Alts are Bid, Chainlink takes a Small Step - Mine Digital
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Alts are Bid, Chainlink takes a Small Step

August 10, 2020 • 
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Digital assets have had a great weekend, with selected assets trading higher. Traditional markets have disrupted their correlations with equities higher but gold lower and U.S. dollar higher.

Morning Traders,

It was a big weekend in digital assets, although it was never reflected in Bitcoin and Ethereum. Where our thesis last week was that the run would occur into Bitcoin, alt coins continued to perform very strongly.

Some of the basis for our view towards Bitcoin was that it was the starting point for institutions in the space, that tech investors have been rewarded well the last 5 years and the usual suspects – facebook, twitter, google e.t.c. have been pushed to quite high levels.

Although it isn’t completely clear if it’s happening, we should be aware of the possibility for institutions taking time to look at these assets and bidding them in the cases they see value.

Strong digital assets have included Chainlink, Tezos, VeChain, Cosmos, Ontology, Compound, Aave, Algorand and Band amongst others.

It’s not a bad idea for investors to take a broad look at what is going on in the last week and try to find anything reliable to work with.

The correlation with equity markets and Bitcoin had broken down last week, but we still wonder what would happen in the case of lower risk asset prices.

In the broader traditional markets, the big question is whether they took a pause late last week or if we have seen the start of a retracement in S&P500, gold and U.S. dollar.

Bitcoin

We had thought that last week would be Bitcoins week, having stalled at $12k twice, but always feeling like a temporary stop. We will still look for it this week, although with the action in alts there is a lot going on.

Bitcoin last traded at $11,670

24 hr high: $ 11,808

24 hr low: $ 11,528

Bitcoin USD Chart

Ethereum

We had also thought that Eth rallied too fast too quickly, but is trading around its highs and recovered well when it fell.

Eth last traded at $389

24 hr high: $ 400

24 hr low: $ 384

Ethereum USD Chart

Digital Assets

  • Aave: $ 0.39
  • Algorand: $ 0.428
  • Cardano: $ 0.144
  • Chainlink: $ 14.17
  • Compound: $ 173.54
  • Maker: $ 594.36
  • Ren: $ 0.221
  • Reserve Rights: $ 0.0101
  • Stellar: $ 0.1054
  • Synthetix: $
  • Tezos: $ 3.76

Whether you want to simply buy and sell or access advanced features, we have the tools you need. Mine’s order-book exchange lets you trade BTC, ETH, XRP, LTC and BCH against AUD, USD and USDT*. Mine Digital, Australia’s best Cryptocurrency Exchange.

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