This marks the primary collaboration in a collection of market insights to be launched by each corporations
Image supply: AliceLiu/CoinMarketCap/RafaelSAchultzeKraft/Glassnode.
Price-tracker CoinMarketCap (CMC) and on-chain information firm Glassnode have joined forces to publish a H2 crypto market report.
On Friday, the On-chain Analytics report went stay, beginning the primary in a collection of month-to-month market insights set to be launched between the 2 corporations. According to the report, the crypto market is in the midst of a “risk off” sentiment, as the present bear market echoes the drought of 2018.
Founded in 2013, CMC is taken into account the go-to crypto-asset worth tracker in the area, attracting over 340m viewers to its web site.
In April 2020, CMC was acquired by crypto alternate Binance for £328m.
Based in Switzerland, Glassnode has been in operation since 2017. In the 5 years since approaching to the scene, the agency has established itself as one of many premier on-chain information options in crypto.
“With all the noise in the market, we think it’s time to take an analytical approach and look at the underlying health of the market,” Alice Liu, analysis lead at CMC instructed AltFi.
Central to the On-chain Analytics report is the evaluation of bitcoin’s bear market. As of June, bitcoin has fallen 74 per cent since reaching its all-time excessive in November 2021.
However, because the bitcoin market has matured and grown in liquidity, so have the bear market bottoms decreased in their drawdowns from their all-time highs.
In 2011, bitcoin was down 93 per cent, in 2015 and 2018 the flagship crypto slipped 84 per cent and in March 2020 the drawdown was 75 per cent.
Ethereum, the second largest coin by market cap, has not fared significantly better, down 45.4 per cent in June.
The report concludes that digital property have skilled a shift in direction of “risk-on sentiment” over the course of 2022.
Despite the bearish undertones of the report, Liu stated: “We have already started to see an uptick this week in the crypto market again”.
Following the Federal Reserves choice to increase its funding price by 0.75bps, the crypto market has rallied 0.77 per cent.
“With Glassnode providing such a comprehensive library of on-chain and crypto financial metrics, they’ll help provide a holistic view of the industry,” defined Liu.
Outside of On-Chain Analytics, CMC Research will even look to deliver in main voices from the trade for thematic analysis endeavours.
Glassnode has not responded to AltFi’s request for remark.