An appetite for riskier asset classes is proving net positive for the crypto markets this week, with global market capitalisation heading above US$1tn for the first time in six weeks.
Despite supposedly correlated tech stocks floundering in an underwhelming earnings season, bitcoin continued to rally another 2.6% today, bringing it up to US$20,750.
Rally aside, BTC remains significantly discounted YTD – Source: currency.com
As is typical, Ethereum (ETH) extended the trend by jumping 4%, and looks to be stabilising around the US$1,550 price point as the day progresses.
Dogecoin (DOGE) is today’s top dog though- the meme coin soared nearly 20% to break through the US$10bn market cap ceiling.
The rally comes as DOGE’s most (in)famous proponent Elon Musk’s Twitter takeover nears completion.
Fellow meme coin Shiba Inu (SHIB) is also faring well, having added 9% over the past 24 hours.
There is less action among the large-cap network tokens, with Solana (SOL), Cardano (ADA), Polygon (MATIC) and Polkadot (DOT) keeping it cool by posting between 1% and 2% gains.
Uniswap (UNI) is leading the decentralised finance (Defi) pack at the moment. The US$5.4bn Ethereum-native decentralised exchange added over 7% this Thursday.
Convex Finance also fared well, having added 5% today.
On the flipside, Maker (MKR) dipped a percentage point, while Synthetix (SNX) traded flat.
The recent crypto rally has also been a boon for crypto-exposed stocks.
The world’s largest corporate bitcoin holder MicroStrategy is up over 25% on the Nasdaq exchange this week, while Coinbase has added over 15%.