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Broadly speaking, we’re still in an uptrend in crypto markets, at least I believe so, and we’re seeing some outperformance from selected coins amongst alts.
This is part of a broader risk-on tilt in macro markets, with equities rising while cash and bonds are ignored for a while. Good earnings all around, from US companies, is reassuring. Investors are happy buying assets, even volatile ones like BTC and even more speculative ones like altcoins.
On the session, BTC rose 3.6% to now a tad above $63,000. It’s very interesting to see data from CryptoQuant showing the taker-buy volume spikes everytime prices hit 60K, in the recent days, establishing it as a new base where investors are happy to buy.
While that was happening, the BTC Dominance index rose slightly, just above 45.
As mentioned, we’re seeing mixed performance from different alts. Coins like GRT pumped a healthy 10% on the session. LINK did about as much along with AVAX. Then we saw tamer but still outperformance from DOT, MATIC, VET, DYDX all gaining around 5-6%.
Amongst the underperformers, we see yesterday’s winners, STX, privacy coins like ZEC and XMR, also XTZ and ADA.
Away from price action, there’s just a lot of news and announcements one needs to pay attention to:
The Korea Teacher's Credit Union, which you’ve never heard of but manages $47 billion, is now investing in Bitcoin. This is actually big because it means that large and more traditional -and dare I say conservative- funds are taking BTC seriously and seeing the value.
A chart from CoinShares is showing massive influx of cash in its crypto-linked funds, as a result of these types of news and of course the BTC Futures ETF in the US.
If that wasn’t enough, Mastercard says any bank or merchant on its network can soon offer crypto services, this means one of the largest payment providers in the world is essentially giving the green light to all the satellite entities to also jump on the bandwagon.
You’ll probably also have heard of Nigeria, set to launch its digital currency on Monday, according to its central bank. Now, this isn’t BTC and isn’t a decentralised cryptocurrency, as I understand, but rather highlights the value and use case of blockchain technology, which is still supportive for the space as a whole.
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