$BTC 24 Hour High $46,490
$BTC 24 Hour Low $44,810
$BTC +2.1% past 24 hours; -11% past 7 days
Good morning. More sideways action took place over the weekend as neither $BTC nor $ETH tested the highs and lows that had been set over the past week.
$BTC started to trade sideways in the 44-47K range. It’s almost a week since the pull back took place, it’s a good sign as prices still haven’t dropped below 44K. Markets still appear to look to reset, with lots of market participants sitting on the sideline waiting to see which way we move next. Our take is it’s just a matter of time before $BTC goes higher again, and some telltale signs can shed some light on this. The GBTC shares are trading at a 14% discount to the physical spot. While no shares are being unlocked at the moment nor no new shares issued since February, we expect this to continue until the discount disappears.
$ETH tested support at $3,200 and is looking to retest $3,400. We saw strong support in the recent success of other major Alts; the BTC dominance thus dropped from 72.5% in January to 40% recently, and even traded below at times, showing how much Alts have exploded since and muscled dominance away from BTC. But, most importantly, will prices break through $3,475 to the upside to boost the confidence of a further run? If trading volumes remain muted, we may see prices trading sideways for some time.
Coming off the back of a record $4B worth of sales in August, NFT marketplace OpenSea (using the last 7-day period sales volume figures) registered a more muted volume number at slightly under $800M, based on DappRadar’s figures tracking over 156K investors. DappRadar also discovered a 10% drop in registered investors compared to the week before. It looks like the interest in NFTs has cooled somewhat with collections, floor prices and platforms experiencing a pull back in prices. Nevertheless, OpenSea continues to dominate, with its closest competitor Axie Infinity marketplace registering circa $158M worth of sales.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.2T, +3.3% from yesterday
- $BTC is down 0.7% at time of writing, support / resistance – 44,140 / 47,400
- $BTC liquidations and funding: $69M, 0.0102% average
- $ETH is down 1.4% at time of writing, support / resistance – 3,010 / 3,570
- $ETH liquidations and funding: $47M, 0.0154% average
Alts and DeFi watch:
- DeFi TVL: $84.84B
- $SOL down 5.3% in the last 24 hours, up ~17.4% in the past week
- $LUNA down 2.2% in the last 24 hours, up ~43.4% in the past week
- $LINK up 8.8% in the last 24 hours, down ~12.5% in the past week
- $UNI up 4.1% in the last 24 hours, down ~20.1% in the past week
More news that caught our eye:
- Cardano now has smart contracts capabilities: Alonzo mainnet upgrade went live
- $300M incentive program backs 100% rally in Harmony (ONE) price
- Crypto-related money laundering next on China’s policy framework
- Anthony Pompliano: NFTs are going to be much bigger than I anticipated
- Zimbabwe finance minister urges citizens to invest in BTC
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