We're not out of the woods yet with the crypto markets latest blood bath. This Elon Musk FUD has pushed quite some weight on the price of Bitcoin and most of the alts. BTC is testing $42,000 support zone one more time in the past 48 hours, before probably continuing its bull market uptrend, or getting lower.
It can either go up, down or sideways...
The fear and greed index is at the 27 points level, signaling that there's still fear in the market, but at least the market participants are no longer extremely fearful. Yesterday the scale was at 20 points signaling for extreme fear.
Some have been quite optimistic today, as for example XRP buyers. Or is it Elon actually buying into a more environmentally friendly cryptocurrency? But wait, XRP is not actually a crypto, Ripple is just an open ledger and not a decentralized blockchain and Tesla might be using some coal originated electricity to power the damn EVs...
Meah, just details...
The mother of all shitcoins, namely XRP has had quite a day today, despite the blood bath that we haven't gotten out of yet. It did fell to something like $1.3 when Bitcoin was dropped like a mic at a dis show a couple of days ago, but it's now valued at a bit over one and half dollarz and not showing signs of weakness.
Who's actually buying XRP if not Elon?
Most certainly the same category of investors that bought into DOGE for any type of logic one can imagine. The ones that see it as a bargain, waiting for that $589 valuation per coin, being probably convinced that it is a better alternative to Bitcoin, peeps who haven't yet blocked the clown himself, Elon, and that have at least once in their lifetimes felt victims to XRP scams on youtube.
I used to own XRP at some point as well. I guess I had close to 10,000 of em. I was dumb as fuck, uneducated, was digesting the wrong type of crypto related content, because wasn't already a Leofinance member and I ended up dumping it, after missing quite a few opportunities of making a decent profit on it.
The XRP buyers during such times, the Elon Musk FUD and the DOGE insane pumps clearly show how immature the crypto market is, how far we are from mass adoption of crypto as a standard, what a progress we've made so far and on what we should work on. It's clear that we shouldn't be working on open ledgers such as Ripple's...
We shouldn't be working on creating ourselves strong communities on social medias such as twitter either, or even worse Facebook, but rather focus on decentralized blockchains such as Hive. There shouldn't be one man dictating the market swings, but rather actual use case and disruption of certain crypto projects pushing the prices up.
We're fine though. We survived the covid crash, the China ban, the India one, Bitcoin's thousand deaths, shitty forks of it and the dinosaurs trying to kill it. I like a lot Taskmaster's quote that you can't fight technology. Whoever tried it, throughout time, has failed lamentably. We haven't had much positive news lately in the crypto space, but wait until banks will announce getting involved in crypto one after the other.
Wait until all sort of merchants will be accepting crypto as a payment, most of them doing that after realizing how crooked the current financial system is and how environmentally and wealth friendly Bitcoin is. Wait until DeFi really takes over the world and NFTs become the stamps of the future. Just wait...
Meanwhile, buy yourself some XRP, if you really think Bitcoin is bad for environment. Screw Elon, his FUD and the DOGE pumps. We have a bull market that's not yet come to an end and a lot of developments to spin the wheels of the mass adoption train. Have a great day and see you to the next one.
Thanks for attention,
Adrian