Today in Markets

BTC Strikes Back

A sad day for bears as the crypto markets got back to pumping

Nov 15, 2023 • 1 min read

Crypto Bounces Back: Last Thursday, crypto pumped on news that BlackRock was filing for a spot Ether ETF, but tokens have been caught in a downtrend since! Today, crypto majors are putting in defiant green candles and retracing yesterday’s sizable losses.

Wait, are we back again? Bears can’t even get 24 hours of fun! pic.twitter.com/OVRJGyyiRM
— Farokh (@farokh) November 15, 2023

The sentiment of crypto market participants remains highly volatile. Yesterday, Crypto Twitter was awash with despair as markets dipped and leading alts retraced, but today, with Bitcoin threatening to set yet another year-to-date high, the atmosphere is one of excitement!

While Bitcoin had been on the decline against alts after the BlackRock ETH ETF filing, it gained 1.4% against the Total Crypto Market Cap excluding BTC (TOTAL2) and is up 2.0% on Ethereum today.

The increase in relative Bitcoin strength signals that BTC may yet again be rotating into the limelight after a nearly weeks-long period of alt strength. However, top-performing alts (including SOL, LINK, DYDX, SNX, and RUNE) continue outperforming Bitcoin, indicating that there is still alpha in investing in projects with strong narratives.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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