Digital Assets Weekly: September 1st
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Market Analysis
Early in the week, Bitcoin dipped testing $11,000 as support before rebounding and ending the week only slightly down
(-0.8%) from the week prior at $11,678. August is only the second month in Bitcoin’s history that it traded above $10,000
for the entire month.
Bitcoin continues its 2020 outperformance compared to all major asset classes. Notably, equities reached new all-time highs
this week and the Dollar continued its decline as investors expressed their appetite for risk-on assets.
Amongst all the majors, Ethereum was the only asset that was positive this week (+6.7%), largely driven by the growth of
the nascent DeFi space which broke above $8 billion in total value locked this week.
When Bitcoin dipped earlier in the week, it dragged the rest of the market down with it, but all the FS indices bounced back
and ended the week flat compared to the week prior.
Bitcoin’s Mkt Cap/CMR ratio decreased 1.2% week over week from 11.3x to 11.2x.
Bitcoin’s Mkt Cap/RV ratio was flat on the week and remained at 1.9x.
Digital Asset Investment Vehicles & Stocks
Noteworthy this week:
Canaan (NASDAQ: CAN): Canaan Inc., a provider of high-perform...Reports you may have missed
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