Good morning

It's Sunday funday again and I hope you're doing well. You look great, that's for sure. Go out there and make today your bitch, champ. I think I have finally kicked this damn cold I had for the past few days. Still a little stuffy but I can actually breath without coughing today! I'm starting the day with some Blue Dream and an Italian Espresso. Very nice pairing for weed and coffee. Highly recommend. There's one thing I've learned as I've gotten older - you have to appreciate the little things. I just wanted to talk about where the crypto market could be headed.

Bitcoin

Now, I'm no trading expert nor do I claim to know anything more than your average joe. I also don't believe in technical analysis either. I think it's complete bullshit and anyone who claims to be an expert, good on ya. I do look at the charts from time to time to make educated guesses on my trades. Looking at Bitcoin's USD chart here courtesy of Coinbase, things are definitely hot. From July 20th to October 17th, today is what I have highlighted in blue. Bitcoin has moved from the $33,000 level back to the all time high levels around $62,000. That's a 112% increase over the course of 90 days which is hard to believe for someone who has never been in crypto. To us crypto veterans, this is your average Sunday. We got news a couple days ago that the SEC got the go-ahead for the first ever Bitcoin ETF to be listed on Tuesday. Does this have anything to do with the recent pump? Maybe. Bitcoin was already heating up before this news broke so maybe it's just a coincidence. Who knows.

What I do know is that it's giving Bitcoin a lot of exposure. People that would have never touched crypto for whatever reason and only touched stocks... They'll have the opportunity to play with Bitcoin at least in an indirect way and speculate on prices. That's pretty fucking huge considering I think 1% of the population has crypto exposure. Don't quote me on that, I feel like I read it somewhere but I don't have a source. It sounds right though. Even if it's 2%, this is a great way to get exposure. It's a kind of "seal of approval" for all the people that won't touch crypto or think it's a scam.

On top of that, remember when China declared crypto illegal or whatever they did for the 1000th time a couple weeks ago? Panic. Oh no, Bitcoin is going to zero! But what happened? Bitcoin did what Bitcoin does and said fuck you, I don't give a shit about China. Then here we are today looking at possibly one of the biggest weeks coming in history for BTC. I honestly believe there will be some price discovery. Will it shoot straight up? I doubt it. BTC will probably hit its old all time high, move a little higher, then move back down a tad. That's normal. That's uncertainty. Not necessarily doubt, but it's uncharted territory quite literally. The second half of Spooktober is definitely going to be intersting.

Ethereum

Looking at the same time frame for Ether. On July 20th, ETH was sitting around $2,000 and today October 17th, Sitting at a cool $3,800 nearly touching the $4,000 level. A move similar to BTC with a rise of over 100%. What's driving ETH so hard right now? We haven't seen any crazy news and there's no Ethereum ETF coming out so... Why the pump? Well I'd say a lot of it is the NFT craze that is still roaring on. We could also chop it up to Ethereum 2.0 coming out next year (hopefully) that is going to move Ethereum from a Proof of Work blockchain to a Proof of Stake blockchain. We've been hearing about it for years, but will it finally come?

I think the main driver in ETH's recent rise is largely in part to the recent EIP-1559 fork. They changed the way ETH fees are handled. Since then, 559,000 ETH has been burned from existence. Holy fucking hell. In roughly 2 months over $2 billion worth of ETH has been deleted. Sent to the void. Why is this so important? Inflation. Ethereum had 24 hours recently where it was deflationary. I'm sure as we get closer to the 2.0 upgrade, this will start to happen more frequently. Are we nearing the end of the gas wars? Maybe. Only time will tell.

Ethereum is getting more and more attention from individuals and businesses. At what point does CryptoPunks selling for millions of dollars translate into "fine arts"? Like the Mona Lisa, for example. Someone paid a shitload of money for it because of its uniqueness. Visa bought a cryptopunk for some insane amount of money recently. Could NFTs become the modern day fine art? Time will tell but the NFT craze has yet to slow down. Coinbase will be the next big push in Ethereum NFTs with the launch of the Coinbase NFT platform. Will this drive ETH higher? Probably as demand for gas increases and supply continues to decrease. Basic supply an demand.

Other cryptos

I hate the word "alt coin" so I'll just refer to everything else as other cryptos. I'd bet that BNB is going to continue to increase in demand as they're pumping money into Binance Smart Chain like crazy. BSC is quickly becoming one of the hottest alternatives to Ethereum due to gas fees. WAX is still doing its thing. I don't know what it needs for people to take it more seriously as a blockchain especially for NFTs. With a piece of Splinterlands land recently selling for over 1 million WAX though, someone is definitely paying attention. There's a lot of cool shit happening on WAX so I'd bet it will see a rise here soon too.

What do you think?

Are we in for a rollercoaster of a Spooktober?

Lemme know.