Cryptic ball: 101 pumps.
What a day in the crypto markets. Shortly after midnight UTC, a massive dump happened across the board, with ether dropping ~8% in a couple of hours. Total market cap fell nearly 5% too, but all that has been forgotten already. It's alt season after all and anything can happen. Alas, with Elon Musk's appearance on Saturday Night Live this May 8th, even doge has pumped +50% after that dip!
We've first told you about this event on April 29th, explaining that a dogecoin reference had been confirmed - something which, in bull markets, lead to massive hype around any project. Since then, doge has climbed 100%, or 2x, half of it just today! As you can see below, it now seems it has found a local top at $0.6. But with some days left before Saturday, it seems likely the $1 prophecy will be full-filled!
Chart art: who's scared of profit taking?
Market musings: easy markets don't make good traders.
With ether breaking $3,500 more and more people are getting into the thrill stage of a market cycle. While on the first week of April we were able to safely tell you alt season was about to hit full throttle, and even though we've been writing about how we feel this ride will only hit the brakes in July (even though some people think FOMO for ether might crash things more), it's important to note volatility is increasing and bitcoin is again looking like it wants to cool down bulls a bit.
And, you can't possibly imagine we'll continue pumping straight until London's hard fork is fully priced in sometime in July. So, if you have just started investing or trading in this bull market, please take some time to do the following: 1) learn what is your investment/trading style - here's a good pdf summarising all that; 2) understand scams are increasing in sophistication, so catch-up with this great OpSec primer; and 3) don't trade on your emotions - this means having a trading plan, learning how to use stop orders, and not engaging in panic buying or selling!
Visual block: we've pasted this before and will do it again.
Three things: reading is money.
- After Andreessen Horowitz, it's time for Multicoin Capital to announce a new $100 million crypto fund. Learn how the big guys do it here.
- Curious to know more about Ethereum killers? Start by reading this great overview of Binance Smart Chain from Brave New Coin's Aditya Das.
- Flabbergasted with Ethereum's success? Check CoinMetric's latest State of the Network to understand where it comes from and how much can it still go on.