[The Crypto Report is a subset of Market Lab Report.]
Ethereum's supply shortage has grown more severe. The amount on exchanges continues to shrink. This is bullish for ETH. With bitcoin hitting new all-time highs along with ethereum's favorable metrics, ethereum should also hit new highs in the coming days to weeks. Top alt coins should then follow ethereum's lead if history is any guide. Solana (SOL) is looking constructive and is likely to outperform ETH during this bull market given its metrics.
Caveats:
=A 20% correction in stocks could occur due to continued delays in the next stimulus package. While the recent correction in the stock market did not drag down bitcoin, but instead buoyed bitcoin for the first time suggesting bitcoin is starting to decouple from stock market direction, the correction in the major averages was mild. Any sharp stock market correction would likely pull everything else down including bitcoin and other cryptos.
=Watch futures funding rates. So far, they remain subdued which suggests this bull run is not close to overheating as of yet.
Crypto Report - ETH supply shortage; SOL
| Published: | 20 Oct 2021 11:54 ET |
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