Crypto trends this week - BTC, XRP, Doge, etc
A very interesting week in the crypto realm for certain, let's jump in and see what's been going on.
Well I assume you have not been sleeping at the wheel nor in a coma and saw today's historic moment as BTC hit $103K, then dropped $8K over the next 90-minutes. The cool thing was BTC battled back to about $99K before the day trades were in the books. BTC had a value over $2Trillion at the high earlier today. Additionally, BTC Futures hit an 8-month high today, is this enough to drive BTC back above $100K perhaps to $107 or $108K? Speculation abounds that BTC will hit $124K in 2025. I don't have a dog in this fight as I don't own any, but it is nice to sit back and learn.
Lots of Crypto news is clamoring about a new Alt-coin season being underway, is it?
XRP burst to fresh high on Monday and has trended down significantly since then. Sure XLM surged to a new high and has given back some gains. Review ETH and you see that in the past 2-days it started to accelerate upwards, reinforcing not all move together.
Alt Coin Season Crude Rule of Thumb:
- Alt coin season tends to follow BTC pumps, but not always
- Not all Alts fire off at the same time. Allowing you to take proper profits and get into other before their meteoric rises. Example Cardano is just now waking up 2-weeks after the XRP run started, thought they had tight correlations?
- Not talking about how NFT's could do this or that, Or why they are no longer relevant. Just like art, beauty is in the eye of the beholder
- How will corporate treasuries buying BTC with their stash of cash impact Alts? For Example, Worksport announced their are diversifying their treasury into BTC and XRP. At what market cap will enterprises invest in Alts? Is $50M too little? Wonder what the selection criteria they will be using?
- My favorite blockchain Theta has risen from $0.95 to at the time of this writing to $3.03 a nice rise but still far away from its $16 high in '21
- How many of your Alt coins will rocket vs fail outright?
- Today was saw the Hawk Tua project with an EPIC fail. Is this a clear signal of top or was it CNBC top clown stating last week, whatever you do buy BTC.
- My case for not all coins rising, look at Polkadot they are only up 26% in past 7-days which is nothing compared to some of these that have risen 300%.
- BTC miners might be better served pivoting to mining another token such as DOGE to get better return on investment (ROI)
MEMECOIN market cap
Hit an all time high for $140B
Since, we are headed into the Christmas time frame will you be buying crypto as gifts? Perhaps a memcoin for Grandma?
Summary
Nice to see all the positive Crypto action in the past few weeks, makes me wonder have we come too far too fast? Not sure how to even gauge this? A lot of new policies will be enacted in 2025, not sure how to weigh their potential impact either.
Credit - Blog image from Watcher.guru - all rights remain!
Disclaimer - I am NOT a financial advisor, NOR is this advice. I am just some dude trying to figure it out how to turn his faucet earnings into 2x faucet earnings!
