My thoughts on the current state of the Crypto Markets...
BTC
Bitcoin is nearing $100k with a dominance of 60%. I can imagine some frontrunning at $99k making the next couple of weeks a little volatile, however, I can't imagine a world where we don't break through $100k soon, especially considering Saylor is loading another $2.6B to buy and more and more of corporate America is feeling the FOMO.
US Crypto's surge on Fake News
Coins like ADA and XRP surged this week on the news that Donald Trump was considering eliminating capital gains tax on all US based Crypto (I thought Cardano was supposed to be decentralised!?). The news however is fake, and it was started on X and picked up by mid level media who apparently don't know how to DYOR. Be careful with these coins if you've bought on the news as I expect confirmation to come out soon that it was all just a Rumour.
Alts struggle, Memecoin Lottery, and 12 year olds Rugging
With 'Retail' buying Bitcoin through the ETF's (meaning no rotation), or heading straight into memecoins, it means that traditional 'utility' alts like ETH, AVAX, etc have continued to struggle or even slumped. Obviously there are always exceptions, like Solana is nearing ATH, but this is mainly because that is where most of the memecoins are launched these days. This has caught a lot of traders off guard who remain sitting in 'utility' alts because of the traditional rotations of past cycles. The Coinbase app is starting to gain traction on the most downloaded list however, reaching number 7 on the list of most downloaded and number 1 financial app on Apple. We will have to wait and see if this gives these Alts a new lease of life.
Memecoins continue to be the main story, and a complete lottery, with some gaining 60,000% and some not. Most interesting stories to come out this week are..
Trader buys $17 of PNUT memecoin and sells 2 weeks later for $3m+.
12 year old launches Quant memecoin, sells millions of tokens and rugs it for $30k live on stream. Degens then take hold of the coin and send it up 58000% meaning that the kid would of had millions had he not rugged. They then dox the kid and his family causing them to get a lot of grief online. I expect authorities will be visiting him soon.
As always, stay frosty out there and DYOR.
