Cryptic ball: bearish, but also bullish.
What a nice start of the week. Total market cap is up 6.9% over the past 24 hours, following bitcoin's double bottom last night, UTC time, where it bounced roughly $47.5k for the second time - right at the important level of the 100-day moving average. Meanwhile, ether and some top alternative cryptoassets demonstrated resilience and are now aiming to test their all-time highs again.
Does this mean bears are wrecked? Well, as long as bitcoin remains trading sideways things should remain safe. Ideally, BTC should climb above $55k, from its current price of $53.5k, which would help driving up another leg of this alt season - when all coins rise in tandem. Lastly, as you can see below, average funding rates are neutral now - an historical indicator for a local bottom!
Chart art: funding, but also actionable.
Market musings: ether, but also sol.
As for other alts, we typically shy from mentioning specific projects unless they are impacting the wider ecosystem - in order to promote readers self-education, which is the only way to help you avoid scams and prevent losing money rapidly. But we've blatantly and successfully recommended exchange coins before, so it's time to call your attention to another sector of tokens: Ethereum competitors.
This isn't necessarily new. Since 2013 that many projects have portrayed themselves as Bitcoin-killers and, in 2017, claiming to be the replacement to the blockchain that runs on ether was part of the standard ICO playbook. And, since 2020, when several competing decentralised ecosystems surged, we've been seeing a massive appreciation of said projects. Why are we talking about them now?
Because, given the many scams now surrounding DeFi projects, there's some nice solace in investing into more solid teams which are shipping real products. And, talking about solace, Solana is the latest project to command all the hype on Crypto Twitter - as if it wasn't the talk of the best Telegram groups since early January! To learn more about it, we recommend reading this investment thesis.
Visual block: research, but also compare.
Three things: omnipresent, but also away.
- Has the NFT boom peaked? Daniel Roberts wonders if so, not only due to decreasing volume, but also due to a transition to the offline world.
- Has the Bitcoin energy debate ended? Never! CoinDesk's George Kaloudis published the latest report on the topic. Download the pdf here.
- Has Satoshi disappeared for ever? Most likely and hopefully. Learn more about Bitcoin's mythical creator, who sent his last known message 10 years ago.