Cryptic ball: safer than ether.
Nice bounce, eh? What have we told you about fear! At least from a short-term perspective, ether's 14% recovery since yesterday's bottom, when it meet support at $3.5k, has been a great trade. It hasn't stopped pumping yet, meaning getting a good entry now is not easy. But it will likely face some resistance once it gets close to the current ATH (all-time high). So, what to expect in the weekend ahead?
On the one hand, for every Elon Musk out there, there's a dozen other celebrity investors coming to Bitcoin's rescue: from Mark Cuban, who said his NBA team will continue accepting bitcoin payments; to the CIO of BlackRock, the world's largest asset manager, who spoke in lingo to defend the original cryptocurrency's status as an emergent asset class; without forgetting the popular Michael Saylor, who just bought $15 more million in BTC! This also benefits the wider cryptosphere, even if BTC hasn't bounced as hard as ETH - as we're still in alt season, it's normal for the orange coin to move sideways until the party pops.
Chart art: cooler than ether.
Market musings: bouncier than ether.
On the other hand, even Tether - the once infamous stablecoin, source of much anxiety in the previous bull market - has finally shared a full-breakdown of its now audited reserves for the first time. Alas, as Elon saw everything but doge pumping, the now master of BS decided to tweet he was working with devs from the original canine coin to "improve system transaction efficiency", and so doge pumped 20%!
Everyone's favourite meme project will likely still fulfil the $1 prophecy as Coinbase, the world's most popular crypto exchange, has just announced it will list dogecoin in the next two months - perfectly aligned with our expectation that the current alt coin euphoria will peak in the second half of July! So, keep following ether's price - especially around Sunday's weekly close - as it looks poised to break new records. But have in mind we're not out of the woods yet - especially if for some reason if ETH falls below $3.5k again or BTC falls below $43k.
Visual block: greedier than ether.
Three things: greasier than ether.
- Sam Bankman-Fried of Alameda & FTX wrote a must-read Twitter thread on why Elon Musk likes dogecoin. It's all about the power of memes.
- Kevion Roose of the NYT tells the curious tale of a young American investor who became a dogecoin millionaire. It's also all about committing to hodling.
- Artur Hayes of BitMEX shared his latest reflection on the state of the crypto markets. It's all about facing one's fears "as long as the music is playing".