Bulls are in control of the tape, both in legacy markets and in crypto. It seems the market has brushed off a number of potentially bearish data points in the context of a seasonally weak period, and have continued to stair step higher.
KEY STORIES
Mantle token hits all-time high amid increased interest in Layer 2s - The Block
MicroStrategy’s X Account Hacked, Leads to $440K Crypto Being Stolen - CoinDesk
Ethereum Ecosystem Continues To Rally Into New Year-To-Date Highs - The Defiant
OANDA Opens FCA-Registered Crypto Trading Platform in the UK - CoinDesk
FEATURED CHART
Buyers didn’t step away from the screens this weekend, with Ethereum rallying +4% in Sunday’s trading hours, finishing the week with an +8% gain. This comes after Ethereum has underperformed Bitcoin since talks of the Bitcoin spot ETFs hit the tape. But now, Ethereum has taken a leadership position in recent weeks, with the Ethereum / Bitcoin ratio at new multi-month highs.
WHAT TO LOOK OUT FOR
We’re watching whether this outperformance in Ethereum can continue by monitoring the 0.061 level in the Ethereum / Bitcoin ratio; this represents a key level of resistance for the relationship.
We could finally be transitioning out of the early stages of the bull market by Bitcoin handing the reins of leadership down the cap-scale as investor’s begin focusing on the Ethereum spot ETF.
THIS WEEK'S EVENTS
Canaan $CAN and Bakkt Holdings $BKKT release earnings on Tuesday, while Marathon Digital Holdings $MARA releases earnings after the close on Wednesday.
The Ronin Network is planned to upgrade on Monday.
US Prelim GDP Growth Rate QoQ gets released at 8:30am ET Wednesday morning.
ISM Manufacturing PMI gets released 10am ET Friday morning.
You’re all caught up.
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