Morning Minute: Bitcoin Breaks to $124k & New All-Time High

Find out what's driving the move and if there's more fuel for this rally to continue.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today's top news:

We have a smashing new BTC ATH on the books.

And it may be time for Bitcoin to shine.

Bitcoin just printed a new all-time high, topping $124,128 and breaking past its July record.

Ethereum is charging higher too, now within less than 4% of its 2021 ATH, trading above $4,780 at peak overnight.

Other majors and alts are soaring as well, including SOL which is now back over $200.

So what’s driving this uptrend?

Notably, Bitcoin dominance has dropped to 59% amidst the new ATH, signifying the potential for an ETH + ALT SZN.

“If you bought #Bitcoin every day like the El Salvador government, you'd have a 115% return! Since Nov 18, 2022, El Salvador has been buying 1 $BTC per day — buying 1,000 $BTC (cost $57.29M, now worth $124M) at an average price of $57,793, with an unrealized profit of $66M(+115%).” - Analytics account lookonchain, on X

Legendary crypto trader Cobie changing his PFP to the “up only” version with Bitcoin glasses was just the icing on the cake.

The crypto bull market is in full swing.

And this is where things can get a little nutty - new ATHs every day, god candles and rotations down the risk curve to try to catch the next fastest horse.

But don’t lose the plot - this cycle may very well be different from past cycles.

The bid is largely driven by ETFs and Institutions (TreasuryCos). That means less onchain rotation is likely.

Good for BTC and ETH for sure, for other alts - a bit less clear.

There’s a real scenario here where BTC and ETH dominate the bull run and rotating to alts is a foolish strategy.

With that said, there will be pockets of outperformance for sure. And likely a lot of surprises still left in store for us.

For now, it’s time to respect the pump,

Let ‘Up Only’ SZN begin…

A few Crypto and Web3 headlines that caught my eye:

In Corporate Treasuries

In Memes

Here's a rundown of major token, protocol and airdrop news from the day:

Section dedicated to headlines in the AI sector of crypto:

Here is the list of other notable headlines from the day in NFTs:

More News

• All
• CT
• Coindesk
• Decrypt
• DLNews