Doc's Daily Commentary
Mind Of Mav
Is It Time For Putin Risk Back On?
One of our favorite indicators for financial market sentiment has been flashing favorably for risk assets for a few days now, ever since the S&500 Volatility index broke below 22 in Monday’s session (28th March).
The red bars we see in the VIX chart were a clear green-light for risk assets, which accelerated to the upside on Monday’s open.
While most market participants were worried about Vlad, the Ukraine, supply chain crises, and rising commodity prices, the advent of spring and the seasonal energy boost from mother nature, brought forth a wave of green shoots in our gardens and green candlesticks in markets.
We have often spoken of the strong correlation between crypto and US equities, so it should not surprise anyone that crypto participated in the broad based risk-on rally.
Drilling down from the TOTAL2 index above, we can look at the recent performance of the two major digital assets we offer at SINEGY — BTC & ETH.
As you can see from the chart, since the Jan lows, ETH (in blue) has outperformed its big brother BTC (in orange) by approximately ~10% in Q1.
This substantial differential in returns is largely due to the recent surge in popularity of the Non Fungible Tokens (NFTs)’ which are largely tied to the ETH blockchain, but also the new trend towards digital real estate in the Metaverse.
The chart above shows the relative performance of metaverse tokens which have been leading the rally in crypto since March 20th.
Newly listed APE, the coin that will power the ‘Otherside’, the metaverse for Yuga Labs’ BAYC NFT collection, has been the stand out performer, stealing some shine from rival verses like MANA (Decentraland) and SAND (Sandbox).
Final thoughts…
While markets do look good right now, do not FOMO in and do not take your eye off the VIX.
The geopolitical situation, the dodgy economic fundamentals, and large Monetary policy risks have not gone away.
Good Luck & Happy Trading.
Thanks for Reading.
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