Are the bulls here already?

Are the bulls here already?

By Dzoelx | Scripts | 12 Aug 2020


If you’ve been holding some DeFi token(s) for the past five months, then for sure you already gave a very loud answer to the topic question, yeah, that’s almost certain. Well, many others wouldn’t say same…probably. I must say a huge congratulations to the guys who believed in decentralized finance projects while they lurked in obscurity all these while, well deserved return on investment!

Personally, I’ve got some Loopring (LRC) which made some 5x gains; alright, I know that’s not up to what Aave (LEND) did, but that’s a whooole lot! at least enough for a random investor (like myself) to scream ‘bulls!’.

In the past two months, notable cryptocurrencies have seen massive gains, with bitcoin gaining an impressive 30% from its former value to hit the $12,000 mark and go a bit higher with a good support at $11,500 to retain its over 60% dominance of the total cryptocurrency market capitalization. Altcoins also ran riots, making massive gains before bitcoin joined the trend. I really thought it was altseason!, now I didn’t say that so loud.

In a quick space of 60 days, a lot has happened in the crypto space, especially where it concerns average/overall price movements. Volatility is kind of normal in the crypto space anyways, but when this is strongly on the positive side of things, fantasizing about an explosion is a normal trend.

While the optimists would go on with the ‘lambo’ talks, the pessimists would pause for a while, ask a couple of questions; ‘will this really last that long?’ and probably set a stop-loss. Well, I hope pessimists’ dreams remain a dream and the ‘lambo’ talks reigning supreme…it’s been a while we had some fun in this space!

image.png
Source

But pessimism and optimism are extreme thoughts and in reality, a mixture of the two (in no determined proportion) is what is actually obtainable. And this case is no different.

Are the bulls here already? Sorry I had to ask again, but despite the recent gains across the many cryptocurrencies and the total market exceeding $360 million at the time of this writing. Crypto price movements can be hardly predicted and anything can happen. During the previous year, bitcoin price crossed the $13,000 mark but was still unable to bring in the bulls, ending the year at a paltry $7,000, a disappointing 46% price crash from its peak price for the year.
image.png
Source

Will history repeat itself? Well, I really hope it doesn’t, I mean, I already priced a lambo truck from the nearest dealer…lol. Enough of the jokes here, even with a 10x gain, I’ll still be below a lambo price, but that’s fine!

To be frank, the market dynamics surrounding cryptocurrency prices looked healthier and more stable during the previous year, relatively, the current gains would come as a surprise to most. But last year’s healthy-looking dynamics wasn’t strong enough to hold the prices in greens which caused the terrible price drop. The year looks gloomy, unfortunately. Well, tesla stocks sky-rocketed this year, so why not cryptocurrencies? There could be some discrepancies, but overall stock performances after the initial pandemic scare has been surprisingly impressive, cryptocurrencies could be following a general market trend here and DeFi might have engineered another bull run by drawing the attention of certain mainstream finance enthusiasts to the crypto space. If this is the case, then maybe we need to brace up for more moon flights. The rocket man could borrow us some shuttles. Guess he used them up for his tesla stock anyways.

On the negative side, could this be another bulltrap? The tether guys are still printing hundreds of million dollars worth of stablecoins with no very clear explanation. A similar occurrence of the previous year’s $13,000 btc price tease. Anyways, I really hope the Tron network’s USDT tokens are actually ‘being replaced with some ERC-20 USDT’. But if money is being printed from the thin air again, like the United states government, then it will only take some time before the ‘new investors’ and institutions starts to liquidate their gains and send us straight to the huge reds.

Whatever it becomes, this wouldn’t come as a surprise to anyone…we’ve all been there! Personally, I’d love to stay optimistic, but staying realistic would be the best thing to do at this time.

Over to you; are the bulls here already?


Dzoelx
Dzoelx

Programmer|blogger|freelance writer | medium : https://medium.com/@joelagbo


Scripts
Scripts

Cryptocurrency and technology articles.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.