Hello, and welcome to another edition of Overbit Insights.
We’ll jump right in today’s edition with a look at the cryptocurrency markets as a whole. To us it seems that Bitcoin has mostly consolidated for the past month or so, albeit in quite a large range, with the asset ranging from $50,000 to $62,000 give or take a few dollars.
Most were expecting all-time highs once Bitcoin initially broke the $60,000 level, but those with that thesis were quickly disappointed once Bitcoin fell almost 15% from there, back down to $51,000 at the end of March. Since then, however, BTCUSD has steadily churned back to the top of the range, now sitting at $57,000.
It seems this large consolidation for Bitcoin has given time for breathing room for the rest of the market, although the time may have been a little bit choppy.
Zooming out to some actual metrics, we can see that Bitcoin dominance is at 7-month lows, as reported by Decrypt. “At the turn of the new year, Bitcoin dominated 72% of the market. But the power of the coin has been in freefall, and market dominance has since declined to 58.47%,” Tim Hakki of Decrypt writes.
Looking at any of the major cryptocurrencies aside from Bitcoin, this trend is clear: coins like Rune, Chainlink, Uniswap, Polkadot and even Ripple are all trading several points higher over the last few weeks. The trend may be most exemplified by Ethereum, which has finally managed to clear the $2,000 mark and hold it for a few days.
Any of this is subject to change, of course, but it certainly seems like the market has rotated into altcoins for the time being as BTCUSD continues to consolidate.
Closing out this week’s edition of Overbit Insights, we’re covering Billionaire Mark Cuban rise of prominence into Cryptocurrency and more specifically DeFi.
Cuban, who has repeatedly in spoke out against early crypto scams, is now appearing to be one of the biggest famous proponents of crypto. On the “UpOnly” podcast last week, Mark Cuban stated that he feels Ethereum has the biggest chance of becoming a real currency while Bitcoin is more of “digital gold”.
Mark continued to state that he sees DeFi as the killer use case for cryptocurrencies, and it’s easy to see why he feels like that, when it started from $0 last year and now represents over $50B in locked value.
Thanks again for reading this week’s edition of Overbit Insights and we look forward to seeing you next week.