Bitcoin (BTC) remains in pump mode, adding another 4% this morning to hit $26,000 for the second time in four days.
The benchmark cryptocurrency has been a true benefactor of the market chaos following the collapse of Silicon Valley Bank – in the seven-day period, BTC/USDT shot up over 30%
Given its exceptional resilience at the moment, the narrative of bitcoin as a safe-haven asset has returned, although volatility cannot be ignored, nor can selling pressure inevitably ensue as long-bitcoin traders take their profits.
Binance’s order book definitely shows a selling bias on the BTC/USDT pair, especially at the USD 26,300 price point.
Regardless, today’s option expiration is clearly in favor of the bulls.
Bitcoin (BTC) hits its stride – Source: currency.com
Ethereum (ETH) is trading just above USD 1700, which is significant given how often ETH/USDT is rejected to the USD 1700 price point.
If the ether bulls remain in charge, it could break through the next resistance point at US$1730 through today’s trading session.
ETH’s price is being helped by the fact that supply has decreased significantly due to deflationary tokenomics introduced after switching to a proof-of-stake model in September 2022.
All in all, a strong performance from the crypto asset benchmark, despite the ongoing meltdown in the financial sector and ongoing regulatory scrutiny.
For the week, BTC/USDT is now over 30% higher, while ETH/USDT is up over 20%.
Crypto-adjacent stocks are also performing well, particularly Coinbase, which, after adding 20% in the past five days, is now worth double what it was at the start of the year.
London-listed Argo Blockchain has also doubled in value in 2023, while Nasdaq-listed Marathon Digital Holdings is up a stunning 124%.
In the altcoin space
Performance in the altcoin space has been a bit more mixed.
Among the top-20 set, the likes of Polygon (MATIC), BNB and Polkadot (DOT) have certainly joined the rally, adding nearly 20%.
But the same cannot be said for Ripple (XRP), which has remained essentially flat over the past seven days, while Cardano (ADA), Shiba Inu (SHIB) have contained mid-digit gains.
Decentralized finance (DeFi) tokens have also been a mixed bag. Derivatives exchange Synthetix (SNX) fell 5% overnight but is still 26% higher week-on-week, while Maker (MKR) is down 7% week-on-week.
Liquid staking protocol Lido (LDO) is somewhere in between, having added 10% in the past seven days.
Global cryptocurrency market capitalization is currently USD 1.12 billion after adding $% overnight, while the total value locked in the DeFi space stands at USD 47.4 billion after adding 1.5% overnight.
