Weekly Price Movements:
FTT: + 3.1%
After getting above $20k, BTC has continued to soar, seemingly reaching a new all-time high every day. The biggest part of the story here still seems to be the narrative about U.S. institutions buying BTC – every day new funds pop up, big, traditional finance firms announce they’re moving holdings to BTC, etc. – combining this organic source of inflows with crypto’s high leverage environment triggering liquidations in the same direction as big moves explains why the market’s kept going up and up.
Many altcoins are moving at least directionally with BTC, especially those which have strong narratives surrounding potential U.S. institutional adoption themselves. Large, more “traditional” coins like ETH, LTC, BCH have been among the best performers lately along with BTC, owing at least a good amount of those inflows to a narrative that they’ll be next, as well as to actual good news for them, such as the CME’s upcoming ETH futures and new ETFs including other altcoins.
On the other hand, U.S.-based negative news explains some notable under-performers as well – the SEC announced its investigation into Ripple, triggering a major XRP sell-off as well as many exchange delistings, which have come with their own sell-offs increasing downward momentum. Coins like EOS, which have faced regulatory scrutiny in the past, have similarly been underperforming the other major altcoins.