Amidst the dollar falling, gold jumped up about 1.4%, and crypto is also feeling lifted.
BTC is closing just barely 0.5% up after rising almost 4.5% intraday, all the way to $59,000. We’re currently closing the session at $57,000.
What’s not “barely up” is ETH. After breaking new highs and breaching the $3,000 mark yesterday, it marched on further. The new all-time high is $3,425. That’s 15% up on the day, versus both USD and BTC.
As a result, the BTC Dominance index fell even further, now at 47.3. To give some context, we were at a similar level in April 2018 and, before that, December 2017. In both cases, there was some way to go, as we touched levels in the mid 30’s. Careful, though: We might see moves up on the way down.
Alts are bolstered by ETH’s move but, because the focus is on ETH, alts’ gains are comparatively tamer. LTC benefited well, gaining 9%. XTZ and AAVE gained about 7%. LINK and BCH were up about 4-5%.
There is always news to talk about, but let’s talk about on-chain data instead.
A Glassnode chart shows USDT’s growth: This week alone, it grew 3%, adding almost $1.5 billion to its circulating supply. This, interestingly enough, pushed the SSR (stablecoin supply ratio) to very low levels, which is a positive/supportive thing, suggesting there’s plenty of dry powder to push us higher.
While that’s happening, even more people are just holding coins instead of selling/trading them. It’s relatively easy to track on the blockchain, as we can see addresses that haven’t moved for x-amount of time. People are accumulating coins, not parting with them.
On the ETH side, it was great to see the NVT ratio (an indicator looking at the transaction amounts relative to price). In this massive bull run, instead of going higher and getting heated, the indicator is at very low levels, meaning the price relative to the value transacted is actually… low.
Written by: Justin d'Anethan, Sales Manager
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