CCData's weekly ‘Chart of the Week’ highlights topical digital asset developments with vital commentary and analysis.
This week's COTW explores Hyperliquid's month-to-date trading volumes alongside the top four centralised exchanges by derivatives volume.
Hyperliquid, the leading decentralised exchange for derivatives, has already achieved an impressive $78.4 billion in trading volume this December, surpassing its previous all-time high recorded in November.
This surge in activity followed the successful launch of its native token on November 29th, which attracted capital inflows and heightened attention to its platform and offerings.
While centralised exchanges like Binance, OKX, and Bybit maintain significantly higher volumes, Hyperliquid's daily trading volume peaked at $10 billion on December 4th, making it the fifth-largest retail derivatives platform on that day.
This week’s Chart of the Week highlights May’s correlation of daily returns between BTC, ETH and the SP500, falling to 15.8% and 18.2%, respectively, the lowest level since August 2022.
Digital assets have benefitted from a significant price appreciation following signs that tight monetary policy and high interest rates may soon reach their peak. This comes after the recent collapse of Silicon Valley Bank, causing a stir in the banking system, and amplifying the interest in digital assets.
The depegging of USDC and regulatory issues with BUSD has led to Binance converting $1 billion of their Industry Recovery Initiative funds to BTC, ETH, and BNB, triggering further buy pressure for digital assets.
In this week’s Chart of the Week (COTW), we examine Bitcoin’s historical monthly returns for December since 2010. December has generally been a strong month for Bitcoin, delivering an average return of 11.8%. Since 2014, it ranks as the fifth-best performing month for the asset, with October leading the pack at an average return of 18.2%.
The price action could further be fuelled by the “Santa Rally”, a seasonal trend typically observed in the stock market where equities experience positive price action during late December. However, with the increased institutional participation this cycle, we could see more volatility as we head to the holiday season.
In this week's COTW, we examine the 7-day average trading volume of altcoins and Bitcoin's share of spot market activity.
With Bitcoin surpassing $100,000, retail traders have shifted their focus to altcoins, leading to a decline in Bitcoin's 7-day average trading volume dominance, which fell to 22.5% on December 4th.
This marks the lowest level of Bitcoin trading volume dominance since March 2022.
Building on this momentum and with Bitcoin market cap dominance receding from its peak of 59.1%, the altcoin market is experiencing renewed activity.
This resurgence reflects the historical pattern of capital rotation within the crypto market, where Bitcoin's consolidation often paves the way for altcoins to gain traction.
This week's COTW examines the relationship between centralised (CEX) and decentralised exchange (DEX) volumes since 2021.
So far in November, CEX market share stands at 90.3%, slightly above the yearly average of 89.6%.
Interestingly, DEX volumes have soared to a record $292.54bn, reflecting a surge in on-chain activity.
Yet, despite this growth, CEXs remain firmly dominant as speculative activity picks up, driven by BTC’s approach to the $100k milestone.
While CEX market share has declined from 97.7% in January 2021 to its current level, the shift has been gradual, with dominance fluctuating between 88–91% in recent years.
This highlights the enduring strength of centralised platforms, even as decentralised alternatives gain traction.
This week’s Chart of the Week explores the top ten assets* ranked by their relative change in open interest since the confirmation of the US Presidential Election results, which saw Donald Trump elected.
Mantra (OM), a Layer 1 blockchain focused on real-world assets (RWA), has significantly outperformed the wider market, with its open interest increasing by approximately 516% since November 6th.Memecoins also continue to capture attention.
Despite their high volatility, traders have been actively speculating on them through futures instruments, with three of the top ten assets in our chart being memecoins.
XRP has also seen notable growth, with its total open interest reaching $1.7 billion, making it the third-largest asset by open interest.
XRP’s open interest has increased by roughly 157%, a trend mirrored by XLM, its most closely correlated asset, which has experienced a 309% increase over the same period.
This heightened speculation appears to be driven by expectations of a shift in the SEC’s regulatory approach following Trump’s inauguration.
*Note: Analysis includes the top ten assets with open interest exceeding $100 million.
In this week's COTW, we examine the daily price moves of Bitcoin since its inception.
On November 11th, Bitcoin reached a new all-time high of $90,000, closing the day with a significant $8,329 gain from its opening price of $80,429.
This marked the largest single-day price increase in USD value, surpassing the previous record of $7,569 set on February 8th 2021.
Additionally, it recorded the 4th intraday swing between the daily highs and lows.
As Bitcoin continues its upward trajectory, daily price swings will likely be more frequent in the coming months.
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