"The Homebrew Computer Club of 2021 is a DAO or a Discord server"
4 min read

"The Homebrew Computer Club of 2021 is a DAO or a Discord server"

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: it's a hot week, indeed.

What a week. Total market cap is down roughly 2% since Monday, given that bitcoin and ether fell a bit as speculative traders swap their crypto savings, typically held in those major assets, into alternative tokens. Yet, dozens of alts continue to pump, with the Solana trend leading the pack - SOL, Solana's token, is up 13% on the day and has achieved a new all-time high.

As explained Monday, we anticipated SOL to drop a bit in order to test its previous ATH, and that was exactly what happened yesterday - to the tick, as you can see in the chart below. Since then, the blockchain du jour has bounced 37%. What next? Overall, even though some believe the weakness shown by BTC and ETH is worrying, we feel things will remain smooth. But, eventually, Solana will lose its (short-term) appeal and everyone's attention will shift to the next shiny thing.

Chart art: it's Solana summer, indeed.

This technical breakout has a strong fundamental basis given the real innovation currently happening around Solana. Still, all blockchain innovation is mostly about potential and trading-related utility than real-world use cases. So expect some dips with SOL. But also be aware that the rest of the Solana ecosystem will likely remain in an uptrend for long.

Market musings: it's a doge's life, indeed

It seems doge may be a winner for the next days, as it had also pumped with SOL over the weekend and has just started to bounce today, on top of fresh news the Dogecoin Foundation has been re-established. What's interesting is that Vitalik Buterin and Jard Birchall, former SVP at Morgan Stanley and current manager of Elon Musk's family office, are part of its board of advisors! So keep an eye.

Then, for the rest of the week, take a chance to zoom out and find peace in the fact bitcoin is back again above it's 20-week moving average - a key support level that once broken fuelled the early summer fears. This helps the thesis that the current market cycle is akin to that of 2013-14, where we also had a double bubble. Looking at what happened back then, bitcoin had its second top one month after it broke through all-time highs - so let's see how much fuel does it have this time!

Visual block: it's a double bubble, indeed.

This chart, explained above, is maintained by Pete Humiston. Click on the image to follow him!

Three things: it's a whole new paradigm, indeed.

Tweet tip: it's a nice hack, indeed.

More interestingly, as Chris Dixon remarked in the must-read thread shared above, NFTs aren't just speculative JPGs, but simple mechanisms to empower communities and creators. 

Meme moment: it's all about the metaverse, indeed.

Curation credit goes to Qiao Wang, a must-follow crypto OG.

New token on B21: it's all about the memes, indeed

Dogecoin is coming soon to B21. Click on the image to learn more about our app.

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.