CRYPTO MOVERS AND PRICES
CRYPTO STORY OF THE DAY
Yesterday Was A Crazy Day In Crypto With Many Alt-Coins Posting Their Best Sessions In Months Or Years
Some of the more aggressive moves saw DASH up in the range of 100% over 24-hours, Zcash (ZEC) +70%, ETH Classic (ETC) +50% and Bitcoin Cash (BCH) +40%. Bitcoin SV (BSV) was far and away the best performer (+200% at its highs) - we've recapped its day on its own below. Overall, the Top 10 alt-coins are up an average of +50% in the past 7-days with BTC just +6%. On the activity, BTC dominance pulled back from above 67% to 65%.
The alts were 'overdue' for a bounce, with their underperformance versus BTC a key theme of 2019. That said, seeing such drastic moves take place in a 36-hour period is striking. Additionally, the vast majority of the activity was contradictory and nonsensical. Protocols like BCH and BSV are competitive with one another and were both top movers, DASH had no apparent fundamental reason whatsoever to perform how it did and even 'dead' protocols like Bitcoin Gold (BTG) rallied +70%. That being said, on the longer-term charts, in spite of the jaw-dropping daily moves, the activity barely registers and resulted in a relatively inconsequential move in BTC dominance (chart).
Most Unbelievable Crypto Move
BSV Had One Of The More Unbelievable Days We've Ever Seen In Any Asset Class - At Peak Prices The Coin Added Over $4B To Its Market Cap, Effectively Doubling
In addition to the endless price increases, realized annualized volatility levels were in the range of 1,000%. There were two major legs in the trading day, one that saw the coin move from $250 to $325 and then later in the evening (a time usually associated with Asian trading) that saw highs made at USD 450. The coin went from the 7th to 4th largest market cap on the move, surpassing rival fork Bitcoin Cash (BCH). Associated with the move was a court filing made by BSV founder Craig Wright.
Crypto Takeaway: The filing was made by Wright, who has long claimed to be BTC founder Satoshi Nakomoto and as a result the owner of billions of dollars in original BTC, BCH and BSV. The filing, part of his existing lawsuit with the Kleinman estate, suggests that a 'bonded courier' which had been expected to arrive with private keys to the initial coins, had in fact arrived. Kleinman later released that only public addresses had been made available and that the judge ruled that the private keys be presented by February 3rd.
The private keys are the most important component in recovering the various crypto so Feb 3rd is now the new telling date. Nonetheless, clearly Wright's verbal assurance that the keys have been recovered has a credibility for the market participants that pushed BSV to record volumes and price appreciation yesterday. Without even considering yesterday's events we have long maintained that due to a better-funded ecosystem, a clear vision, and growing utility statistics, the gap between the BSV and BCH market caps ought to close. That said, we would have considered it tail-risk that the valuation gap (which was over $3B) would close in one 36-hour period.