SignalPlus Macro Research Report (20231219): Solana’s strong recovery attracts attention
The last (realistic) trading week of this year will usher in US core PCE, UK CPI, Canadian CPI, Bank of Canada meeting minutes and Bank of Japan meeting. The central bank’s hawkish remarks are unable to counter the current dovish tendency of the market. Now The question is how quickly and to what extent global central banks will cut interest rates in 2024, not whether.
Last week, the SPY ETF saw a record inflow of funds. The index rose 2.5% during the week, rising for 7 consecutive weeks. It was the strongest rise since 2017. While the seven major stocks continued to rise, we finally saw The stock market rally is starting to broaden and deepen, with the equal-weighted SPX index outperforming the cap-weighted index by nearly 3% over the past month, and risk sentiment has not subsided... at least not yet.
On the cryptocurrency front, one of the headline-grabbing news has been the resurgence of Solana, a coin that was almost considered dead due to its deep correlation with SBF and FTX. However, Solana has returned to the market this year with a return of around 350% and far outperformed. surpassed BTC and ETH, and recently surpassed Ethereum in daily active addresses and NFT sales (although both are still at depressed levels).
If cryptocurrencies continue to rise and DeFi makes a comeback, will this trend continue? Has the user community voted with actual actions to express their preference for the L1 blockchain? Or will the return of institutional funding shift the focus back to ETH again, as the traditional community prefers “proven” chains? After a long bear market, its great that we can start speculating on ecosystem developments again.
A rising tide lifts all boats, may the positive momentum continue.
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