THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—January ‌‌8th

January 8, 2021

While traditional markets are up, crypto markets are up more. With the progressing political situation in the US (suggesting further stimulus) and the reassurance of vaccine arrivals in the coming months, markets are enjoying a risk on tilt, pushing equities to all-time highs. The S&P rose 1.5% to $3,800. The Nasdaq jumped 2.5% on the session. The 10-year yield continued its ascension, now at around 1.08%. The dollar experienced a quick bounce, but is at decidedly abysmal levels still.

In the crypto space, as we’ve seen already, bull moves are much more powerful. We’re also testing new highs, but after a 6.5% day. BTC, which just recently astounded everyone by breaking the 30K mark, rose throughout the week and crossed 40K.

The new all-time high is $40,380. 

While chartists will look at indicators for hints of an eventual reversal, when lifted by so much momentum, indicators can be ignored for a long time. The RSI shows we’re overbought, but that can go on for a long time. Right now, we just retraced slightly, at $39,000.

Alts clearly underperformed during the session, relative to BTC. They’re holding up and recently enjoyed a flush of interest and cash but, on the session, most were either flat or down, between 2-7%. Yesterday was a good day for ETH, though, as the total market cap hit its all-time high. 

The more momentous milestone hit yesterday was that of the total crypto market cap, which hit $1 trillion for the first time. This is important because instead of showing money rotating through coins, the total market shows that more new/real cash went into the crypto space, and the moves are happening in billions. The message is clear, enough people are happy to short their local fiat currency to long decentralized cryptocurrencies.

As a last piece of news, Elon Musk just became the richest man on earth, surpassing Jeff Bezos. I wonder what would happen to crypto markets if he decided to allocate just some of his cash (or Tesla’s cash) to BTC. 


Written by: Justin d'Anethan 

Related Articles

November 18: Daily BTC Analysis

November 18: Daily BTC Analysis

November 19, 2021

Matt Blom

The natural ebb-and-flow of price, has replaced the bullish moves seen through October and early November

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

November 17, 2021

Justin d'Anethan

It looks like crypto isn’t correlated to traditional markets, at least not during this past session.

Daily BTC Analysis: The Weekender

Daily BTC Analysis: The Weekender

November 15, 2021

Matt Blom

One of the big factors contributing to bitcoin’s expansion over gold is that millennials are becoming more knowledgeable of the investing world.

THE EQONEX CRYPTO GUIDE AND LEARN HUB

Bringing digital assets to the world.

EQONEX is a digital assets financial services company focused on delivering a full, digital asset ecosystem that offers innovative, trusted, and transparent products and services.

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

© 2022 EQONEX Capital Pte Ltd
All rights reserved.

IS 749075