Speaker 1
Happy Friday everyone. This is Market Staley from CoinDesk. I'm your host Jen Sinasi and on today's show we're passing it over to CoinDesk indices for some weekly market insights. WonderCraft AI voice here to give you three crypto markets takeaways from this week and stick around we'll have additional analysis from Cruise Enix. Ecosystem Growth Lead at Index Cooperative. First, Tracy Stevens, Senior Index Manager at CoinDesk indices provides markets highlights for the week ending March 22nd with data from March 19th. 17 out of the 20 assets in the CoinDesk 20 are up this week. The three exceptions are all alternative layer ones Solana, Avalanche and Aptos. 11 assets have declined more than 15% with Litecoin down 21.4%, Filecoin down 20.7% and Stellar down 20.5%. Across the 189 assets in the broader CoinDesk market index credit platform AMP leads. AMP is up nearly 60% more than this week after jumping more than 1.5X between last Monday nights close and Tuesday's open then giving back a portion of those gains. For our analysis section this week Cruise Enix writes The surge that digital asset traders have enjoyed since the start of the year showed signs of abating this week. 17 out of 20 assets in the CoinDesk 20 index and CoinDesk market index retraced their gains and 11 assets declined more than 15% with Litecoin, Filecoin and Stellar falling the most. The three exceptions were all alternative layer ones Solana, Avalanche and Aptos. Solana in particular continues to benefit from the surging interest in Solana native meme coins where traders are required to transact in ESOL to enter and exit their position. Other layer ones appear to be coasting on Solana's momentum. In the computing sector top performers Render Network and Pyth continued to post significant gains with Pyth posting an over 20% gain this week. While in the culture and entertainment sector standout performers include Prime and AIOs, the rest of the store was strong month-on-month but dipped back this week. In the currency sector most of the leaders gave back 15 to 20% this week while new top performers emerged in DeFi with AMP and ZRX leading the way month-on-month and this week. LDO continues to lag behind as the worst performer in the DeFi sector for both the month and the week. In the smart contract platform sector Alt layer ones topped the chart including SOL, AVACS, Phantom and Near. Overall last week saw the highest momentum project and protocols continuing to demonstrate relative outperformance while everything else gave back 15 to 20% of their gains. It remains to be seen whether this week's dip represents a fundamental trend reversal or just a slight pullback. Going forward market watchers will be keeping an eye on the relative out performers. Will the year-to- date standouts like SOL, Prime and Shibi continue to be the fastest horses if we see a bounce? If not we could see a reversal in the current risk-on-growth environment. Like what you're hearing head on over to CoinDeskMarkets.com for more. Thank you for listening that's it for today's show.