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Monday Market Report | February 12th - 18th

Feb 19, 2024
byNDAX Labs

📢 Weekly TL;DR

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

 NDAXers—let us dispense of pleasantries—you no doubt have a pretty good idea what we’re touching on this week... But first!

- Guess who reclaimed the $1T US market cap!

- Which G8 Country’s currency just hit an “all-time-low" against Bitcoin? 

Pop quiz: I was up 1.3% on the day (at time of writing), and around 17% on the week. Over the last 30 days, I’m up 23%. 80% over the last 6 months... 115% year over year. And over 5 years? 1,171%. Over the last decade I’ve grown a staggering 15,880% (in USD terms... Without taking its depreciating purchasing power into consideration...!) I’m the best performing asset of the decade. Who am I? If you guessed BTC you would be correct, and last week, I reclaimed the rarified air of the $1 T market cap club. In my 15-year life, I’ve spent only 140ish days above this price level (or 2.84% of my trading history). My trading volume has risen to $37b (US), and my derivative markets are nearing an all-time high open interest of $24b. Additionally, my ETFs are attracting significant inflows, with BlackRock's iShares Bitcoin Trust (IBIT) totaling $5b of me under management.  Decrypt 

If Bitcoin's price is still 32.7% from its dollar-denominated ATH (all-time-high), what does the fact that BTC just made a new ATH against this G8 currency say about the state of their economy? The developing world is no stranger to inflation (and we in the west have gotten a good solid taste of it over the last couple years), but now this developed country’s stagnant economy is really putting its population through the ringer. Last week, Bitcoin made a new ATH against the yen, showcasing against a neutral, secular commodity, a very stark picture of the currency’s plummeting purchasing power over the last 30 months. Japan’s $9T+ public debt is over 260% of GDP, and 70% of it is held by their Central Bank (the rest, mostly by Japanese financial institutions and funds).  Coindesk

📰 Other Community News

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

  • Indonesia Picks Crypto-Friendly Team in Presidential Election Coindesk
  • Genesis gets court approval to offload $1.6B Grayscale shares Blockworks
  • Telefónica Teams Up With Chainlink to Provide Security Against 'SIM Swap' Hacks Unchained
  • Bitcoin call-option buys surge at $60,000 and $80,000 strike prices: QCP Capital The Block
  • US Treasury will outline fears about use of crypto in illicit finance at upcoming hearing The Block

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

  • The global cryptocurrency market has reached a total market capitalization of CAD $2.67 Trillion.  
  • Bitcoin continues to lead the market with a dominance of 51.8%, followed by Ethereum at 17.7%. 


  • Ethereum is currently the top trading pair on NDAX, followed by Bitcoin, Solana, Polygon, XRP, Cardano, Hedera and Near.  
  • Week over week, the value of Bitcoin (BTC) is up 8.83% and currently trading at $70,618, while Ethereum (ETH) is up 17.25%, now trading around $3,936.  

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week? 

  • Week over week, Layer-1 smart contract blockchain Avalanche’s token AVAX gained healthily. AVAX was up over 16%—reclaiming a coveted Top 10 spot. AVAX is trading around CA$54.5 with a market cap shy of $15.5B.
  • But the top performer of the week is Vechain! Some big news is coming down the pike, and, coupled with the chief crypto’s huge weekly gains, investors have been emboldened in their views on the VET token’s prospects. The popular longstanding crypto was up 50% on the week, with a market cap ranked 32 by size, at over $3B US. VET is currently trading at CA $0.06

As of 02/19/2024 1:00 AM EST, values in CAD. 

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars! 

  • Mid April - Bitcoin block reward halving
  • May – SEC decision on BlackRock's Ether Spot ETF 

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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.