Markets remain strong and banks are reporting positive earnings, yet, equities across the board retreated somewhat from their recent record highs. Mainly tech stocks, including COINBASE which just IPO-ed, fell. Gold is holding strong while the dollar continues to lose value.
BTC whipsawed yesterday. We reached new all-time highs, that is amazing, with a print at $64,895. But later in the session, prices fell down to $61,300. The fact that ‘down’ is still above 60K fills me glee. Right now we’re closing the session slightly in the red at $63,000.
The BTC Dominance index is deeply in the red. That’s great for any diversified crypto investor. Alts have been outperforming BTC steadily for the past month and continued to do so yesterday.
ETH boldly marches on, also hitting record levels and closing deeply in the green. The new all-time high is $2,445 and we don’t even seem to be retreating, the day is closing 6% up.
LINK decided to flex its muscles and rose 17% on the day, reaching a new all-time high above $40. Other coins are definitely gaining, I’m talking of ADA, LTC, XTZ, XMR, BCH, VET. It was interesting to spot some stagnation with DOT and XLM, maybe overlooked to cater to ETH’s performance.
As we reach new levels, mainly on BTC, we can see a consolidation pattern through the coins moving to private wallets at certain prices. The Glassnode chart below shows not only very strong support at and below 60K but also that a new accumulation phase might be starting at and above 60K.
While that’s happening, I noticed that the Korea -aka Kimchi- premium remains elevated, at around 15% and that suggests at least some continued enthusiasm/bullishness to come.
Lastly, because I know people are mostly interested in the Coinbase IPO, while prices did retreat at the open, it’s worth noting just how big the valuation is at. Right now, the market cap is higher than the HK stock exchange, or the CME group, the Intercontinental exchange, or the London stock exchange. That’s a lot to live up to. Let’s see how it goes.
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