Bitcoin

Current Price: $34,210

Market Rank: #1

So let's start with the boring stuff, charting Bitcoin.

Bitcoin is getting dangerously close to its $30,000 support level, if it breaks that support we will see a further decrease in price. I am not predicting it will head there, however with the stock market possibly heading for a downturn this week, Bitcoin along with the rest of the crypto market might follow. 

So, what do we do?

I have an odd suggestion that I feel many might dislike, but I think it might be our best case scenario to force cryptos upon the financials systems of the world. 

Suggestion #1:

Get rid of Bitcoin. What I mean by get rid of Bitcoin is more simply move it down on the ladder and put Ethereum at number 1. At Bitcoin's current price it is hard for retail investor to buy a coin and use in their daily lives. Ethereum is much cheaper, has a known groups of founders and leaders, and we know the supply of Ethereum, Bitcoin we are unsure. Now I am not saying this will give the market the stability it needs but image Bitcoin (Ethereum) at $2,000 right now, who wouldn't buy it. By moving Ethereum to the "number 1" spot, cryptos could see a surge in price; demand would increase, supply would be limited and then boom at point you would hit an equilibrium point. A point in which Bitcoin might not be able to achieve at its current trajectory. The reason I believe Bitcoin will not hit $100,000 this year or next is that people forget that Bitcoin is now tied to major financial institutions.  Bitcoin enthusiasts forget that Bitcoin is connected to the stock market, if the stock market were to correct so would Bitcoin. If Bitcoin were currently at $50,000 or even $40,000 I would say it would survive the correction and bounce with the stock market. Bitcoin falling below the $30,000 level isn't catastrophic by any means but if the stock market were to correct at the same time (next week and next month), then this could be the end of the great promise of $100,000 by the end of 2021. 

Suggestion #2:

Pick a winner. Simply put, there are too many cryptos in the world right now, there are millions possibly even hundreds of millions of cryptos on the open market. Everyone is dividing their money into these secondary cryptos in hopes that theirs is "the winner." What I mean by the winner is the one crypto that becomes the set piece for its designated trade of choice. For example, Decentraland is the leading token for virtual worlds, if you are a backer of Decentraland you are quite pleased, sure you might not be as big as Ethereum or Bitcoin but you have a niche are consider of champion of your field. Yet Decentraland is not the only token that works with virtual worlds, there are hundreds and thousands of people will throw their money at this new projects in hopes that they might become as big as Decentraland. This is why I back Shiba Inu, in hopes that Shiba Inu will surpass Uni Swap and Pancake Swap. So where am I going with all of this, well honestly nowhere as of right now as I can't and won't tell people to stop making new projects but I will say is start backing good projects, we can't pick winners yet, cryptos are still very new, as a community we need to start backing solid projects and let the memes die. Do research, talk to their leadership, be smart because if we as community continue to divide our money into terrible projects the world of outside investors will only see Bitcoin as the only sound project and leave the rest of the crypto community on the sidewalk. We need to be conscientious of how, we the first generation of crypto users, will define how crypto projects are developed, ran, and supported. If we let memes take over, all cryptos will be known as a niche for some people to have and trade down the road and not a revolution to overturn the current financial system that have constrained so many across the globe. 

Conclusion:

Bitcoin is our current leader but what worries me is people like my parents and the majority of the world only know Bitcoin, they believe Bitcoin is the only crypto and everything else is like a crypto fad. That is the majority of the issue because if Bitcoin were to fail, the rest of the crypto market would be lost forever. The technology would be used to revolutionize our current financial system but no change would be done, the US dollar would be continued to be held by the majority of financial firms and the only thing that might change is that paper money might go away. To have cryptocurrencies succeed, I think it's time to pick a new leader or at the very minimum make it point to highlight sound crypto projects, because if Bitcoin, Ethereum, and meme projects are the only thing outside investors see then that's all cryptocurrencies will ever be.