Chart of the Day
As if fallen victim to a self-fulfilling prophecy, Bitcoin entered the September seasonal slump with a 2% pull-back after briefly crossing the $50k psychological barrier. The rejection has sent BTC back to levels seen earlier this week, where it consolidates and garners momentum to make another attempt at the key resistance. Large whale inflows are observed on-chain during the correction, as indicated by dense blue cycles on the whale map. This contributes to a significant uptick in the number of large transactions (valued at $100,000 or higher), which may signal the return of big hands and institutional players. However, Bitcoin’s market dominance is on its way to approach historical lows, as it gradually loses ground to altcoins in the battle of market shares. A lingering preference for altcoins over the past weeks suggests that active participants are still doubtful of BTC’s ability to establish support above $50k, and in turn set eyes on overperformers such as ADA (surpassing $3 as Alonzo upgrades begin) or SOL (up 14% to another all-time high).
Talk of the Town
The Most Surprising Use Case Award on Ethereum goes to non-fungible tokens (NFTs), or so believed the co-founder of Ethereum, Vitalik Buterin. Since its launch, the Ethereum network has hosted a myriad use cases ranging from gaming to decentralized finance. However, few have seen the specular success of NFTs this year, where trading records are constantly being broken at an unprecedented pace, while its explosion into the mainstream is embraced by brands, celebrities, and average consumers alike. Vitalik also marvels at NFT’s immense potential to create business models and make incredible interactions happen.
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