TL; DR
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BTC reached $72.7k and dragged the rest of the market higher (ETH +3.3%, SOL +2.06%, XRP +19.39%, ADA +6.66%, AVAX +12.28%, DOT +8.52%, LINK +7.56%) .
Full story
Okay, time to talk about the markets.
Monday arrived, and with it came more buying of the Bitcoin ETFs, pushing the price of BTC to $72.7k.
In the process, making all of the Bitcoin in the world, more valuable than all of the world’s silver!
(WILD).
What Happens When Bitcoin Moves? The rest of the market usually follows suit.
At the time of writing, these are the upward moves we’ve seen from alt coins in the last 24 hours:
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!).
Okay, so what now – and where next?
No idea! But then again, nobody knows.
Now that BTC’s all-time highs have been definitively broken, we are in a phase known as “price discovery,” where there is no direct historical precedent or chart patterns to diverge.
The market will move up or down based on… not Blind trust – but that is trust visually impaired, at least.
That said, there is still consistency to be found in the market, thanks to the Bitcoin ETFs – they gobble up hundreds of millions (if not billions) of dollars in BTC every day, on behalf of their shareholders.
(Shareholders who tend to ‘buy and hold’ rather than buy/sell based on daily price movements).
What does this ‘buy and hold’ approach lead to?
Continued buying pressure drives prices higher, while long-term holdings stabilize prices.
That’s not to say we won’t see some daily drops of 10-30% (depending on which coin/token you hold), this is still crypto after all…
But in a market that is currently visually impaired, and in uncharted territory, it’s a nice consistency to have.