As retail investors’ focus cycles from GME stocks to silver, global equities seem to have recovered from last week’s sharp descent.
The S&P closed the session up 1.8% and the Nasdaq gained almost 2.5%. Gold continued to perform positively as silver rose another 7% on the session. It was also interesting to see the dollar, which seems to have bottomed out, continuing to rise.
I’m naturally always looking at the value of the dollar and seeing how it could impact crypto markets. For now, they seem to be relishing in the risk-on sentiment.
BTC is up about 1.5%, closing the day at $33,600.
ETH is outperforming, up more than 4%. It’s worth noting that the coin hasn’t been able to move past the recent $1,400 resistance and that, while that’s happening, the RSI seems to be trending down, forming a bearish divergence. Naturally, as we’ve seen, markets can get excited and should we break up, the move could be explosive.
Alts are also doing well, in USD terms and BTC terms. LINK is closing up 2%, DOT gained 2.5%, LTC rose 3%, then two coins, ADA and BNB, decided to show off and both pumped more than 15%. While that was happening, XRP closed the day down 22%, after an intraday high of +55%... I hope some people took the opportunity to get out.
Away from pure price action, the interest in crypto is undeniably here and in a stronger way than ever before. This is highlighted by a simple metric: the number of active addresses (so sending and receiving BTC). In January, we hit a record high of 22.3 million.
Coupled with the more recent outflows we’re seeing out of the various exchanges, it seems to suggest people are happy to buy and hold their coins.
Maybe Elon can muster yet another tweet? Yesterday during a Clubhouse talk he mentioned: "I do at this point think Bitcoin is a good thing. I am a supporter of Bitcoin. I am late to the party but a supporter. Bitcoin is on a verge of getting broad acceptance by traditional finance people"
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