Weekly Update 7 May 2021 More Crypto Highs

National currencies and bonds fell, while other assets were mixed. Ethereum and the CCi30 made new all-time-highs, and finished the week with the largest gains in the table, up 20.9% and 7.9% respectively. The worst losses were in palladium, down 7.7%, and Bitcoin, off 4.4%.

The US Dollar fell more than any other currency, dropping 3.8%. The Chinese Yuan was the best performer, giving up 2.5%. Treasuries outperformed USD cash, as short term notes dropped 3.7% and long term bonds declined 3.2%.

Bitcoin spent the week hovering around the 1kg mark, ending at 986.2 grams, off 4.4%. But the alt-coins went on a tear, as Ethereum rose to a new all-time high of 61.5 grams on Wednesday and settled back to close at 59.0 grams, up 20.9%. The broader index of 30 cryptos also made a new high on Wednesday before closing the week up 7.9%.

Although gold stocks rallied 5.6% (the third best performance of any asset this week) all the major stock indexes moved lower. The S&P 500 fell the most, dropping 2.6%, while the Euro STOXX fell least, declining just 0.6%.

Commodities were mixed. Palladium fell 7.7%, but copper gained 2.6% and silver rose 1.8%. The largest gain was in coffee, up 4.0%. Crude oil declined 1.8%.

Year over year, cryptocurrencies continue to lead the way higher, with gains of 1,472.8% for Ethereum and 770.7% for the broader 30 crypto index. Outside the crypto space, crude oil is the biggest winner, rising 155.7%, followed by copper, up 84.8%. The only declining equities are the gold stocks, off 2.0%. The European STOXX index is the best performing stock market, rising 47.0%. The best performing national currency is the Canadian Dollar, up 7.1%, while the worst is the Japanese Yen, down 8.9%.

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