Good Wednesday Hivers!
None of this is financial advice.
Crypto had a nice leg up lately! We should be careful though. What is moving the price is the big institutional companies with their ETFs or adoptions of Bitcoin Reserve. Also, the good news about the deals that the US is having with the other countries are making investors less fearful. FED needs to ease the QT and the market will have a lot more liquidity coming in.
In red is selling. In black you can see all these mega-institutions like BlackRock (IBIT) and Fidelity (FBTC) dumping MILLIONS into Bitcoin. It's pretty wild - and it's not just them! Michael Saylor and Metaplanet are throwing serious cash at BTC too. But this is just the beggining.
This is actually the first year we've had this kind of serious money flowing into crypto. We're talking real power players with deep pockets finally jumping in because of all the super bullish crypto news lately, plus having a pro-crypto guy in the White House doesn't hurt either!
Bitcoin and other coins have been moving around, but some alt coins (especially Ethereum) have been doing their own thing and actually killing it. Everyone on X Fudding ETH saying it was dead... A little advice I have learned: When the market is all in one direction - loos at the other one.
What that means?
If the Market is in Euphoria - Is a good time to DCA your profits (sell)
If the market is in Panic - Is a great time to DCA in (buy)
Ethereum is still holding strong at #2, with a crazy 44% jump in just the past week! Meanwhile, XRP has been surging as well – especially after Trump won – climbing up to 3rd place with a solid 20% gain.
Here is a great analytics from a great trader I follow Kiu_Coin. And I believe with the new update that Etherium has (Pectra) makes this more bullish!
There's been a shakeup in the top 10 list on Coinmarketcap. XRP has actually pushed past Tether (USDT) once again.
The numbers show XRP shot up 20% in just one week, pushing its market value over $150 billion. So now XRP has snagged that #3 spot in the rankings, knocking USDT down a peg.
As XRP overtook Tether, the futures trading for XRP went nuts – open interest jumped by over $1 billion in just a week, going from $2.42 billion to $3.42 billion (that's a 41.6% increase!).
Wow just look at that beauty. Sitting at $2.63 right now.
Glassnode pointed out that all this extra leverage lined up with XRP's price climbing from $2.14 to $2.48, which basically means people are getting more speculative and feeling pretty bullish about it.
On this example you can see the amount of volume on 100x leveraged long positions on Bitget.
According to Coinmarketcap, XRP's market value sits at $151.2 billion now, while Tether's at $150.3 billion.
Tether's now #4 with its $150 billion market value, followed by Solana, Binance Coin, USDC, Dogecoin, Cardano, and Tron to round out the top 10.
That's it for today! As a holder of XRP I do hope that the price will pump, with altcoin season. But the truth is that once I dived into crypto I noticed how Centralised XRP is and how the token has not the utility that a lot of people think it has, which it does scare me. The team holds most of its supply and there are way too many XRP tokens being minted to the market which technically is not beneficial for price action. I still hold most of my XRP and I am most exposed to XRP because my average price is $0.50.
But remember there is only one king - and that is Bitcoin. Focus on the fundamentals. (I do not hold as much BTC as I wish because I didn't have enough capital to deploy on the bottom of the market cuz I basically lost all the capital I had to trade. I don't plan on touching my long term investment for now at least).
Please proof me wrong on anything that you disagree. Also let me know if you do agree to boost my ego XD. I am here to learn and to share my thoughts, because I believe is a great way of studying as well.
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Until the next one!!
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