The Cryptocurrencies We're Watching

As we laid out in yesterday's call, if Bitcoin is in the 50,000's, we need to be aggressively long crypto.

There's just no way around it.

Above 47,000, the bias is clearly higher toward the first half highs:

The projected move into the 60,000's roughly represents a 30% move. If we know anything about the altcoins, it's that many of them are a double, if not a triple in that environment...

We're already seeing that leadership emerge under the surface, with the altcoins reasserting their former leadership at their pre-covid highs on a relative basis:

So from a pure asset allocation perspective, it makes sense to look for opportunities down the cap scale.

The market never makes things perfectly clean.

But in a perfect world, we'll merely use these smaller names as an avenue to express our bullish thesis, only to begin feeding the ducks when Bitcoin runs into its former highs achieved earlier this year.