BTC Strikes Back
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.
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.