Slight dip or end of the bull market?
With Bitcoin dropping back down to 92K in the past couple of days the rest of the markets have followed as usual. At some stage in the future we might see coins stand on their own merits but as of now and since most of the tokens have no real merits the whole market is tied to bitcoin speculation.
These are the biggest losers in the top hundred tokens this week and with all due respect most are horse shit despite having huge market caps. When "dogwifhat" has a 1.5B marketcap against real projects that are sitting on a few million then we know that the whole crypto scene has a long way to go.
Until people stop treating it as a money making racket and instead take it as a solid investment then we are nowhere near maturity.
Some of the top 20 tokens have real utility and the possibility of mass adoption through their games, apps and financial attributes but i can't see fartcoin or butthole getting added to a BlackRock financial index just yet.
The drop in bitcoin took everyone by surprise but was probably exaggerated by the US getting the green light to offfload billions in Bitcoin this week and 300m that got liquidated from leveraged positions.
The U.S. Department of Justice (DOJ) received court approval to sell approximately 69,370 Bitcoin seized from the Silk Road, now valued at around $6.5 billion. This decision came after years of legal disputes over the ownership of these assets, with the latest ruling effectively clearing the path for the government to liquidate these holdings.
Ref: Grok
Markets are red, Time to buy.
Since I had some money left in Binance after selling my trading Hive. I was waiting for the price to crash and it hasn't yet so I decided to stock up on a few staples during the drop and hope that they can gain in price while Hive is holding steady.
- Rune
- Ronin
- Algorand
- Gala
Some solid choices in there i think. Nothing i would be worried about and everyone of them undervalued in a bull market.
Unfortunately i pulled the trigger a day too early as i thought it would be a quick jump back up to previous prices but the tokens only fell more overnight leaving me down a few dollars.
Luckily they are all tokens worth holding so I don't care if it takes a while to get back in the green.
My biggest question is what Hive will do next??
It's holding above the 50c level which is great considering the market dump.
There seems to be a strong buy pressure on the token still.
Binance are still promoting it as a top earning product on their site.
Hard to make any moves when you can't predict the market.
Any guesses.