At various points throughout 2020 Bitcoin (BTC) was correlated with gold. During these phases BTC was acting as an uncorrelated asset, but now it has become highly correlated to the S&P 500. This suggests that the top-ranked cryptocurrency on CoinMarketCap has been finding acceptance among various groups of traditional investors during different stages of the current coronavirus pandemic induced economic crisis. Crypto market data daily view. Source: Coin360 Bitcoin’s volatility has dropped in the past few days but select altcoins have been rallying sharply, prompting analysts to predict that a new altcoin season has arrived. If Bitcoin shakes out from …

Veteran trader Peter Brandt believes that a new altcoin season is likely to start in the near future and he predicted that altcoins are likely to outperform Bitcoin (BTC) during this next run. In the short-term, altcoins could embark on a rally without the support of Bitcoin but in the long-term it is unlikely that altcoins will rally if Bitcoin struggles to move up. On July 9, the S&P 500 corrected and that resulted in a drop in Bitcoin, which shows that the correlation between the two remains intact. As Bitcoin broke below $9,200 level, it attracted profit booking from …

Altcoins have been buzzing around this week and this has reduced Bitcoin’s (BTC) dominance to 63%. Pantera Capital founder Dan Morehead believes that altcoins are going to outperform Bitcoin, the top-ranked asset on CoinMarketCap, over the next couple of years. This does not mean that Morehead is negative on Bitcoin price because he clarified that the firm expects Bitcoin to “to go up a ton, but altcoins will go up even more.” However, investors should be careful about what they invest because pump and dump schemes and liquidity issues continue to plague many altcoins. Take for example, the recent TikTok …

The U.S. equity markets, gold, crude oil and the crypto markets are all up today. This shows that the U.S. investors have returned from the holiday weekend charged up and ready to buy assets to fight the likely devaluation in the U.S. dollar due to the Federal Reserve’s current monetary policy. Sino Global Capital CEO Matthew Graham believes that China wants to internationalize the renminbi as a direct challenger to the dollar. Hence, the digital yuan will use the latest technologies to counter “Swift, CHIPS, Fedwire [...],” which are all technologies used by the U.S. dollar but are antiqued and …

Tesla’s market capitalization has surged from about $76 billion at the start of 2020 to $224.18 billion at market close on July 2. This unending rally has also made it the largest car company in terms of market capitalization, even though it produces only a fraction of cars compared to the second-ranked Toyota motors. One of the reasons for the sharp rise in Tesla’s stock is investors’ expectation that the company will disrupt the cars running on fossil fuel. Similarly, Bitcoin (BTC) and altcoins are likely to disrupt fiat currencies and gold over the next few years. However, the current …

Bitcoin (BTC), gold, crude oil, and the US equity markets all rose sharply throughout the second quarter of this year. This shows that investors’ appetites remain strong as they are confident that central banks will continue to keep the money supply flowing. While monetary easing can be a short-term solution, if it is not rolled back at the right time it can destroy the economy in the long-term, as seen in Zimbabwe. Although the top-ranked asset on CoinMarketCap has been stuck in a range for the past few days, the participation from both institutional investors and retail investors has been …

The total crypto market capitalization has been stuck roughly between $240 billion and $280 billion for about two months. This range-bound action suggests that cryptocurrencies are waiting for a trigger to propel the market cap higher. As the saying goes, the longer the consolidation, the stronger the eventual breakout from it will be. Daily cryptocurrency market performance. Source: Coin360 Researchers responsible for the recently published Crypto Research Report have projected a long-term target of $397,727 for Bitcoin (BTC) by 2030. For 2020, the report forecasts a target of $19,044. The researchers believe that the top-ranked asset on CoinMarketCap has penetrated …

Grayscale Investments has been taking in Bitcoin (BTC) at a frantic pace. In the last week alone, the fund gobbled up 19,879 Bitcoin, which is way over the 7,081 Bitcoin mined during the period, according to crypto researcher Kevin Rooke. This shows that demand far exceeds supply at the moment, which is a positive sign. However, Tone Vays believes that if the S&P 500 breaks below 3,000, it could fall another 12%. Due to the strong correlation between the S&P 500 and Bitcoin a crash in the equity markets could drag the top-ranked asset on CoinMarketCap to the $7,000 levels. …

Coronavirus cases are jumping across the world as nations reopen their economies and this raises the risk of a second wave which could slow down the current recovery in major markets. Global debt levels are already at astronomical levels but it seems safe to assume that a resurgence in cases will result in central banks pumping more liquidity into the markets. OKEx CEO Jay Hao recently said that Bitcoin (BTC) rallied about 58% from $6,580 to $10,400 after the first stimulus bill was signed in late March. There are also expectations that the Trump Administration may announce a second $1 …

The current economic environment has made it difficult for pension funds to sustain their expected rate of return. The U.S. Federal Reserve has continued along the path of cutting rates to zero and it seems likely to keep them there for at least a couple of years. This means pension funds may be forced to explore other strategies to increase their returns. Morgan Creek Digital co-founder Anthony Pompliano has suggested that pension funds allocate a small amount of 1 to 5 percent of their portfolios to Bitcoin (BTC). Such a move “would increase the risk-adjusted returns for a public pension …

Kraken crypto exchange CEO Jesse Powell has said that a large number of both retail and institutional investors have opened accounts with them. This shows that all types of investors are concerned about the current economic condition, hence they have been diversifying their portfolio using cryptocurrencies. The influx of institutional money is a positive sign because it will give confidence to the other institutions to take the plunge. WisdomTree Investments, a New York-based asset manager has sought approval to launch an exchange-traded fund that plans to invest about 5% of its net assets in cash-settled Bitcoin (BTC) futures and the …

Stephen Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, believes that the supremacy of the U.S. dollar is likely to be challenged and the greenback could decline by as much as 35%. This impending dollar weakness could benefit gold and cryptocurrencies. Several large traders have been accumulating Bitcoin (BTC) and according to on-chain data this has boosted the number of whales — traders holding 1,000 or more of the top-ranked cryptocurrency on CoinMarketCap — to 1,882. Usually, large traders build huge positions when they expect a sustained uptrend. Daily cryptocurrency market performance. Source: Coin360 …