It’s not a fun time for crypto – but the good news is, this latest bear market is, for the first time, “supported” by not a shred of genuine “bad news.”
Last year’s bear market ended at Bitcoin $3,000, with altcoins equally weak (Litecoin, for instance, bottomed at $22; and Ethereum, $83 - compared to $53 and $172, today, with Bitcoin at $7,900).
Given the advanced state of decline of global monetary systems – as evidenced by the return of QE to the U.S. and Europe; and Bitcoin’s record hash rate, ahead of next May’s halving; it’s difficult to believe this one won’t end at far higher levels. Perhaps, at or near current prices.
And when it does, a new wave of QUALITY altcoins will lead the way, in percentage terms.
ALL coins have declined sharply – with a perfect example being the MimbleWimble coin Beam - which since Bitcoin fell from $10,000 to $8,000 three weeks ago, is down from $1.60 to $0.54. In other words, the baby has been thrown out with the bathwater.
Re: Bitcoin Rhodium, it has for the fifth time this year, fallen back below .001 - despite it too, having better fundamentals than ever before. Each time it has rebounded to .0025+, which is exactly what I anticipate when this bear phase ends.
Encouragingly, an XRC “buy wall” has formed this week – with nearly 35,000 XRC now bid between .00001 and the current high bids around .00059 (i.e., $4.70/XRC). This is a huge amount, given that only about 650,000 XRC circulate – essentially all of which, is held by long-term investors in the Strong Hands in-kind dividend program…that this quarter, is paying double rewards – with further, exciting announcements on that front forthcoming. Moreover, I might add, the current cost of mining is roughly .001 – so, it is currently more attractive to purchase on the market, than mine XRC.
On the offer side, a mere 1,500 XRC is offered between the current ask of roughly .00078 and .001 – totaling just 1.2 BTC, or $9,600 at the current Bitcoin price. Supply is indeed scarce – and what we are learning, for the first of the five times XRC has been below .001, is that at those anticipating the worst, are simply setting themselves up for a bear trap.
I couldn’t be more bullish about Bitcoin’s outlook – or XRC’s, MWC’s, or anything in crypto offering a viable, defensible use case.
Bitcoin Rhodium currently trades on HitBTC, Changelly, p2pb2b.io, WhiteBit, Trade Satoshi, Fat BTC, Sistemkoin and Bisq. If you have questions about anything XRC-related, including OTC trading, please email me at ahoffman@cryptogoldcentral.com, or DM/PM me on Twitter or Discord.