Solana Dominance

Welcome to Today in Markets, where we dig into the hottest trends and assets in crypto, highlighting investable opportunities for our paying Bankless Citizens.

📊 Quick Take

How high? The Risk Rally continues as asset prices march upwards and onwards in the pursuit of higher highs.

Both the broad market S&P 500 and tech-heavy Nasdaq 100 touched new all-time highs today and BTC is still on track for its second highest daily close ever! What crypto assets are making outsized gains and showing signs of strength?

🧐 The Alpha

Bitcoin dominance has been on the rise since late January as spot BTC ETF inflows accelerated and drove outsized gains, but has found itself in decline since Monday, falling by 1.5% to retest its March monthly lows.

Along with the recent spell of Bitcoin weakness has come a resurgence in Solana strength, with SOL breaking above the $130 resistance level that had encumbered holders throughout March to hit new cycle highs just shy of $150 for a 13% gain on the day.

While Ether has not enjoyed the same double digit gains as outperforming alts, it is still green on the day, and despite a near 1% drop in ETH/BTC, the Ratio is defending against the downtrend that has plagued holders since September 2022.

Considering that ETH/BTC held above the key support level of 0.05 throughout the peak season of BTC ETF demand, is threatening to break out from its downtrend, and is primed for favorable developments from EIP-4844 and spot ETH ETF approval, it is no wonder that even those external to the Ethereum ecosystem are eyeing ETH with envy!

📈 Chart of the Day

As US Presidential elections come into focus, crypto traders hope to profit off the niche yet rapidly expanding sector of PolitiFi memecoins. The enthusiasm sent the recently created Solana memecoin “jeo boden” (ticker: boden) soaring to a market capitalization of over $50M.

🗣️ Post of the Day

Crypto degens are placing bets on the obvious candidates for this upcoming election with misspelled memecoins, but legendary asset manager and Bridgewater Associates founder Ray Dalio eyes an alternative choice for President: Taylor Swift!