Think of yesterday and reverse it: GameStop shares fell, equities rose, the dollar retraced previous gains, treasuries retreated, pushing the 10-year yield up to 1.05%, and oil dropped further. Only gold remained flat amidst all the movement.
The risk-on sentiment seems to have permeated to crypto. BTC rose a full 10% on the session yesterday, still somewhat within a range, currently at $33,630.
Alts are underperforming in this environment, when uncertainty prevails, and the Bitcoin Dominance Index is slightly higher, now at 64.
ETH still rose a good 9%. LTC is closing the day up 10%. LINK and DOT, which seem to be moving together these days, both gained 11%. ADA pumped almost 13%, but the best performer in my watchlist is XLM, pumping a good 25% on the session.
It was interesting to see that the stablecoin reserve on exchanges is reaching record levels, almost as if people had prepared or were preparing to buy a lot more coins.
Within the stablecoin arena, it’s also interesting to see that people are moving away from USDT (although it remains the predominant coin) and towards USDC or USD, seen as safer and more institutional.
Speaking of institutional interest, it seems that Ray Dalio’s Bridgewater fund is exploring alternatives to cash and said “Bitcoin won’t escape our scrutiny” as well as calling it “one hell of an invention”.
Let’s not get swept up by the enthusiasm, though, as it’s been the case for a while now, massive inflows of coins also are being deposited to exchanges so as people buy and prices rise, others are ready to sell. Who will win remains to be seen.
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