Some alts finally manage to bounce as bitcoin retraces and consolidates
As Ripple’s latest conference fails to swell its price for more than 12 hours, a tweet posted on July 6th by Tuur Demeester, a well-regarded economist in the cryptosphere, comes across as especially prescient now that Bill Clinton is a confirmed keynote speaker.
Despite some usual intraday trading opportunities, the most updated market snapshot — made at 2am BST — curiously puts the top 100 cryptoassets by market cap with a 0% average price change since yesterday, with a small decline of 0.2% for bitcoin — which saved its self last minute on the daily. Take these snapshots lightly as they vary each hour.
For example, by checking CoinMarketCap now we can see a more interesting picture that better shows how the last four days of red candles for bitcoinallowed alts some more breathing room. While the original cryptoasset finally managed a small appreciation of 1.4%, the average top 100 project’s price increased by 2.4%, with 30 tokens posting gains above 4%.
Even if some of those projects have strong fundamentals and working products — like Monero, Augur, Basic Attention Token, and Decred — others show the greed that gravitates around the cryptosphere. We’re not talking about Dogecoin, which made that top 30 list, but about Dentacoin, a token focused on dental industry.
While its team is indeed quite active and has been posting marketing updates, most call the project a junk token. As Meltem Demirors, a popular cryptopreneur, says while referencing an equally ludicrous piece of news, “are we really in a bear market when a patented blockchain can raise hundreds of millions of dollars on a $6 billion valuation”?
▪ A Chainanalysis report shows top merchant processors are receiving less payments in bitcoin, prompting claims that cryptocurrency’s “use in commerce keeps falling”.
▪ A TABB Group study shows bitcoin’s over-the-counter market is two to three times larger than the exchange market. As the report is paid, we point you to Eric Wall’s tweet.
▪ A FT’s Alphaville investigation discovered Grant Shapps, a MP in the UK, received “tokens expected to be worth hundreds of thousands of pounds” as an ICO advisor.
▪ Taylor Pearson is a popular tech author and now a cryptoasset VC too. In his latest essay he asks whether “crypto will crash (again)” and argues crypto’s volatility is a good thing.
▪ Travis Kling is a ‘finance guy’ who fell down the ‘crypto rabbit hole’. He tells us why he “left a world-class hedge fund for crypto investing”. TL;DR: it’s about the revolution.
▪ Alex Krüger is an economist, Columbia MBA, and popular cryptoasset trader. In his latest educational thread he best explains how to “trade support and resistance levels”.
The ‘crypto rabbit hole’ is the most beautiful spot beneath the earth because on earth we have lambos and above it there’s the moon. Contrary to other famous hollow places, it’s not a bizarre site, as it allows one to untangle the blocks Satoshi hid in this world. 🐰