The Q1 2024 Guide to Crypto Markets
The Guide to Crypto Markets is a joint publication of Coinbase Institutional and Glassnode, and aims to provide a comprehensive view of the metrics and trends that matter the most to institutional investors.
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The Guide includes:
Including total crypto market cap, dominance, and correlations to traditional assets.
16 slides on Bitcoin, including the BTC Price Performance Since Cycle Low and NUPL.
17 slides on Ethereum, including Supply Profitability State and Volatility Bands.
A breakdown of how different stablecoins make up the total supply.
Sophisticated insights from Bitcoin & Ethereum derivatives data.
See the impact of adding crypto to a 60/40 portfolio over the last 5 years.
A change in correlations & the continued rise of Bitcoin
The 44-page Guide includes many highlights and key takeaways. Here are two of particular note.
Correlation between crypto and traditional assets lost in 2023
Crypto has historically shown low correlations with traditional asset classes. 2022 was an exception, when nearly all assets traded down in tandem, but 2023 saw a reversion to historical norms, indicating that crypto can be a source of idiosyncratic risk.
Bitcoin dominance rose in 2023
Crypto dominance measures a cryptocurrency’s market capitalization as a percentage of the total market cap of all cryptocurrencies. Bitcoin dominance rose in 2023 with a flight to quality and as the market grew increasingly bullish about the approval prospects for spot bitcoin ETFs. Some market participants also view the April 2024 BTC halving as a potentially positive price catalyst.
Join the Webinar on January 24th
In this fast-paced Webinar, Glassnode's lead analyst James Check and Coinbase Institutional’s Head of Research David Duong will provide a comprehensive view of the metrics that matter most to institutional investors.