Traditional markets finished last week on a risk-on note, investors were bolstered by reassuring inflation data and ignored the jobs data which showed a decline but was broadly in line with expectations. One could also observe the dollar falling, supporting risk assets and also gold, trying to make a comeback.
In the crypto space, you can feel the bullishness as well; investors are a lot richer now than they were last week or the week before that. And that includes BTC maximalists or people with a more diversified portfolio.
Over the weekend, BTC’s performance was mixed but at least holding up a massive 7% increase on Friday. We’re currently hovering around $47,500.
Alts, on the other hand, have continued to rise, totally outperforming over the weekend, and pushing the BTC dominance back down to the low 44’s. The shift is interesting. With positive developments on ETH, ADA and other proof-of-stake solutions, but also the rise of NFT’s and the continued growth of DeFi, investors seem more willing to allocate capital to those solutions, those that are supportive of a ‘smart’ blockchain economy and at the expense maybe of some of their BTCs.
Among the best performers, we see LUNA, SOL, ADA, VET, GRT and MATIC, all rising in the last few days between 15%, 20%, 30% or even 40% for Solana.
DOT, XTZ, LINK are another batch of high flyers; less than the previous ones but with gains of 5% to 15%.
Away from price action and onto news, the thing I’m most happy to hear about is talks on the infrastructure bill and some politicians trying to amend the language around crypto regulation/taxation. If a more lenient wording can go through, this will be very supportive.
On a less supportive side, we see BINANCE stopping Korean won payment options and trading pairs. Nothing unexpected and just a continuation of them cleaning up their act, but still.
Looking more are the onchain activity. The hacker of the Poly Network was “awarded” $500,000 in exchange for returning the fund and the whole incident is now branded as a ‘bug bounty’ thing.
Last, but definitely not least, the latest difficulty adjustment for Bitcoin mining rose 7.3%, which as always is supportive and increase the security, and faith, in the network.
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