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Cardano, Tezos, and Stellar Outperform Bitcoin, With BTC Dominance on the Decline: Crypto Roundup

by Powered by eToro
August 11, 2020
in Explore
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

Bitcoin kick-started the week by popping above $12,000 as the dollar dropped as the Asian market opened, before dropping back to around $11,400.

BTC’s robust rally in 2020 highlights the cryptocurrency’s fresh appeal as a safe haven asset. Bitcoin has caught bids alongside gold in recent weeks as the greenback has sunk in a record-breaking losing streak.

Within the cryptocurrency market, however, Bitcoin has given up ground to altcoins. Cardano, Tezos, and Stellar have led a broader rally in altcoins over the last few days, pushing Bitcoin dominance down to a 12-month low. 

This Week’s Highlights
  • Bitcoin for the Bold, Gold for the Old
  • DeFi Summer Heats Up
Bitcoin for the Bold, Gold for the Old

Research from JP Morgan points towards a generational divide in the choice of safe haven assets: Boomers are looking to gold to hedge against the falling dollar and the impact of liquidity injections from the Federal Reserve, while Millennials are buying Bitcoin.

Although both assets appear to be buoyed by the same macroeconomic forces, they are at very different stages in their own market cycle. Gold is already trading at historic highs above $2,000, while Bitcoin is still 36% off its 2017 peak of just under $20,000.

DeFi Summer Heats Up

Demand for the tokens of Decentralized Finance (DeFi) protocols is driving a unique form of alt season.

Tezos, the blockchain that promises to bring smart governance to DeFi, has surged more than 17% on the week. Cardano, meanwhile, another Ethereum challenger, has risen 6% after Weiss Crypto Ratings singled out the blockchain as having the best technology in the industry.

Not all altcoins are benefiting from the buying frenzy, however, with Ethereum Classic dropping 7% after falling victim to two hacks, and XRP showing similar losses.

The Week Ahead

Leading crypto investment fund Grayscale just launched a nationwide advertising campaign this week, broadcasting a positive message about cryptocurrency to the TV screens of millions of viewers across America. While the effect of Grayscale’s last campaign in August 2019 was difficult to measure, this could be expected to usher in a new cohort of crypto traders.

On the macroeconomic front, the deterioration of US-China relations could also benefit Bitcoin in the coming week as the market feels the fallout from recent sanctions levied against officials in Hong Kong and mainland China.

Movement in the dollar could also impact the crypto market. The greenback has now fallen for seven consecutive weeks, and Morgan Stanley shifted its stance to neutral on Friday by closing its short position. If the dollar does see a resurgence, this could place bearish pressure on both gold and Bitcoin.


Simon Peters, eToro market analyst

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.




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