-
Cryptocurrencies
rallied
after
three
days
of
modest
downward
action,
with
the
CoinDesk
20
bouncing
2.7%
in
the
last
24
hours. -
Solana’s
market
cap
dominance
is
approaching
all-time
highs
at
3.70%. -
Crypto-related
stocks
gained
as
well,
with
MicroStrategy
jumping
nearly
10%
to
a
new
25-year
high.
-
00:52
Ether
ETFs
Saw
Biggest
Outflows
Since
July -
01:01
Bitcoin
Breaks
$64K
While
Gold
Soars -
00:56
ETH/BTC
Ratio
Slid
to
Lowest
Since
April
2021 -
00:57
Is
Bitcoin
Losing
Its
Bullish
Momentum?
Cryptocurrencies
rallied
on
Thursday,
reversing
what
had
been
a
slight
downturn
since
bitcoin’s
(BTC)
failed
attempt
to
regain
$70,000
very
early
on
Monday.
The
CoinDesk
20
–
an
index
of
the
top
20
cryptocurrencies
by
market
capitalization
excluding
stablecoins
and
exchange
coins
–
was
up
over
2.7%
in
the
past
24
hours,
with
Uniswap’s
(UNI)
and
bitcoin
cash
(BCH)
leading
the
charge,
each
gaining
more
than
5%.
Bitcoin
at
press
time
was
changing
hands
at
$68,100,
ahead
2.9%
over
the
past
24
hours.
Ether
(ETH)
continued
to
underperform
bitcoin
and
the
broader
market,
gaining
just
1.1%
and
touching
a
new
3.5
year
low
relative
to
the
price
of
BTC.
Solana
(SOL)
continued
to
outperform,
rising
3.0%
and
marking
a
new
record
high
relative
to
ether.
Ether
is
now
notably
just
over
$2,500,
but
below
the
max
pain
price
–
the
level
at
which
most
options
expire
worthless
–
of
$2,600
for
Deribit’s
options
expiry
on
Oct.
25.
Ether’s
troubles
Ether
continues
to
languish
behind
bitcoin
and
solana
in
terms
of
performance.
In
the
past
month,
ether
is
down
2.1%,
while
bitcoin
is
up
7.4%
and
solana
has
added
18%.
“I
think
from
a
pure
on-chain
perspective
there
has
generally
been
an
outperformance
of
network
activity
in
both
Bitcoin
and
Solana
vis-à-vis
Ethereum,”
Andre
Dragosch,
European
Head
of
Research
at
crypto
investment
firm
Bitwise,
told
CoinDesk.
“Transaction
count
on
Bitcoin
has
outpaced
that
of
Ethereum,
which
tends
to
be
highly
correlated
with
the
relative
performance,”
Dragosch
said,
noting
that
there
had
been
“stronger
on-chain
capital
inflows
into
bitcoin
[than]
ether.”
“In
this
context,
it’s
not
so
much
a
weakness
of
ether
but
rather
a
strength
of
bitcoin,”
Dragosch
added.
The
nominal
market
capitalization
difference
between
bitcoin
and
ether
has
reached
a
new
all-time
high.
With
bitcoin
at
a
$1.33
trillion
market
cap
and
ether
at
$303.6
billion,
the
difference
is
now
over
$1
trillion
for
the
first
time
ever.
Solana’s
market
capitalization
dominance,
currently
at
3.64%
of
the
crypto
market,
is
approaching
its
old
record
of
3.70%.
Crypto
stocks
gain,
led
by
MicroStrategy
MicroStrategy
(MSTR)
added
another
10%
on
Thursday,
reaching
its
strongest
level
since
the
dot
com
bubble
25
years
ago.
The
company
is
in
a
unique
position
because
it
was
completely
misunderstood,
well-followed
capital
advisor
Punter
Jeff
told
CoinDesk.
“Never
before
has
a
company
converted
its
balance
sheet
entirely
into
a
finite
asset,
let
alone
a
revolutionary
asset
like
Bitcoin,”
Jeff
said.
“It
positions
MicroStrategy
as
a
pioneer
in
corporate
finance
while
establishing
a
significant
competitive
moat;
it
holds
over
2.25
times
more
Bitcoin
than
all
other
publicly
traded
companies
combined
that
have
Bitcoin
on
their
balance
sheets.”
Other
crypto
names
posting
gains
included
Coinbase
(COIN),
adding
5%
and
bitcoin
miner
Riot
Platforms
(RIOT)
rising
4.3%.