Yesterday traded mixed. Early in the session, even with reports of economic slowdown in the US, traders were still buying -maybe thinking this solidifies accommodating Fed policies. Later in the session, the S&P which had reached record highs walked back on some of the gains. Gold has been rising steadily in the past four sessions, now back at $1,830. Conversely, the dollar index keeps on falling, probably supporting all the other -non-cash- assets.
Indeed, if you one is to look at crypto, things look well supported. Market sentiment is still very much BTC-focused but alts actually outperformed yesterday.
BTC is currently closing the day perfectly flat, at the $40,000 mark. Clearly, people are uncertain here. Will we pierce through and revisit the mid 40K’s or will this prove too tough a resistance to break and will we -once again- fall into range.
Most people expect a pull-back and, from a technical analysis perspective, that would make sense. I did notice a large number of coins leaving the exchanges, reducing the selling supply further and supporting the idea that, still, buyers might push us further up.
As mentioned, alts are outperforming and the BTC dominance walked back down slightly, to 48.3.
Best performers were SOL, NANO, MKR, BCH, rising between 12% and 7%. Another cohort of coins also gained more than BTC, I’m looking at AAVE, DOT, ZEC and ETH, up about 3-5%.
The good performance doesn’t just come from dollar weakness, in my opinion. The positive news keeps on piling in while the regulatory crack-downs on the industry have become, at this point, more… digestible?
Amongst good reports we heard of State Street offering crypto services to private-fun clients. This is just yet another step into making crypto part of their overall offering and is a massive sign that all large players are looking at this.
A chart by Crypto.com shows that global crypto users have about doubled to over 200 million since just January of this year which, alone, is already so supportive of higher prices and more activity.
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