 and ERC-721 token interoperability. <\/p>\n<p>Vechain Thor (VET) retraced after a 38% 7-day pump on Nov. 2 ahead of its proof-of-authority (PoA) mechanism v2.0 testnet release on Nov. 5. The upgrade offers a more secure system to select the block producers.<\/p>\n<p>The OKEx Tether (USDT) premium, which measures the difference between its China-based peer-to-peer (P2P) trades versus the official U.S. dollar currency, has improved slightly.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/dfbe30d9-a59f-490f-a4fe-ebd873ea4de7.png\"><figcaption style=\"text-align: center;\"><em>OKEx USDT peer-to-peer premium vs. USD. Source: OKEx<\/em><\/figcaption><\/figure>\n<p>The current 99% indicator is slightly bearish, and it signals weak demand from cryptocurrency traders to convert cash into stablecoins\u2014still a vast improvement from the 5% discount in mid-October.<\/p>\n<p>Meanwhile, the cryptocurrency total futures open interest was negatively impacted by the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ized price drop. Nevertheless, the move was expected since the total market cap retraced and some $2.7 billion worth of liquidations took place during the week.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/2d86ff6b-3680-4293-8d64-a592dd659437.png\"><figcaption style=\"text-align: center;\"><em>Total crypto aggregated futures open interest. Source: Coinglass.com<\/em><\/figcaption><\/figure>\n<p>Despite this, the indicator remained at a healthy $50.3 billion mark, which is 60% higher than two months ago. It is worth noting that an open interest decrease is not necessarily bearish, but maintaining a certain level is interesting as more liquidity providers and market makers enter the market.<\/p>\n<p>The above data might not sound encouraging, but considering that Bitcoin (BTC) and Ether (ETH) suffered considerable losses this week, the overall market structure held nicely. Those betting on an &#8220;altcoin season&#8221; may have been disappointed, but at least there were no generalized 15% or higher losses.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/noshitcoins\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/total-crypto-market-cap-drops-by-6-7-but-futures-data-finds-a-silver-lining\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Total crypto market cap drops by 6.7%, but futures data finds a silver lining &#8221; Looking at the past seven days of winners and losers might give one the impression that cryptocurrency markets are net positive. Still, total market capitalization actually fell by 6.7% to $2.72 trillion as Bitcoin&#8217;s (BTC) price retraced 8.3% to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":370885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvOTI5ZDI0NWYtNzRhYS00NzAxLWE1ZTQtZTkyMzQ0YTViYTZiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75916,74864,91498,75592,74898,79699,73785,36041],"class_list":["post-370884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-dex","tag-gemini","tag-metaverse","tag-okex","tag-sec","tag-vechain","tag-markets","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=370884"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370885"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}