Cryptic ball: just one month ago everyone was afraid.
Two weeks ago we told you to expect a cycling of profits from bitcoin and ether into alts, and last Monday that we're back to UpOnly mode, a meme popularised early in this market cycle that described a period of very few dips and aggressive, FOMO-induced buying. More interestingly, Wednesday we shared a feeling that most cryptoassets would test and conquer their all-time highs this September.
Well, this weekend was so wild that Solana's SOL, a promising project that we referred again Friday (hinting that you should research its ecosystem and various tokens), has already made a new ATH, the first major alt to do so and conquer new levels above last May's euphoria. What's more incredible is that this token, which is in the top 10 by market cap, has appreciated 60% in the past two days. This is normal for shitcoins, but very rare for cryptoassets of this dimension!
What happened? As explained, bitcoin and ether continue trading sideways, which is great for speculative traders looking for the next big thing. And, as also written about this May, everyone wants to find the next Ethereum killer. So, it was only necessary to combine the current back-to-school bullish vibe with some positive announcements - a new bridge between Ethereum and Solana, as well as a new NFTs project which exposed thousands to practically free transfers to mint their new profile pictures. But what do you if you missed the train? Read along!
Chart art: just two months ago SOL was $20.
Market musings: just three months ago hype was the same.
If you've missed the craze, look out for some volatility with SOL over the next days and a retest of $56, the previous ATH. Long-term, solid projects will slowly rise. Alas, even dogecoin and SHIBA are pumping again, so all remains possible. But be mindful you need to stomach some potential losses if you buy a local top. That's why most people tend to feel more comfortable buying into assets which haven't pumped yet, so consider that if you feel you should resist the FOMO.
If you need ideas, you can learn more about this blockchain and the many projects being developed there, as it's also common for their tokens to pump after their mother chain does (and vice-versa, remember STEP?). Meanwhile, note total crypto market cap is back above $2 trillion, a first since May. More importantly, the market was only above this level for roughly 35 days ever! What does it mean?
It's very simple. Things are already wild, but will get wilder once all coins start testing new all-time highs, which may even happen by the end of August. Keep looking for coins which seem like they want to catch-up with these initial pumps (check out ADA and LUNA as a research tip). Lastly, maintain an eye on bitcoin and ether, as if they dip alts will likely dip too, and when they pump you can expect alts to take a break for a little while. It's all a simple dance!
Visual block: just four months ago Coinbase was IPOing.
Three things: just five months ago regulators were cooler.
- Spencer Noon shares "7 indicators every NFT investor should be using to evaluate projects". And beware of illiquid NFTs, which are most.
- Coinshares published "DeFi DemystiFied, the past, present and future of Decentralised Finance". It's a great introduction to this space!
- Samantha Messing wrote "An Open Letter to Senator Elizabeth Warren, or why progressives should love Bitcoin". It's all about smart regulation.