Bitcoin is just enjoying Labour Day
Cryptic ball: a holiday, but also a pump.
This has been another solid weekend, with BTC finding new highs since last May, both Saturday and today's morning. Ether had a more quiet time, but it's just consolidating nearby Friday's local high and the bullish bias remains valid. More interestingly, alternative cryptoassets continue to pump left and right, with Solana's SOL once again leading the pack towards new all-time highs.
What can you expect this week, then? Well, the week is starting slow due to the Labour Day holiday in the US. With this key market closed, at least from an institutional perspective, we can expect volumes to pick-up over the next days, especially for the large caps and leading coins. Meanwhile, it's all about the new kids in the block now, with speculative plays in several fresh tokens in Solana's ecosystem capturing most of the chatter in our social feeds.
Chart art: a foe, but also a brother.
Market musings: a fad, but also a trend.
The way alt seasons work is by cycling the profits from one sector to another. And it's becoming clear that NFTs are hitting a local top, at least on Solana, with the latest mints failing to find the levels of demand previously seen. One project is even considering burning the unsold NFTs as a potential solution to the end of music in the musical chairs game. Should you be worried? Yes and no.
If you're holding illiquid assets you must be prepared for them to either return a 100x gain or lose 99%, like most ICOs from 2017 eventually did. While we believe we're far from seeing the top of the overall crypto bubble, this is the kind of event which prompts some sectors to cool down. While NFTs are here to stay, remember that only a few projects will succeed. Meanwhile, consider focusing your research on sectors which are emerging as a solid trend again, like DeFi. And be mindful of any strong bitcoin move, to be expected soon with this golden cross next week.
Visual block: a trend, but also an application.
Three things: a guide, but also a game.
- Ecoinometrics' latest post is out and it will help you understand the relationship between bitcoin, ether, and alts. It's a must!
- Arthur Hayes' latest post is out and it will help you understand NFTs and the different trading strategies within this wild market opportunity. Also a must!
- Jim, an Ethereum developer, made a really good guide for those who are "interested in crypto but don’t know where to begin". It's gamified!