It’s a very clear market dynamic to watch: Yesterday, the dollar rose and, conversely, people sold equities. The S&P, the Nasdaq and the Dow are down. Gold and silver are definitely down, losing around 2% on the session.
In the crypto space, ignoring the dollar gains, most coins are up. BTC gained 4% on the day, currently trading a tad above $39,000. With the positive move, the BTC Dominance index continues to edge lower, now at 42.2, and indeed alts are outperforming slightly.
ETH and LINK are both up about 5%. ADA is also doing well, gaining 6%. Then we see some more exotic coins outperforming further, I’m looking at VET, LUNA, NANO or GRT.
For users of EQUOS, by the way, it’s worth noting that our exchange coin, EQO, has been on an incessant and steady ramp up in the past two month, even during the recent volatility event. If you bought at $0.45, congratulations, we’re now trading at $0.93 and you’ve doubled your money.
Moving on to onchain data, there’s still a lot of supportive info coming through. A chart by CryptoQuant, for example, shows the miners' exchange flows which, currently, are at extremely low levels and seems to say: they’re holding on to their coins instead of selling.
The BTC SSR (stablecoin supply ratio) continues to go lower, which is also good, it means there’s a lot of buying power, relative to the bitcoin market cap.
Another great chart comes from Glassnode and shows the network fees on both BTC and ETH. They’re currently back to levels last seen in January of this year and also September of last year, during the so-called ‘DeFi Summer’. Naturally, people look at that thinking we might have reached a good base to bounce higher, in transaction cost but also in pure coin price.
To also talk about the daily news, a comment from a Chinese government official seems to say people have the freedom to trade bitcoin -at their own risk. This is the usual back-and-forth we’ve seen time and time again from China.
Oh, and following Binance, FTX just launched an NFT marketplace. It’s impressive to see more and more players looking to cater to the NFT space, maybe something to look into.
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