Digital Assets Weekly: September 29th
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Market Analysis
This week, Bitcoin gained some ground but largely still exhibited choppiness as it consolidated above $10,000. As of yesterday, Bitcoin has closed above the key level of $10,000 for 64 consecutive days, which is an all-time high. The previous all-time high was 62 consecutive days back in 2017-2018. At time of writing, Bitcoin is currently trading at ~$10,750.
The Dollar has been exhibiting strength which may serve as a headwind for the crypto market. Also, Gold has been underperforming in recent weeks, which may be another contributor to Bitcoin’s recent weakness. Despite these factors, Bitcoin remains the best performing asset class on a year-to-date basis.
Despite a big down move in the entire market early in the week, all of the crypto majors were in the green this week, with Bitcoin Cash showing the strongest resurgence after recent weakness (+6.1%) and Bitcoin rising the least (+2.6%).
After the previous week’s dismal performance, all the FS Crypto FX indexes finished this week in positive territory with the FS 40 gaining ground after its double-digit loss the prior week (+8.5%). The FS 10 gained the least this week (+3.2%).
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