Market Update Week 5 2024

The premium weekly crypto market update to grow your portfolio

TLDR: BTC & ETH is up slightly. Bitcoin dominance is up. The hot coin we look at this week is STRD.

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Latest & Greatest 📰

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BTC & ETH Market Update 📈

Crypto is up a little this week after weeks of being down, with BTC being up 1.6% and ETH up a mere 0.4%:

Three weeks ago - before the spot Bitcoin ETF - ETH saw a price surge of almost 15%, so it’s natural to see a little bit of a pullback and stagnation. At the same time, it seems the selling of BTC via the spot Bitcoin ETF is slowing down. Up only from here? Time will tell...

Bitcoin dominance has been growing this week, starting at 48.7%, topping at 49.25% and ending the week at 49.1%. With the Bitcoin selloff slowing down and hence the price of BTC increasing over the week more than for example ETH, it is natural that Bitcoin dominance would follow suit. It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

The Bitcoin halving is coming up end of March or beginning of April 2024. If history is any guidance we will continue to see BTC dominance climb up until after Bitcoin halving, whereafter people start to look for higher return moving further on the risk curve entering altcoins. This typically starts with ETH, and then on to mid- and low cap coins. Other coins being moved into are typically “ETH killers” like SOL, AVAX and other other L1s. Yet ETH is still the king amongst altcoins, as price action this week also shows.

With BTC dominance on the rise, the BTC/ETH ratio is trending upwards (despite a large pullback mid-week) ending the week at 18.7 ETH per BTC, underlining that BTC continues to be king in crypto, and that alts like ETH are not gaining momentum against BTC.

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Hot Coin: STRD 🔥

In this week’s newsletter we dive into Stride’s token with the ticker: $STRD.

The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:

What is the project about?

Stride is emerging as one of the most promising liquid staking protocols within the Cosmos ecosystem and the broader cryptocurrency space. This groundbreaking protocol, set to launch this September, offers a unique proposition for investors - the ability to stake tokens while still participating in DeFi activities, trading, providing liquidity, and more with the liquid tokens they receive when staking with Stride.

You can read more about what Stride is building in the article below:

Why is the project exciting now?

There are three main reasons why we feature this project in this week’s newsletter:

• TVL & Fees Up Only

• Stride Dominance

• Utilities