Green Crypto Christmas
'Tis the season. Santa visited crypto market participants this month, with anticipation of easing interest rates fueling strength across all risk markets and sending the total crypto market cap (TOTAL) up 17% since the start of December. What other catalysts have positively impacted prices this month?
While macro is helping to drive a portion of the outperformance, crypto markets have been buoyed by the impending approval of spot Bitcoin ETFs, the first of which seem likely to occur in January.
Window is officially Jan 5th to Jan 10th. Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Mark your calendars people. https://t.co/8ob8Y6pgU5
— James Seyffart (@JSeyff) December 1, 2023
Despite the immediate nature of Bitcoin’s ETF approval narrative and this past year’s overarching trend of BTC outperformance, Bitcoin dominance is down slightly on the month and has been on the decline since Wednesday.
Amid the brief intermission in Bitcoin dominance, broader alts have managed to get their legs underneath them, with SOL/BTC pumping 30% this week and ETH/BTC managing to finish out the week flat after a poor start.
Interestingly, many of Solana’s top tokens, including JTO, BONK, and PYTH, have lagged behind their native SOL over recent weeks, presenting a potential catchup trade should profits rotate into these ecosystem alts in the near future.