BTC Dominance Spikes to Yearly High; Spotify to Roll Out NFTs

Chart of the Day





The recovery wave that was kicked off last Friday didn't last for very long at all. On Monday, the broader crypto market flipped red again. In the aftermath of the brutal collapse of the Terra ecosystem, BTC experienced its seventh straight red week for the first time since its inception. However, and as of the time of writing, the broader market seems bent on kicking off another recovery wave. The largest crypto by market cap has so far managed to defend the $30k psychological support after posting a marginal gain from Monday's decline, even breaking above the bearish trendline with an upper bound near the $29.6k level on its hourly chart. This momentum, if sustained, will likely pick up its pace should BTC close above the $30.5k resistance. On the flip side, BTC may very well revisit previous support levels in the $29k region if said momentum loses steam. 

Despite the market-wide tumble last week that led to BTC trading to as low as $25.3k, the BTC dominance chart has just spiked to a yearly high, indicating that altcoins might be going through a much more difficult time than BTC. However, said altcoins appear to be fighting back hard. As of the time of writing, ETH has made it back to the $2,000 handle after posting a 1.4% increase in the past 24 hours. Most major altcoins have also flipped green, with LTC leading the pack on a 5.2% rise in a mere matter of hours. 





Talk of the Town





Spotify, the popular audio streaming platform that waded into the web3 world earlier this month, recently announced its plans to roll out NFTs on its platform with a pilot group of artists. The pilot will be made available to select U.S.-based users, wherein said users will be able to gain access to the NFT collections of artists like Steve Aoki and The Wombats. However, Spotify will not offer the direct sales of NFTs. Users will still have to go through an external marketplace to make purchases.