Bitcoin dominance climbs above 46% for the first time in 2 months, FTX launches their NFT marketplace, LUNA and other layer-1’s underperform
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Bitcoin dominance surged past 46% for the first time since August 11th, indicating that money is rotating from altcoins back into bitcoin.
“With interest rates going up and global markets facing uncertainty, current economic conditions are epitomizing why bitcoin was created. Bitcoin is increasingly resistant to turmoil in the traditional markets and imminent regulatory scrutiny. In the wake of China’s crackdown on cryptocurrency, and as regulation of stablecoins and other cryptocurrencies in the U.S. looms on the horizon, bitcoin’s upward price movement remains strong and steady.” Matt Senter, co-founder and chief technology officer of popular bitcoin rewards app, Lolli, wrote in an email to Blockworks.
The blue line below shows the percentage of supply that has been held by investors for less than three months. When this number rises, it is a sign that long-term holders have been selling their BTC to short-term momentum traders.
With only 15% of the supply held by short-term holders, it appears this BTC rally has some more room to run.
Perpetual funding rates are positive, but they aren’t nearly as elevated as they were during earlier parts of this bull run.
Similar to the rest of the digital asset market, ether continues to underperform BTC. The ETH:BTC ratio currently sits at .0611, down -14.65% over the last month.
Since EIP-1559 went live a few months ago on August 4th, over 505,000 ether have been burned. This equates to $1,773,710,000 worth of ether that has been removed from circulation. That is a -55.71% reduction in issuance since EIP-1559 was implemented.
The total value locked (TVL) on Ethereum is $143.05 billion. As of today, this is a 69.41% marketshare of TVL across all chains. Since the start of October, ETH has gained 16.5% versus BTC’s 31.01%, per trading view.
FTX’s NFT marketplace officially went live today. The company is aiming to create a safer and more intuitive marketplace for collectors and artists. Only Solana NFTs will be supported initially, with plans to include Ethereum NFTs in the near future. The news has been favorable for Solana NFT floor prices.
“NFTs, it’s all anyone’s talking about. But for good reason, right? It is really just like tokenizing culture. And I think that in itself has no real ceiling. And that’s the most exciting part,” according to Anil Lulla, co-founder and chief operating officer of Delphi Digital, told Blockworks.
Trading data from OpenSea and Solanalysis of some of the top Solana and Ethereum projects can be found in the charts below:
That is all for today, folks. Let’s do this again at the same time tomorrow.