$100K Is Here to Stay
Bitcoin is back above $100k with a ByteTrend Score of 5. This is bullish, and a new high could happen anytime.
Bitcoin ByteTrend Score 5 of 5
I go on about this chart, but that’s because it is so important. Bitcoin has always been correlated with the Nasdaq, but has just made a new all-time high in the Nasdaq, above 5. That means the price of Bitcoin is > 5x the Nasdaq Index. There is a huge amount of money invested in tech, and just as gold leading the S&P 500 attracts new money, so will this relationship be for Bitcoin.
Bitcoin and the Nasdaq
One big change is that Ethereum has bounced 60% since the low a month ago, while Bitcoin has rallied 30%. That takes the return of ETH in BTC to just above the same level as BTC over five years. Following a four-year decline, ETH remains only slightly ahead of BTC, which has likely caused headaches for the ETH bulls. The question is whether this is a short squeeze or a reversal of the trend.
Ethereum and Bitcoin
Crypto Breadth has improved significantly, and an altcoin rally is underway.
Crypto Breadth in USD
However, according to the ByteTree Crypto Average, which measures the average performance of the top 100 crypto tokens, the average token remains relatively lacklustre. The altcoin season may be brewing, but we would like to see more evidence.
ByteTree Crypto Average – 4-star Trend
