Geomethrical runner-up
4 min read

Geomethrical runner-up

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: NFTs can run, and some can even hide.

Another day, another hyped NFT drop responsible for crazy high gas prices on Ethereum. Some people wasted more than one ETH due to failed transactions! But that's normal in the nicely odd market we're in, where NFTs seem to be designed for quick flips like in the old days of the ICO mania. And this is just the beginning, right? Meanwhile, Wednesday's scenarios remain valid for the weekend ahead.

For now, bitcoin has bounced above the 100MA on the 4h chart and looks like it will attempt a test of $51k. The move doesn't look strong, and it's being led not by ether, but by SOL, an alternative cryptoasset we have thoroughly covered here and which keeps breaking new all-time highs. But is this pump strong enough to carry the rest of the market with it? So far, only ADA and LUNA are reacting accordingly, so keep an eye on ETH and other major coins to see if they wake up!

Chart art: smart contract blockchains are feeling the sun.

Click the image to read the latest Glassnode report on the "multichain future". If only this sector is pumping, then it's possible we see a market-wide dip next week. If the other sectors catch-up then it's likely we're in for a strong monthly close.

Market musings: the stock market bubble just won't burst.

Meanwhile, the Jackson Hole Symposium is behind us and that might calm the markets a bit, allowing more upside in the cryptosphere. Even though Jerome Powell, Chairman of the US Fed, "sent a strong signal Fed could dial back stimulus this year", the fact is that the S&P 500 and Nasdaq both achieved new ATHs today!

It seems such bullish interpretation was caused by additional remarks that more hawkish measures would need to wait for the real economy to improve. In other words, the party will go on for a couple more months, at least. The implications for the crypto market is that, aside from some end of month volatility (keep following funding rates and open interest for clues directional clues), it seems we're in for a great end of Q3 and a spectacular Q4. After that, there are two hypothesis.

One, which we've covered before, is that the space will repeat 2013's cycle, which had a double pump similar the one we're living now, followed by a blow-off top when the bubble becomes unsustainable (i.e. when lambo NFTs become more expensive than lambos themselves). The other, endorsed by Willy Woo, a popular analyst (who is sometimes very wrong), suggests a more sustainable, yet wild rise!

Visual block: the higher it climbs the harder it will fall, not.

Three things: one can't really learn with others' mistakes, right?

Tweet tip: just do it, just do it.

Just imagine Shia Labeouf shouting at you while you read this.

Meme moment: what about all the other runner-ups?

Follow @ETHeyAndBeTChy for a great laugh.

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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.