TL;DR
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BTC hit $72.7k, dragging the rest of the market up with it (ETH +3.3%, SOL +2.06%, XRP +19.39%, ADA +6.66%, AVAX +12.28%, DOT +8.52%, LINK +7.56%).
Full Story
Alright, time to talk markets.
Monday arrived, and with it came more buying from the Bitcoin ETFs, dragging BTC’s price up to $72.7k.
In the process, making all of the Bitcoin in the world, more valuable than all of the silver in the world!
(WILD).
What happens when Bitcoin moves? The rest of the market tends to follow.
As of this writing, these are the upward moves we’ve seen from alt coins in the last 24 hrs:
ETH +3.3%, SOL +2.06%, XRP +19.39%, ADA +6.66%, AVAX +12.28%, DOT +8.52%, LINK +7.56%, NEAR +15.98% (not bad!).
Ok, so what now — and where to next?
No idea! But then again, no one knows.
Now that BTC’s all-time-highs have been well and truly broken, we’re in a phase known as ‘price discovery,’ where there’s no direct historical precedent or chart patterns to go off.
The market will move up or down based on…not blind confidence — but confidence that is vision impaired, at the very least.
That said, consistency can still be found in the market, thanks to the Bitcoin ETFs — they’re gobbling up hundreds of millions (if not billions) of dollars worth of BTC each day, on behalf of their share holders.
(Share holders who have a tendency to ‘buy and hold’ instead of buying/selling based on day-to-day fluctuations in price).
What does this ‘buy and hold’ approach lead to?
The sustained buying pressure pushes prices up, while long term holds stabilize the price.
That’s not to say we won’t see some face-ripping daily drops of 10-30% (depending on which coin/token you’re holding), this is still crypto after all…
But in a market that’s currently vision impaired, and in uncharted territory — it’s a nice consistency to have.
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