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Another breakout tease. Bitcoin yet again battered itself against all-time highs, ticking $70k, then bleeding out to a low of $66k before eventually rebounding.
While fresh all-time highs remain out of reach for the majority of alts that existed during the peak of last cycle’s bull market, many tokens, including ETH and SOL, achieved new cycle highs today! How has Bitcoin’s rally to new highs and subsequent retreat impacted the broader market?
As has been par for the course, this morning’s sharp rally in Bitcoin was parasitic for alts, with the total crypto market cap drawing down by half a percent against BTC at its local top.
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