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Traders Eye NASDAQ and S&P 500 Correlations Before Bitcoin’s Next Move: Crypto Roundup

by Powered by eToro
August 25, 2020
in Explore
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

Pressure is building in the crypto market, with Bitcoin lingering below $12K as positive network metrics point towards further upside.

Along with Bitcoin, large-cap altcoins including Ethereum and XRP have finished the week in much the same place they started. This stagnation could be attributed to a rebound in the dollar, which found support last week and began to recover from its recent downturn.

Meanwhile, the NASDAQ and S&P 500 have returned to record highs, leading Bitcoin traders to hope the recent correlation between stocks and cryptocurrency hasn’t fizzled out.

This Week’s Highlights
  • Litecoin spellbound by Mimblewimble
  • Bitcoin network metrics point to more upside
Litecoin Spellbound by Mimblewimble

The silver to Bitcoin’s gold has lagged behind this year, gaining less than 50% since January while Bitcoin has surged over 60%. This could now be changing, with Litecoin rising over 4% on the week as Bitcoin struggles to make 1% gains.

As Litecoin founder Charlie Lee pointed out in a tweet last Wednesday, the number of transactions and addresses on the network has grown rapidly, and the much-awaited Mimblewimble upgrade is now on the verge of a testnet launch. This privacy protocol, aptly named after the Tongue-Tying Curse from Harry Potter, promises to bring more anonymity to Litecoin transactions.

Accredited investors appear to be taking note of the progress, with Grayscale’s newly launched Litecoin Fund trading at a 753% premium to the underlying asset, according to data from Arcane Research.

Bitcoin Network Metrics Point to More Upside

Although the price of Bitcoin remains range-bound, network metrics reflect growing interest in the cryptocurrency.

The number of Bitcoin held on exchanges has fallen to a 21-month low, according to data from Glassnode. This is widely seen as a bullish sign as it suggests traders are anticipating a continuation of the recent uptrend, and moving Bitcoin to long-term wallets to ride out the next few months.

At the same time, Bitcoin’s hashrate is approaching all-time highs. This measure of network processing power indicates network health and is thought to have a long-term correlation with price.

The Week Ahead

The recent consolidation is characteristic of crypto bull trends, with periods of relative calm punctuated by sudden price pumps. If this pattern plays out again as it did before the break of $10K, we could expect a sustained rally once the price closes convincingly above $12K.

Professional traders on the Chicago Mercantile Exchange (CME), however, are expecting downside. The latest Commitments of Traders Report (COT) shows that most institutions are betting on a downwards breakout, and have opened short positions accordingly.


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.

Crypto assets 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 crypto assets 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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