With Bitcoin continually setting new all-time highs, any sign of weakness is quickly absorbed, pushing the rally further. Although Bitcoin is in the spotlight, Ethereum is beginning to strengthen its position as the second-largest cryptocurrency.
Bitcoin dominance recently peaked at 60.57% just before the election and now stands at 59.66%—a 1.5% drop over four days. However, Bitcoin’s price continues to climb, indicating that money isn't moving out of Bitcoin into other coins; rather, more funds are flowing into the broader crypto market, with a slight preference for altcoins over Bitcoin. Typically, alt season begins when Bitcoin dominance peaks and then rapidly declines. While altcoins are currently outperforming Bitcoin, Bitcoin’s dominance remains high, making it too soon to call a peak. We expect Bitcoin dominance to remain strong through year’s end, with altcoins poised to surge after that. For a deeper dive, check out our recent Morning Note, 'Bitcoin Dominance Surges'
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: TAO ($507.4)
Stormrake Spotlight: TAO ($507.4)
Though TAO may seem steady over the past 24 hours, it actually dipped to $487, creating a prime buying opportunity. Now up over 4% from that low just seven hours ago, TAO is turning bullish again after retracing from its recent peak of $550, set on Thursday.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin continues to set fresh all-time highs daily. With no higher price levels for setting targets, we turn to Fibonacci extensions to identify key support and resistance. The target lies between the 1.414 and 1.618 Fib levels, putting Bitcoin at approximately $78,000 in the near term. Over recent days, we’ve observed multiple instances of bearish divergence leading to minor dips, which consistently find support at the 21 EMA before rebounding to new highs. The 21 EMA remains a critical support level.
BTC Total ETF Flows for 8 Nov: $ + 40.8 million (7 Nov saw total inflows of 1.37 billion)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum is asserting dominance, outperforming not only Bitcoin but also other major altcoins that had previously outpaced ETH. Since the election, ETH has rallied 25% and is nearing $3,000. It has shown minimal weakness, with few if any dips, consistently finding support at the 21 EMA as it climbs.
ETH Total ETF Flows for 8 Nov: $ + 3.4 million (6 Nov saw total inflows of 79.7 million)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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