Crypto Market Update 🧵 

Stablecoin Dominance
https://www.tradingview.com/x/is0xvgOk/

There is a sizeable move up in this metric today, +4.80%. Daily Momentum returned to the upside after our momentum oscillator neared -2.00% conditions. This metric is still in a downtrend, and we need to see a significant market pivot to reverse that trend.

Bitcoin + Stablecoin Dominance
https://www.tradingview.com/x/D0HT84D1/

A movement up of 0.35%, so we know this movement is dominated mainly by the significant increase in Stablecoin Dominance. In other words, there is a big glut of profit taking on Bitcoin. It's still in a bearish trend.

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Altcoin Performance Relative to Bitcoin
https://www.tradingview.com/x/NXPeRXmD/

Altcoins are also taking a slight hit today, as this metric is down by -0.55%. Still in a bullish trend, so I still expect altcoins to perform favorably.