New Wave

Chart of the Day





The price of BTC finds support above the $62k level as the first U.S. futures-based BTC ETF comes to the big board on Tuesday. Futures open interests on the Chicago Mercantile Exchange (CME) surged to a historic high of $3.69 billion, surpassing previous highs observed during the bullish run in February. This indicates a favorable turn of the cyclic wave. However, a relatively flat volume in the spot market suggests that the current volatility is largely driven by the rise in leveraged positions. As the on-chain price walls continue to inch towards uncharted waters, traders need to be mindful of signs of the market overheating. 



Talk of the Town





What a difference a year makes. A 6-times multiple in total market cap, to be precise. The total crypto market cap has reached an all-time high of $2.6 trillion over the weekend, returning to levels last seen in May when the price of BTC topped the $60k handle. BTC and ETH are the key driving force behind the surge, with a combined dominance of 61.5%.