May 13: ALT Coins Give You Wings

Trading Crypto with Eugene is a series of daily commentary of market analysis and trading advice shared by Eugene Ng of Matrixport, a veteran trader with 10 years of experience in top-tier global investment banks. If you like the article, please follow us here on Blockchain.News so you won't miss our future publications.

BTC managed to snap out of its 4-day losing streak as it stayed well bid up close to 3% in the past 24 hours. This is likely the result that miners holding BTC are not selling their coins (see chart below that shows mining pools are holding BTC instead of selling ahead of halving) and are well-hedged post halving i.e. put-to-call ratio continues to stay elevated at ~1.70. In an interesting development, JPM has now onboarded Coinbase and Gemini as customers; paving the way of crypto being accepted as an asset class. ETH also sparked some headlines as Vitalik clarified that the July launch of ETH 2.0 isn't set in stone yet. 

Last week, I highlighted that the Bitcoin dominance (i.e. % of the entire crypto market share) has hit a key trendline resistance at 69%, which is why a few alt tokens are now putting in some pretty outsized performance last evening. For example, Stellar was up more than 10%. If this XLM trend continues, expect Ripple to follow suit. Zcash was up more than 5% on the back that Electric Coin Company announced the launch of the Zcash developers alliance (ZDA). Cardano also did around 5% as its founder Charles Hoskinson tweeted yesterday "there is no delay of Shelley. Pioneer is set for launch today".