Top-5 Crypto Performers: LINK, TRX, EOS, XRP, ADA

Fundstrat Global Advisors co-founder Tom Lee believes that Bitcoin does well when the S&P 500 market index moves up. Though Bitcoin might act as a macro hedge against global turmoil in some instances, it has largely performed negatively when the S&P 500 has dropped. It will be interesting to see how Bitcoin moves in the next few weeks.

Bakkt’s launch did not generate the interest it was expected to do, which led some to blame it as the reason for the recent drop in Bitcoin. However, institutional traders do not jump in without testing waters. In a press release, Intercontinental Exchange stated that Bakkt completed its first block trade, executed between Galaxy Digital and XBTO on Oct. 1. Following the trade, XBTO said the platform “can accommodate large trades.”

The dominance of Bitcoin continues to drop, which shows that the action is gradually shifting to altcoins. However, for the altcoins to continue their outperformance, Bitcoin has to either consolidate or move up…