nb, while dogecoin was slightly lower. That matters because it points to “breadth” – more coins participating – rather than the day being driven solely by the biggest token. The backdrop also looked supportive. US stocks were higher, and Treasury yields (the interest rates investors demand to hold US government bonds) drifted down: the 10-year yield fell to about 4.35% and the five-year to about 4.00%. Lower yields can make long-term, higher-risk assets look more attractive, and crypto often reacts quickly because it trades around the clock and is highly liquid.

Why should I care?

For markets: A risk-on cocktail, with different leaders.

With bitcoin mostly flat while solana, cardano, and bnb did more of the heavy lifting, the…