Wow, new records. Not for BTC by the way, but in traditional markets. The S&P rose almost 1%, reaching new records. The Dow did the same, now above $34,000. While that was happening, bonds were also bought ‘en masse’, pushing the 10-year yield just below 1.6%. Gold is loving every bit of that and jumped more than 1.5% on the session.
In the crypto space. Hmmm, do I want to talk about BTC or alts? Let’s start with alts for once.
Following the successful Berlin update, ETH broke new highs, crossing $2,500 and up to $2,545. Since the beginning of the week, it’s risen 20%, totally outperforming BTC even while the latter reached record levels.
With that happening, a flurry of alts were bought massively. MKR, so did CRV, COMP, SNX, AAVE, VET, LINK, SOL… it’s field of green, ranging from 5% to 50% gains. Even the lower performers, XTZ or DOT, are up at least 3%. If you’re holding alts, you’re up, period.
The BTC Dominance is down to 53.5. I hadn’t seen those levels since March 2019. Mind you, BTC is not doing bad at all, holding strong at $63,200.
During this uptrend, Grayscale’s cryptocurrency AUM topped $50 billion. That’s some serious capital seeking exposure to digital assets and, I’d say, almost a point of no return. This is here to stay.
It was very supportive to also hear both Blackrock’s CEO saying that cryptocurrency might become a ‘great’ asset class. On the same day, Brevan Howard’s main hedge fund announced it would start buying cryptocurrencies… It feels like more and more traditional funds are picking up on the opportunity.
Need more proof? Maybe the more significant one, in my opinion, is AXA Switzerland now allowing customers to pay their insurance premium with BTC. That TSLA or some innovation-focused company would is one thing, that a large and traditional insurer like AXA would make the switch is something else. It’s significant.
By the way, I don’t follow the NFT trend much but was shocked to see a chart showing that in just Q1 2021 it generated over $1.1 billion in cumulative sales volume. Is this really the next thing to look at?
Follow Me On Twitter On: https://twitter.com/justindanethan
Sign up on EQUOS via: https://tinyurl.com/ybdvmu3z
Sign up on YouTube via: https://www.youtube.com/c/JustindAnethan
