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BTC to New ATH Market Cap, Negative ETF Flows on Friday (But There's a Twist)

Mar 4, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update $BTC has soared to a new all-time high market cap, and is currently hovering just above $67k, with its sights set on $69k. Meanwhile, $ETH is slightly behind, inching up to just under $3600. The market appears to be adopting a barbell strategy, with Bitcoin maintaining its strength, yet beyond meme coins, few assets are significantly outperforming. The sustained rallies in $DOGE, $BONK, $PEPE, and $SHIB unmistakably signals the resurgence of speculative enthusiasm in the market. On the crypto equities side, COIN is outperforming, reaching a new YTD peak and its highest level in over two years, while MSTR is also surging, potentially aided by a short squeeze. Interestingly, the miners are not faring as well, mostly showing declines for the day. This could be attributed to several factors, including the massive rally they enjoyed last year, coupled with a persistently high 10Y yield, and lingering concerns about the halving event and its impact on their profitability due to the reduced block reward. We still view these as outperformers this year. In traditional markets, equities are showing mixed performance, with major indices remaining relatively flat so far today. Interest rates are up, but the DXY remains flat. Non-digital gold continues its ascent as well, marki

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