Holy Hell! Bitcoin Just Flipped Silver.
TL;DR
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BTC hit $72.7k, dragging the remainder of the market up with it (ETH +3.3%, SOL +2.06%, XRP +19.39%, ADA +6.66%, AVAX +12.28%, DOT +8.52%, LINK +7.56%).
Full Story
Alright, time to speak markets.
Monday arrived, and with it got here extra shopping for from the Bitcoin ETFs, dragging BTC’s value as much as $72.7k.
Within the course of, making all of the Bitcoin on this planet, extra priceless than all of the silver on this planet!
(WILD).
What occurs when Bitcoin strikes? The remainder of the market tends to observe.
As of this writing, these are the upward strikes we’ve seen from alt cash within the final 24 hrs:
ETH +3.3%, SOL +2.06%, XRP +19.39%, ADA +6.66%, AVAX +12.28%, DOT +8.52%, LINK +7.56%, NEAR +15.98% (not dangerous!).
Okay, so what now — and the place to subsequent?
No concept! However then once more, nobody is aware of.
Now that BTC’s all-time-highs have been properly and actually damaged, we’re in a part often called ‘value discovery,’ the place there’s no direct historic precedent or chart patterns to go off.
The market will transfer up or down primarily based on…not blind confidence — however confidence that’s imaginative and prescient impaired, on the very least.
That stated, consistency can nonetheless be discovered out there, because of the Bitcoin ETFs — they’re gobbling up lots of of thousands and thousands (if not billions) of {dollars} price of BTC every day, on behalf of their share holders.
(Share holders who generally tend to ‘purchase and maintain’ as an alternative of shopping for/promoting primarily based on day-to-day fluctuations in value).
What does this ‘purchase and maintain’ strategy result in?
The sustained shopping for strain pushes costs up, whereas long run holds stabilize the value.
That’s to not say we gained’t see some face-ripping each day drops of 10-30% (relying on which coin/token you’re holding), that is nonetheless crypto in any case…
However in a market that’s presently imaginative and prescient impaired, and in uncharted territory — it’s a pleasant consistency to have.
