Bullish Bounce Back
So what’s providing the source for the dramatic bounce in the market? In addition to Bitcoin’s rebound, Solana’s (SOL) 25% gain and Avalanche’s (AVAX) 23% rise are providing some additional buoyancy to the broader market.
Over the past month, we’re seen a noticeable drop in correlations (daily returns) within the digital asset market, with BTC versus ETH correlations dropping, altcoins to CoinDesk 20 rising, and crypto vs equity market correlations flipping positively.
Much stronger correlations now observed between US 10-yr yield changes and risk assets such as crypto and equity markets, as when and how much rates are cut in the future seems to be the predominant question being debated within markets.
Need more color on what’s happening in the markets? Check out these stories:
- Ether Could Hit $4,000 With Likely Spot ETH ETF Approval in May: Standard Chartered: The British bank expects the SEC will treat spot ether ETF applications similarly to bitcoin ETFs and anticipates approvals on May 23.Bitcoin Price Nears $44K as ETFs See Net Inflows for First Time in a Week: The last previous net inflow day was January 22, when the spot products as a group added just over 1,200 bitcoin.SOL, AVAX Lead Crypto-Market Recovery, Bitcoin Tops 50-Day Average Before Fed Meeting: Altcoins’ consistent positive performance over the past six days is boosting optimism and setting up bitcoin to test $46,000, one analyst said.Bitcoin ETF Has Broken BTC‘s Pandemic-Era Price Correlation With Luxury Watches: Crypto prices have decoupled from prices for luxury watches, ending a prolonged positive correlation caused by unprecedented monetary stimulus.
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