Last Friday, traditional markets ended the week on a mixed note, with the S&P down, the Nasdaq up, Treasuries and yield more or less flat, the dollar timidly moving up, and gold retracing sharply.
In the crypto space, while BTC’s moves were more pronounced, the picture looks unclear as well.
On Friday and in the midst of silly yet impactful ‘double-spend’ rumors, prices continued the previous session’s drop and touched $28,850 — below the important 30K mark. Prices quickly recouped though, and oscillated between $33,350 and $31,000 over the weekend.
BTC is currently ending the day at around $32,000.
The interesting thing to look at is the BTC dominance index, currently down at 63. There have been undeniably more talks about trades away from BTC, which in itself is supportive of alts.
Not only did ETH outperform over the weekend, but it is also closing the Sunday session up about 12%. If you look at ETH versus BTC, the weekend adds up to a solid 20% gain.
LINK also flexed its muscles, rising around 35% over the weekend (in USD terms). LTC and ADA rose, and XTZ went up around 25% since Friday. Most alts are essentially green and gaining over BTC — for now.
Away from pure price action, there were interesting reports coming through over the weekend.
One of the largest withdrawals of ETH took place, with 659K ETH leaving exchanges in a single hour. This is naturally seen as supportive: It means those coins are being stored and kept, not traded and sold.
Lastly, an interesting tweet by QCP capital denoted that, while we’ve grown accustomed to the US buying and Asian whales and miners selling, the momentum of american buying has decreased over the past two weeks (in the midst of the ATH retracement) — something to be aware of.