TL;DR

• BTC & ETH is down

• BTC underperformed ETH this week 

• Bitcoin dominance is down

• The hot coin we look at this week is STRD

BTC & ETH Market Update 📈

Crypto is stagnant this week, with BTC being down 0.8% and ETH up 1.0%!

Bitcoin dominance has been decreasing over the week, starting at around 52.1%, topping at 52.12% and ending the week around 51.3%. Capital often starts to flow into ETH and other altcoins as the price is increasing for more risk-on assets as well, causing a lower Bitcoin dominance as we have started to see over the course of multiple weeks.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

The Bitcoin halving is coming up this week. If history is any guidance we will continue to see BTC dominance climb up until after Bitcoin halving, whereafter people start to look for higher return moving further on the risk curve entering altcoins. This typically starts with ETH, and then on to mid- and low cap coins. Other coins being moved into are typically “ETH killers” like SOL, AVAX and other other L1s. Yet ETH is still the king amongst altcoins, as price action this week also shows.

With BTC dominance decreasing and the ETH price decreasing more compared to BTC, the BTC/ETH ratio is trending up or and stay stagnant around 19.9 ETH per BTC, underlining that BTC continues to be king in crypto, but alts like ETH are gaining momentum.

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Hot Coin: STRD 🔥

In this week’s newsletter we dive into Stride’s token with the ticker: $STRD.

The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:

What is the project about?

Stride is emerging as one of the most promising liquid staking protocols within the Cosmos ecosystem and the broader cryptocurrency space. This groundbreaking protocol, set to launch this September, offers a unique proposition for investors - the ability to stake tokens while still participating in DeFi activities, trading, providing liquidity, and more with the liquid tokens they receive when staking with Stride.

You can read more about what Stride is building in the article below:

Why is the project exciting now?

There are three main reasons why we feature this project in this week’s newsletter:

• TVL & Fees Up Only

• Stride Dominance

• Utilities