Just a few crypto posts we saw in the last few weeks. Promoted and boosted by the new president-elect in the US, crypto currencies soared after Trump’s win. Is this a hype, or are these sustainable levels?
Let’s start with a chart from the Bank of America (BofA) showing inflows to crypto funds.
The next one: Bitcoin set a fresh high above $99,000 on bets President-elect Donald Trump’s support for crypto and a looser regulatory environment will help the industry. A Fox Business News report suggested Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission who’s known as “Crypto Dad” for his early embrace of digital assets, was being weighed as the first “crypto czar” under the incoming administration.
Bitcoin's market cap as a % of the world stock market value hit 1.38%, a new all-time high. Talking about ‘massive’…
Or just take a look at (some of) the returns since the US election:
Dogecoin: +141%
MicroStrategy (investor in cryptos): +87%
Coinbase: +67%
Bitcoin: +35%
S&P 500: +2.2%
International Stocks: -3.1%
Some other crypto facts from the last couple of weeks:
Bitcoin’s market cap hit $1.736 trillion, overtaking silver as the world’s 8th largest asset.
BlackRock’s iShares Bitcoin ETF’s assets under management (AUM) surpassed its gold ETF, gathering $34 billion in just 10 months.
The total crypto market cap is about 3% from $3 trillion, and the altcoin market cap is now firmly above $1 trillion.
Solana became the fourth crypto to pass a $100 billion market cap, joining Bitcoin, Ethereum, and Tether USDT Stablecoins.
Dogecoin’s market cap is now $48 billion, making it the ~420th largest publicly traded company in the world (if it were a company). It’s larger than 94% of S&P 500 companies.
MicroStrategy shares hit their first all-time high in 24 years, and Coinbase shares have rallied 90% in six trading days.
Bitcoin and Dogecoin are today’s “most active” and “most newly watched” symbols on Stocktwits, with many other cryptos close behind.
#Bitcoin ETFs have now been in the market for less than a year (11 months). And they are already catching up to Gold ETFs for total assets held. After 11 months!
With all the above in mind, should we ask the question if people are missing out? Should pension funds invest in Crypto? - The Times @CoinCornerDanny makes the case for YES!! The "Times" are changing...
We don’t have the answers. We only wish you wisdom and solid decision making with any investing, but a little bit more so if/when you decide to invest in cryptos.
Source: BofA, Bloomberg, Bespoke, Charles Bilello, Valerie Noel, Bitcoin Magazine, Hedgeye
Comentários