Ethereum Nears All-Time High; Smashes Through $1200; Rioters Take Control of US Capitol - 01/06/2021

by

W. Paul Alexander

for 

Better Call Paul

The early days of 2021 continue to be chaotic as the world adjusts to the possibility of coming harsh COVID19 lockdowns, the transfer of power from Trump to Biden in the United States, and of course, the crypto bull run of the century, with the two largest assets by market cap continue to set new records.  

Here's a recap: 

Chaos in Washington DC

The political world in the United States has been bracing for the enormous protests promised to happen by various groups on the day that Congress met to certify Joe Biden's electoral votes and officially declare him the winner.  No one expected Trump to be gracious about his loss, as he and his supporters have constantly disputed the results of the election, claiming massive voter fraud and irregularities allowed the vote to be stolen by the supporters of Joe Biden.  

Well, the Congress met, and then the protests grew.  When they very quickly escalated in intensity, the protests into rioters breaching 4 layers of security and essentially occupying the US Capitol Building, where the Congress was meeting to certify the results and electoral votes of the November 3, 2020 election, which Biden won while capturing more votes than any candidate in history.  During the raucous event, the violence led to one woman being shot and killed. 

After years of deferring to his position as President of the United States, Twitter has blocked Trump from posting for 12 hours, which means they are likely considering applying the normal terms of service to his account, including the sanctions for violating the rules of the platform.  This will no doubt turn into another Section 230 rant that will consume the last 2 weeks. 

The matter ended with Congress suspending the vote for several hours as a curfew was enacted and police moved against the rioters.  However, Congress has confirmed that it will continue and proceed with the certification tonight until the process is complete.  

None of  this chaos hurt the crypto markets though.  On the contrary, I believe that the pro to the volatility that we have with cryptocurrencies is that when society becomes volatile as well, it is almost as if the market feeds off of the energy of society.  It truly is a wonderfully exciting time to be alive!

Ethereum

Yesterday, Ethereum's Ether (ETH) broke through the so-called "psychological limit" of $1000.  As I mentioned yesterday, it has continued to climb at a very high rate.  While it has not yet reached its all-time high, there seems to be a pretty strong consensus that this will soon occur, as ETH has just smashed through $1200 for the first time in three years, since the crazy highs of the 2017 bull. 

As we all know, the only downside to these massive runs on ETH is that the relative cost of gas fees increase at a pretty substantial rate.  This is an inconvenience for some but with the profits being realized, it shouldn't be too much of a problem, except for when sending small amounts. 

Bitcoin

Without disappointing, Bitcoin broke anothing all-time high today as it soared across the $35000 line.  However, it did not stop there and has blasted off, currently trading at over $37,000, it's highest ever.  I can't even begin to describe the atmosphere among contacts of mine who are crypto invested. It's almost as if you can feel the energy in the air -- which is what those crazy emotional days on the stock market floors happen, I guess.  When a rally like this happens, we are filled with optimism and we begin to realize our profits and the possibilities that come with them.  

NOTE:  As an experiment, I invested $1000 in a basket of coins on CoinSeed the day that the second stimulus check hit my account.  The value of that initial $1000 USD investment now sits just shy of $1700.  Now, that's massive, and it happened over the course of 4 days.  Soon, a series will be published on this blog that will track and document this entire process.  The implications here are clear.  The United States government decided that $600 was enough for a second stimulus check.  After writing a series hypothetically tracking the value of the $1200 stimulus checks if invested in a basket of top cryptos, I decided that I had to put my experiment to action, vis-a-vis applying the scientific process along the way.  So, look out for this coming series -- I promise it will be a great read)

None of this would be happening if not for Bitcoin's blast to the moon.   

Maker DAO

For some reason, the editor is not allowing me to find the widget for Maker, and I just wanted to mention it as a side-note, anyway.  I am not invested in this coin at all, but it has been interesting to watch it's growth.  In the last week, it has skyrocketed from being steading in the $600s to breachin the $1000 line today, almost in concert with ETH -- albeit a bit behind. 

Since I don't know much about the project, I am leery to invest, although FOMO is running pretty high right now.  I have to ask myself if it's a good idea to add Maker to my basket, or have I missed out and just need to ignore it and move on?  I'd love to hear anyone's thoughts on that topic, so if you have one, just leave it in the comment section!  

Well, that's all for tonight! 

Sit back and let that profit roll in.  

Image Credits:  
Real Madrid
Crypto Potato