Yesterday, investors digested positive corporate earning results and considered policymakers’ next moves to support the still virus-stricken economy. The Dow reached records while the S&P and Nasdaq closed flat. The dollar is still losing value against its peers. Gold is still—timidly—rising.
In the crypto space, while we’re not rising further, it’s hard to say we’re “down” after such a massive move from the upper 30K’s to the mid 40K’s. On the session, though, BTC did fall about 3%, from $46,400 to $45,100. However, any investor that got into the action during the last three days is still seeing monster profits.
The Bitcoin Dominance index is down, now at 61.90. This means that during the slight move down, alts held on and thus outperformed in comparison to BTC.
Most alts were happy just to stay flat: I’m thinking of ETH, LINK, BCH, etc. Some definitely did better, such as LTC, ADA, DOT, ZEC, DASH, and some select large market cap coins, all up a few percentages.
The Google search interest for crypto and for alts is undeniably picking up. If you’re looking at search terms like ‘BTC,’ ‘ETH,’ ‘Alts,’ ‘ADA,’ ‘DOT,’ etc., a clear lift off is visible. Are we trying to estimate how far it will go? No. The dynamic of increased interest is enough to validate the shift in investors’ perception.
It’s not just retail investors, by the way. After the Tesla bombshell news and Jim Cramer advocating for companies to get some BTC exposure, you can be sure every board member is asking themselves “should I…?”
Overnight, we saw MasterCard announce that they will now allow/enable crypto payments. This type of news has become the norm, but again, the impact of such a large payment provider enabling crypto is massive.
Maybe they’re seeing MetaMask, the crypto wallet, earn about $200,000 a day in Ethereum token swaps alone and thinking it’s time to dip their toes in.
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