Bitcoin is slightly up today nearing $6,500 at the time of writing, but on reduced volumes of $3.5 billion during the past 24 hours.
Ethereum on the other hand and many other cryptos are down some 4%, with the eth to btc ratio down some 10% from 0.047 to 0.044 btc per eth.
Interestingly, there is no significant outlier on the downwards end, with most at circa 4% lower, but there are some outliers on the green.
Tezos is one, jumping nearly 15% today after an announced listing on Coinone, a South Korean exchange, but their market cap remains below $1 billion.
Another one to jump 15% is SingularDTV, while Namecoin, out of all, is up 60%. They’re the equivalent of the Ethereum Name Service (ENS), but on a blockchain specifically for the purpose of being a decentralized DNS.
The top four haven’t seen many changes, except of course Tether has taken eighth position and is seemingly eyeing LTC. The joke around is that the flipping might happen, but not quite as we expected if the centralized tokenized dollar takes the very top position.
It has been some time since the above dashboard was a thing. It is usually a scenario encountered when cryptos generally flirt while bitcoin is sleeping.
Most of course had a significant bounce recently after reaching new lows for the year, while bitcoin was not moving much. Now it looks like they’re having a little correction, while again bitcoin is not moving much.
Something which suggests perhaps the market is eyeing an altcoin season of sorts as bitcoin becomes a bit boring.
Bitcoin, of course, usually follows, with cryptos tending to have a rising tide lifts all boats sort of relationship. But smaller coins tend to lead the green, as arguably they did a bit recently.
Thus now we’re getting this divergence where eth is up and bitcoin is down or as currently bitcoin slightly up and cryptos down.
This began, in our view, around mid-July when eth became a bit bullish. The ETF nonsense then led to some speculative flight to btc, with the ETF rejection then hitting eth far more than bitcoin for some reason.
It may be all that ETF speculation interrupted the market course which perhaps is now back at playing with altcoins as bitcoin becomes sort of boring.
Yet whether that is indeed the case, we will have to wait and see, but the week is seemingly beginning with some interesting dynamics.