Daily Bitcoin and Crypto Analysis

Daily Macro And Crypto Markets Update: Positive News And Cyclicality In Crypto Markets Playing Out

November 10, 2021

Justin d'Anethan

If you’re trading traditional assets, you’ll notice a slight pullback, maybe just a pause, from the incessant bull run we’ve been on.

The fundamentals that pushed us higher haven’t changed, but key inflation data due tomorrow has investors taking some profit off the table.

In the crypto space, you can observe a slight pause as well, but it seems unfair to qualify it that way. We’ve been hitting so many new all-time highs in the past day or two. Just yesterday, BTC reached $68,520.

In the alts realm, ETH also reached records, going above $4,800. As I said yesterday, it almost feels inevitable we will reach 5k soon.

This type of market is also the opportunity to think about cyclicality. I don’t mean seasonality but cyclicality, the idea that capital flows from one trade to the other. In the crypto space, you see that with BTC leading, ETH following, major cap coins going soon afterward, and then more speculative projects getting pumped. 

For the past few days, I’ve been talking about ADA. You could see it just sitting still while the rest of the crypto space moved, and, inevitably, it started moving and outperforming yesterday as investors searched and found new trades with more upside potential. 

So, you have to see it as capital in a trade that pays off then… what’s next? Well, obviously ETH. Ok, and when that’s done, what are the other quality coins?

Right now, the coin I’m interested in is AAVE, still constrained relative to BTC, still hasn’t been pumped in USD either. Naturally, I don’t trade, I’m just a multi-year holder of all risk assets, but I’m observing a similar pattern.

Now that I’m done with my ranting. The news that probably made the biggest headlines was Tim Cook, the CEO of Apple, saying that he is personally invested in crypto but affirmed that the company wasn’t involved in anything related at this point.

We also heard from Robinhood, who said that more than 1.6 million people are on the crypto wallet waitlist, up from one million just a few weeks ago.

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