Chart of the Day
Tests of Conviction. After breaking above $3.5k and reaching a new all-time high (for the second time this week), the price of Ether has entered a phase of consolidation near the $3.3k level, garnering positive momentum for the next breakthrough. The Network Value to Transaction (NVT) ratio is trending downwards to the lows of this cycle, suggesting that the surge in transaction volumes is outpacing the growth in the network market cap, which provides solid support for further upward price movement.
Talk of the Town
Crypto Crossroad. S&P Dow Jones Indices, a familiar name in the traditional financial sector, has launched three new crypto indices on Tuesday, bringing BTC, ETH, and the mega-cap index of cryptocurrencies to the trading floor of Wall Street — a big step to bridging traditional finance with the crypto space. Undeniably, indices are an important benchmark for investors to make trading decisions and an integral part of Wall Street’s market structure. We probably said it one too many times but with indices linked to the rollout of top cryptocurrencies, it’s probably safe to say: Crypto has found its footing mainstream and is here to stay.