Weekly Update 12 Mar 2021 New Crypto Highs

Cryptocurrencies and stocks moved higher, while bonds declined; national currencies and commodities were mixed. Cryptos moved back into out-performance mode, with Bitcoin rising 16.6% and Ether gaining 15.0%. Outside of cryptos, the best performance was by platinum, up 5.1%. The largest losses were in long term bonds, down 2.5%, and the Yuan, off 1.8%. Long bonds are now trading below their 2018 lows, close to their prices in September 2014.

Canada's Dollar was the only national currency in the black, rising 1.0%. The Chinese Yuan fell the most, dropping 1.8%. US Dollar cash declined 0.5%, as did its short term notes. Long term bonds did much worse, falling 2.5%.

Bitcoin had an excellent week, rising 16.6% to a new all-time high of 1,046.0 grams… and the good times continued rolling into the weekend, topping out at 1,117.4 grams on Saturday. Ethereum was up 15.0%, but finished the week just shy of its old high… and then blasted to a new record on Saturday, closing at 35.1 grams. The broader index of 30 cryptos gained 9.8%, closing at 337.3 grams, nowhere near its all-time high of 491.1 grams – still plenty of room for the alts to run before they challenge that level.

Stocks had a good week, led by the Euro STOXX, up 3.6% and the Dow Industrials, up 3.5%. Japan's Nikkei index underperformed, adding just 1.8%. The Australian ASX 200 (not in table) did a bit worse, gaining only 1.2%.

Platinum was the strongest commodity (and the strongest non-crypto asset overall) rising 5.1%. Coffee was also a star performer, adding 2.7%. Crude oil was the weakest of the group, falling 1.2%, followed by cotton, off 0.7%. Silver was unchanged.

Year over year, cryptocurrencies, equities, and commodities were all higher, while bonds fell and national currencies were mixed. Crypto gains were massive, as Bitcoin rallied 962.7% from its lows, and Ether rose 782.1%. Commodities ranked second, with crude oil posting a 91.9% gain, and copper rocking a 53.7% advance. The worst losses were in long bonds, down 19.4%, and the Japanese Yen, off 10.7%. The US Dollar fell 7.9%.

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