Equities indexes continued to rise yesterday. Despite concerns about having reached peak economic growth, geopolitical risks or the Fed hinting at tapering, investors are still bullish risk assets. And, as it did yesterday, with capital flowing to equities, the dollar and yields fell.

Looking at the crypto space, BTC is now staying still after yesterday’s 3% drop. We’re now hovering just above $47,000.

On the other hand, the BTC dominance edged down, showing at least some of the alts outperformed; and indeed, we see many coins in the green. 

SOL continues an incessant ramp up and gained 20% just yesterday. DOT rose 10%. COMP gained 4-5%. ETH is up 3%. Other projects like AAVE, LINK, STX, ADA are in the green by at least half or a full percent but so definitely doing better than BTC.

Looking at some onchain data, Glassnode published a flurry of interesting charts.

On the bearish side, we see a general decrease in the number of active addresses or transaction volumes across BTC but even other blockchain projects. With prices rising but activity remaining further down below (from the peak), it could suggest that the price gains are speculation driven and not based on a fundamental gain in value, based on usage.

On the bullish side, though, we’re seeing the very positive dynamic of more people holding onto coins longer. You see this through hodl waves which themselves are just based on counting addresses that have kept coins instead of moving them for x-amount of time. So far, the market seems to be trending towards longer-holding entities, and this is supportive.

You can see a similar dynamic in the ‘liveliness’ ratio where you see more activity and back-and-forth from addresses during the bull-run or volatility events but a decreasing liveliness during consolidation and accumulation. We seem to be in just that kind of period.

Another and last metric I picked up on is the rise in non-zero addresses. It seems that the pull back from the all-time high to the 30K’s and now up has been the opportunity for several people to get involved and hold at least ‘some’ BTC. This is positive as well.

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