Recap of price performance; A pattern emerges in BTC & ETH dominance; Market structure remains unchanged and ripe for an institutional nudge; Takeaway: Buy BTC and ETH into any near-term weakness; Alpha Opportunity; Metaverse Summer
Aug 18, 2021
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Recap of price performance
First, let’s quickly recap what we observed the past week for BTC and ETH. Some observations:
1. Below (Exhibit 1) is the 7-day chart featuring the price action of BTC and ETH. Bitcoin surpassed the $48,000 - level, Ethereum traded above $3,300, and the total crypto market cap reached $2.0 trillion for the first time since the industry drawdown in May.
2. Last week we highlighted the fact that BTC traded above its 200-day SMA. We note that it has retested this indicator a couple of times over the past week and currently sits just below this level. We will k...