In traditional markets, things are looking good, with more positive earnings and news coming from large companies in the US. The sharp moves up have calmed down, though, and after a move up, the S&P closed just 0.10% up, while the Nasdaq closed flat.
In the crypto space, things are not calming down. After two sessions up, BTC is closing the day up another 6%, currently at $37, 600.
ETH is riding the wave and, if anything, is surfing past BTC. The second largest market cap coin rose another 8.5% yesterday, pushing past its previous all-time high and to $1,660. After yesterday’s performance, it’s fantastic to see ETH so decidedly endure and distance itself from its prior resistance at $1,400.
While the focus is on ETH, during the last session, people looked at a competitor: DOT. The coin rose a massive 19%, outperforming its Top 10 coin peers.
Most other altcoins did great regardless, rising between 5% (think ADA) and 10% (LTC).
Back to BTC and fundamentals affecting crypto markets, they were all discussed in previous briefings: rising stablecoin supplies, large outflows from institutional exchanges, growing user base and active addresses and, of course, positive global market outlooks.
Maybe a new piece of news is the roadmap issued by Visa with regards to their Bitcoin and crypto banking initiatives. Over time, we’ve become numb to new companies looking at crypto but the importance of such a large payment provider actually moving forward with crypto solutions cannot be overstated.
Lastly, unrelated but as a last information nugget, there’s a beautiful chart from Glassnode (below) showing the distribution of BTC amongst different types of market participants and, it seems good (meaning it’s getting more evenly distributed).
Sign up on EQUOS via: https://tinyurl.com/ybdvmu3z
Sign up on YouTube via: https://www.youtube.com/c/JustindAnethan