Relentless
No stopping us now
The relentless surge higher continued and at one point, Bitcoin was trading just $200 away from $24,000 level. Astounding, considering that it only broke through the $20,000 the day before. The open interest (OI) continued to tick higher and the CME reclaimed second spot on the leader board, with OKEx leading the pack higher.
Equally, the OI across other majors remained strong and large cap assets generally fared better relative to small and mid-cap assets. Looking at the MVIS indices, the large-cap index is up 14.5%, while small-cap index is only up 5.2%.
Of course, the surge was largely driven by Bitcoin and month-to-date it is up 22%, while year-to-date (YTD) it is up 215%. Still lagging behind Ethereum, which is up 390% YTD.
In the Markets
What next?
The headlines about the break of $20,000 and what this means for the asset class going forward, mask the key headlines from this week and that is intuitional flow, which crypto natives have been craving for so long is already here and that it has been buying all along.
The question is what is next in terms of price evolution and asset class as a whole. Comments by Guggenheim Partners Chief Investment Officer Scott Minerd, who said that his firm’s fundamental analysis shows Bitcoin should be worth $400,000, will only fuel fire of the current FOMO mode.
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