Hi Coinheads! Well, that wasn't a bad weekend now, was it? Friday the 13th superstitions easily dodged and a good old fashioned crypto rise.
What is leading the narrative? Optimism for a crypto fund (that old chestnut) and an improved macroeconomic outlook regarding US inflation (you can read last week Mooners & Shakers Publications โ thank you, Gregor โ for bringing me up to date with that mastery of puppets.)
Bitcoin, having finished the week just shy of $19,000, added roughly $2,000 to its stack in the last two days. In fact, it has risen 23% in seven of them. Not bad for geriatric (okay, 13 year old) crypto and, along with Ethereum and Cardano, about the best top 10 performer for the week.
So what possibly next? The beginning of a long journey to the moon from a touched platform? Or maybe a โdead cat bounceโ and a false dawn? Let's chart here first, and then we'll discuss, or at least find one or two analysts who have already argued a bit for us.
Top 10 Roundup: Cryptocurrencies Surpass $1 Trillion Again
With the total crypto market capitalization at $1.02 trillion, up 0.1% from this time yesterday, this is the current state of the top 10 tokens, according to CoinGecko.
We wrote a word at that time. And she feels good. Total cryptocurrency market capitalization is now back above US$1 trillion for the first time since early November, when SBF's FTX was impersonating a Spinal Tap drummer.
Cop that, Peter Schiff, Jamie Dimon and the rest of you (admittedly quite a large) band of naysayers. Alright, alright, we'd better not get ahead of ourselves.
Going through some analysis based on Twitter, the Dutch nerd Michaรซl van de Poppe appears with a good and not so good prognosis for the short term. It seems reasonable. What goes up must come down and all that. But then again?
Still a thesis on #Bitcoin I would be looking
The trend for the coming months continues to be upwards and #altcoins they are gathering more volume to be traded.
That way, one more sweep to get those shorts off and then there's little time for the longs to get some punishment.
CME gap to $19.5K as well. pic.twitter.com/5igpIWZXyS
โMichael van de Poppe (@CryptoMichNL) January 15, 2023
Then there's Mr. Capital, Rekt to his peers, who took a pinch or several of hops out of the box and into his pipe for a three-year hit. Even so, if the story repeats itself or rhymes a bitโฆ โWhat ifโ, indeed.
What if this is the start of 3 bullish years for #BTC?$BTC #Crypto #Bitcoin pic.twitter.com/eYUG0BRk1K
โ RektCapital (@rektcapital) January 15, 2023
It's a much more palatable theory than the one just put out by fellow analyst โLemonโ, which makes use of the popular โWall Street Cheat Sheetโ chart. If you have a bearish reason, then the macro fund still has a bit of a way to go.
Sorry, I have to be true to my thoughts, I think we're here. #Bitcoin pic.twitter.com/c1nl32k7AZ
โ Lemon ๐ (@TheCryptoLemon) January 14, 2023
But what did William Goldman say about Hollywood? Ah yes - "nobody knows anything". I'm not saying that's strictly true for cryptocurrencies, but take what you need with a saline drip on hand.
Stimulants and tranquilizers: 11โ100
Sweeping a market cap range of around US$8.5 billion to around US$374 million across the rest of the top 100, let's find some of the biggest 24-hour gainers and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com.)
DAILY PUMPERS
โข Share Frax (FXS), (market cap: $616 million) +22%
โข decentralized (MANA), (mc: US$1.3 billion) +20%
โข the sandbox (ARENA), (mc: US$1.14 billion) +10%
โข Optimism (OP), (mc: US$395 million) +7%
โข Helium (HNT), (mc: US$404 million) +7%
DAILY SLUMPERS
โข Ghost (FTM), (market capitalization: US$834 million) -6%
โข Solarium (SOL), (market cap: $8.5bn) -6%
โข zcash (ZEC), (mc: US$589 million) -4%
โข Huobi (HT), (mc: US$833 million) -3%
โข Chronos (CRO), (mc: US$1.86 billion) -3%
around the blocks
A certain relevance and randomness that stuck with us in our morning movements through the Crypto Twitterverse...
$BTC The weekly RSI is crossing the 50 level, signifying a long-term momentum reversal from bear to bull
Weekly full crosses have only occurred 5 times since 2015 and each cross has led to a significant rally with an average gain of 1775% from cross to top pic.twitter.com/u7xXlFvASq
โAndrew Kang (@Rewkang) January 15, 2023
๐โ pic.twitter.com/rIKXzq9TIq
โ EndlessGrind (@EGrind26) January 15, 2023
And let's hope the Bitcoin chart doesn't follow this trajectory, huh?
Tom Cruise at age 60 falling 6 times from a motorcycle for a movie.
wich is your excuse? pic.twitter.com/eHd9DI6zUk
โ doncrypto (@DonCryptoDraper) January 14, 2023
