We are experiencing a significant decoupling by the Crypto market away from Bitcoin. In other words, the market is no longer following on in Bitcoin's footsteps. Bitcoin started out the year making up 71% of the Crypto market cap, today, it makes up just 42%. In the past month, BTC was up +26% while the Top 50 mean growth was up double that of +53%.
The momentum of companies adopting crypto applications is gaining momentum. Twitter is at the forefront and is moving to utilise Bitcoin's lightning network to provide "tipping" capabilities for tweets on its application. More and more established traditional investment houses are adopting crypto due to increasing client demand.
Solana (SOL) has caught global crypto attention. We covered this asset in on of our previous Crypto Boosts and we pointed out how groundbreaking this technology was for scaling blockchain technology while maintaining low fees with greater security. Although Ethereum's latest developments have improved its inflationary tokenomics through its burn program, it is yet to solve its high fees and scalability challenges. Step in Solana. It is still very early days but change is a high-speed constant in Crypto markets and we are beginning to see the emergence of real competitors in the "Platform" crypto asset category with the likes of Cardano (ADA), Polkadot (DOT) and Polygon (MATIC) making headlines recently.
Bitcoin Technical Outlook:
Bitcoin continues to stabilise at the $47.5-48.5k support level. In the past 24 hours we have seen a move higher off these levels. The strong growth experienced in the rest of the crypto market this week is a good sign the BTC price will be underpinned in the coming week or so as investors/traders realise significant gains back into the evermore relatively stable BTC price. Therefore, we anticipate further upward moves to at least the $53k in the coming weeks.