Holy Hell! Bitcoin Just Flipped Silver.

TL;DR

BTC hit $72.7k, dragging the remainder 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 speak markets.

Monday arrived, and with it got here extra shopping for from the Bitcoin ETFs, dragging BTC’s worth as much as $72.7k.

Within the course of, making all the Bitcoin on this planet, extra worthwhile than all the silver on this planet!

(WILD).

What occurs when Bitcoin strikes? The remainder of the market tends to comply with.

As of this writing, these are the upward strikes we’ve seen from alt cash within the final 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 dangerous!).

Okay, so what now — and the place to subsequent?

No concept! However then once more, nobody is aware of.

Now that BTC’s all-time-highs have been nicely and actually damaged, we’re in a section referred to as ‘worth discovery,’ the place there’s no direct historic precedent or chart patterns to go off.

The market will transfer up or down primarily based on…not blind confidence — however confidence that’s imaginative and prescient impaired, on the very least.

That mentioned, consistency can nonetheless be discovered out there, because of the Bitcoin ETFs — they’re gobbling up a whole bunch of hundreds of thousands (if not billions) of {dollars} price of BTC every day, on behalf of their share holders.

(Share holders who tend to ‘purchase and maintain’ as a substitute of shopping for/promoting primarily based on day-to-day fluctuations in worth).

What does this ‘purchase and maintain’ strategy result in?

The sustained shopping for strain pushes costs up, whereas long run holds stabilize the worth.

That’s to not say we gained’t see some face-ripping day by day drops of 10-30% (relying on which coin/token you’re holding), that is nonetheless crypto in spite of everything…

However in a market that’s at present imaginative and prescient impaired, and in uncharted territory — it’s a pleasant consistency to have.