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BTC's recovery momentum over the past few days has somewhat stagnated, owing in large part to the U.S. Federal Reserve's hint of an accelerated tapering process to counter inflation. As a result, the price of BTC has failed to stay above $58k, and is currently lingering below the $57k level. Judging from this, and in light of historical data, BTC's response to rate hike speculations seems to mostly mirror that of a risk-on asset instead of the safe-haven asset that many purport it to be. If we were to add on the fact that the price of BTC seems to typically move in lockstep with the S&P 500 during a bear market, said claims of BTC being a safe-haven asset remain to be seen. Meanwhile, ETH has emerged as the more favorable bet amongst investors, and has come a long way from the Black Friday dip. It has cleared its resistance at the $4,600 level, and is currently trading above $4,700. It is even eyeing a potential breakthrough of the $5,000 level, something that can very well happen should investors' risk appetites return. Further, the ETH/BTC pair has also surged past 0.08, indicating capital rotation into ETH, and representing a key bullish trendline for the second-largest crypto by market cap. Some bullish activities can also be observed in the options market, with block trades being dominated by bull call spreads and large amounts of long calls.
On Tuesday, Shiba Inu recorded an intraday increase of more than 30%, even momentarily flipping AVAX in the process to become the 11th-largest cryptocurrency by market cap. This surge can largely be attributed to a crypto whale who goes by the alias of Gimli, after he/she/they increased his/her/their SHIB holdings by 24.8 billion tokens on that fateful day. However, the self-purported "Dogecoin Killer" has since had its price slashed by 10%, and is now back behind AVAX on the top 20 cryptocurrencies list.