Oct 14, 2021 3 min read

It's just a ride

Cryptic ball: crypto is like a ride.

Another mildly interesting day in this boring, but pleasant ride up the crypto carousel. Bitcoin finally touched $58k, a price unseen since May 12th - just before a 20% crash in a matter of hours, which was the first leg of that cold end of spring. And, more interestingly, ether has started pumping in spite of bitcoin's rise. Does this invalidate the traditional relationship that I brought back last week?

Not so. Because bitcoin has hovering around $55k since October 6th. This sideways movement enticed alt traders, with the entire market up +3% today. Alas, Axie's AXS rose +16% and most top tokens pumped roughly 8%, which was ether's relative rise. The runner-up blockchain's token is now standing at $3.8k, a key level that, if broken, could lead ETH to test new all-time highs together with the orange coin. And, then, invalidate the "BTC up, alts down" relationship.

But all that is fortune-telling and you should instead be focused on having a plan for each scenario. If both pump together, it's likely that the ride up will be more sustainable - and perhaps even last all of 2022 - as there's enough fresh capital to raise all boats. If the old cycle resumes, it's likely whales are just moving chips around and this will be a quick leg up (first with BTC, then with alts), just like what happened in the last quarter of 2013 and, in some ways, also in 2017!

Chart art: exchanges are an amusement park.

*If exchanges start to seeing massive net inflows that are likely due to an injection of fresh capital which will buy the blow-off top and hold it for some years. Let's keep monitoring this.*

Three things: that's how powerful our minds are.

a16z kindly shared their "Agenda for the Future of the Internet".
Make sure you also check their "How to Win the Future" deck!
Lastly, if you feel it's tough to find the next 100x in crypto, that's because it is. Ari David Paul argues the "easy money" now lies in "building". Must-read.

Tweet tip: up and down, around and around.

*Remember Ethereum killers shouldn't price themselves against USD, but against ETH.*

Meme moment: it's fun for a while.

*Remember SOL looks like it found a bottom and has its major conference in November.*

B21 Earn: check our new feature!

*Earn in kind or choose to earn in B21's token and double your staking rewards!*

Get started: download the B21 Crypto app!

Subscribe to our newsletter

Follow us on Twitter

Join our Telegram group

Find us on Instagram

Watch us on Youtube

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.