Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 12th

March 12, 2021
With yields retreating slightly, the dollar retracing down, and decreasing concerns over inflation, equities rose across the board yesterday. The S&P jumped more than 1%, the Nasdaq more than 2.5%, and the Dow continued its price exploration above 32,000.

 It’s worth noting that the 10-year yield is still above 1.5%.

In the crypto industry, we’re riding that wave up. BTC rose over 3.5% on the session, testing the 58K levels (near the all-time high reached in February), and is now closing the day at that very level.

Alts are mostly up in dollar terms, but are really only retracing losses suffered in the previous session. Overall, the BTC Dominance index is up further, at 62.3, suggesting that Alts underperformed relative to Bitcoin. 

I like to look at the total crypto market cap (BTC+ALTS). Unsurprisingly, we’re back at all-time highs, at $1.73 trillion. This means that, regardless of specific coin performance, more capital has flowed into the space (or never really left). 

With a growing stablecoin supply and derivatives open interest reaching fresh record levels (see the Glassnode chart below), my conviction that a flurry of new, large, and sophisticated traders are coming into the space is only solidified.

Almost coinciding with that narrative, Bakkt (the ICE’s custody and crypto product solution) was just awarded a BitLicense in New York. Volumes have remained tame on the exchange, but the license is a step in the right direction and will surely enable many more players to pour in.

Even more bullish in my eyes: The on-exchange balance of BTC continues to steadily decline. If there aren’t enough coins to be sold, guess what happens to prices in order to cope with demand?

Lastly, as a silly but perhaps not insignificant piece of news, an NFT was sold at Christie’s for $69 million: a serious auction house and a serious amount of money. It’ll be fascinating to see how blockchain changes the status quo.

Written by: Justin d'Anethan, Sales Manager

Morning‌‌ ‌‌Update—Macro and Crypto Markets—March 12th

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