Chart of the Day
Bitcoin flexes on as it rallied above the $57k resistance zone on Monday, turning the $55k pivot level into solid support. The market saw more capital rotating back into BTC on the back of this stellar 7-day performance. Meanwhile, BTC’s market cap dominance inches up to levels last seen in June, before the NFT boom took off. Notwithstanding BTC’s outperformance, we are seeing opportunities present themselves in the altcoin market. The alt season ratio, the ratio between BTC’s unrealized profit and ETH’s market cap, can be used to telegraph the point of inflection where capital begins to rotate from BTC to ETH. That ratio has recently bounced back from the sell zone and is slowly approaching the green line — marking a rotation of BTC profits into ETH.
Talk of the Town
NFT Fantasy Soccer platform Sorare is facing an investigation from the U.K. Gambling Commission over licensing issues. Authorities say they will be looking into whether the firm’s services fall within their jurisdiction. According to Sorare’s statement, the platform is “very confident” it “does not offer any forms of regulated gambling.”