Bitcoin Dominance just hit new multi-year highs this week.
In other words, the market-cap of bitcoin as a percentage of total crypto market-cap is the highest it's been in years.
What this means is that the value of Bitcoin today (~ $1.2 Trillion) represents 58% of the value of all the Cryptocurrencies in the world (~ $2.1 Trillion).
And the trend here of Bitcoin continuing to eat into market share continues to move up and to the right:
Meanwhile, Microstrategy is hitting new highs relative to Bitcoin since it first started buying Bitcoin back in the Fall of 2020.
Microstrategy is the 5th largest owner of Bitcoin, holding about 1/4 of the position of Bitcoin's creator Satoshi Nakamoto.
Just to clear up any confusion, I am absolutely NOT Satoshi. I know it would be a lot cooler if I was. But I am not. Sorry to disappoint.
Now, what I love most about the Microstrategy $MSTR hitting new highs relative to BTC, and also hitting new All-time highs on an absolute basis, is that the "fundamental" guys can't wrap their heads around the premium that $MSTR trades relative to its total ownership of BTC.
People tell me that it's better when the technicals line up with the fundamentals.
But in my experience, however, it's the exact opposite. When the technicals line up, but the fundamentalists can't figure it out, that's way better. This is especially true when the funnymental people get all upset and worked up about it.
This is one of those cases:
And you're seeing it across the crypto universe - whether on chain or in traditional equities.
The number of tokens above their 50 day moving average is the highest it's been since the beginning part of this year.
And names like Robinhood are also making new multi-year highs:
It's a bull market. And these names taking full advantage of the appetite out there for equities and other risk assets.
An alert was just sent to members of Breakout Multiplier yesterday about Robinhood $HOOD.
HOOD is ripping higher, up nearly 10% yesterday, and our November 15 $27 calls have almost doubled in value.
The plan for Breakout Multipliers who got in around $0.90 is to sell half of our position and reducing our cost basis to zero.
That means we’re essentially getting a "free ride" on price action around HOOD’s earnings report – with unlimited upside into the October 30 release.
This is our plan for earnings season.
We want as many of the Robinhood-type opportunities as possible.
If we can have zero risk going into a major price moving event, while at the same time going in with unlimited upside - that's the best case scenario and where we want to live.
