With Google seeing record growth, Amazon’s performance rising, and then, on a broader level, Democrats in the US pushing ahead with an aggressive stimulus plan, one can’t help but buy into risk.
The S&P 500 rose 1.3%, with financial and industrials leading the charge. The Nasdaq also continued the previous session’s rise. The 10-year yield rose further, now just above 1.10%. Gold and silver both retreated sharply, the latter down 8% on the session.
In the crypto space, we’re up as well—more, actually. BTC rose a healthy 6.2%, currently at $35,500. But, interestingly enough, the BTC Dominance Index continues to edge down, meaning that while BTC rises, alts are still outperforming.
The outperformance actually comes from ETH, which gained a massive 11.5% on the day, clearly breaking up and through the $1,400 resistance. We have now reached new all-time highs of $1,550. We are undeniably in price discovery mode and it is exciting to imagine the previous resistance could serve as a base for ETH to push ever higher.
While all the focus is on BTC and ETH, alts are also slightly up, all rising between 3% and 5%, so holding up but actually not outperforming. It’s worth remembering the cyclical nature of markets, though, and the fact that after BTC, the focus goes to ETH (the second largest market cap coin), then to steady but more volatile coins, and then to even more speculative projects.
A quick fundamental piece of news: As it has become the norm, it seems, MicroStrategy acquired an additional $10 million worth of BTC.
Lastly, the ETH options realm is completely dominated by calls, and, while they could be used for hedging, it typically suggests a general bullish tilt. Let’s see if prices push higher.
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