Cryptic ball: "summer has come and passed"
Buy now and wake me up when September ends, because UpOnly season is here. It all started with the "Solana Summer", a project already covered in this newsletter. Now it seems the Ethereum killer inspired ether to wake up, with ETH up 20% since Monday and 10% today! But more alts are pumping. FTT, the token of the popular exchange, FTX, is leading the pack after appreciating +30% today.
The move came after a long period of accumulation this August, which finally popped on news that FTX had acquired the "first US-approved" crypto derivatives platform, opening up a new market very few exchanges have access too. While exchange tokens will continue to grow as exchanges grow, and we're believe FTT has the potential to flip BNB later this year (which would mean a 10x to 15x pump from today's price), it's time to remember you to take profits or tighten your stops!
Chart art: "the innocent can never last"
Market musings: "as my memory rests"
More important than FTT is the fact that bitcoin also pumped on top of ether's appreciation. It seems the original cryptoasset that we described as boring this Monday didn't like our tone and modestly appreciated 5% since. This may seem uninteresting compared to the double-digit alt pumps occurring every day. But, as you can see below, BTC is also about to break out of a bullish pennant.
Once that move is confirmed and $50k is reclaimed, it's time for BTC to test the $60k waters again. And given how slowly the orange coin has been moving, we're expecting ether and alts to pump together - which contrasts nicely to 2017 when alts dumped once BTC woke up. Anyway, keep an eye on dominance as if it starts rising then alt traders will feel fearful of this historical relationship. To conclude, remember that it pays to be patient. If you have missed any recent pump try to DYOR on projects which are consolidating (e.g. ADA) and wait for a break out!
Visual block: "but never forgets what I lost"
Three things: do read (at least) the first two links.
- Dom Hoffman, co-creator of Vine, is making waves in the NFTs world with a text-based NFT project which seems worthless but is instead a major "paradigm shift" and with NFTs that are "actual, playable video-games"!
- Cryptoassets aren't just about kids making millions, but about the developing world. Learn more about how "the crypto dons of Beirut" serve an underground economy to fight their country's crisis.
- Trading isn't just about quantitative analysis and complex mathematical models. Take note of how the CEO of Alameda Research, one of this industry's most influential traders, uses intuition and is adapting more and more by learning about new sectors in crypto after discarding the NFT hype.