Heavy headwinds continue to batter the crypto market, but noshitcoins says two metrics suggest traders remain balanced and calm.
Cryptocurrencies have been in a bear trend since mid-August after they failed to break above the $1.2 trillion market capitalization resistance. Even with the current bear trend and a brutal 25% correction, it has not been enough to break the 3-month-long ascending trend.
Ether also saw a 17.3% retrace during the 7-day period and many altcoins performed even worse. The Ethereum network Merge and its subsequent impact on other GPU-mineable coins caused some skewed results among the worst weekly performers.Chiliz rallied 21.5% following two successful fan token launches from MIBR esports team and the VASCO soccer team from Brazil.
RavenCoin and Ethereum Classic retraced most of their gains from the previous week as investors realized the hashrate gains from Ethereum miners did not necessarily convert into higher adoption.The OKX Tether premium is a good gauge of China-based crypto retail trader demand. It measures the difference between China-based peer-to-peer trades and the United States dollar.
Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.
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