Sunset Bullevard 🌅 🐂
Market Report: 23rd April 2019 — Subscribe to our newsletter.👈
OUR TWO SATOSHIS
The daily view from our desk
How did you spend your bank holiday weekend? Were you caught brawling with the Easter bunny? Or maybe you were papped drinking on public transport. The weather would have prompted a few sun-drenched selfies, but no one snapped a better photo than this one. And many might still hope for the return of Christ, we instead received the return of Lord Buckethead.
JUST OUR IMAGINATION
ALTS ARE PUMPING BUT FEW DO SO CONSISTENTLY
It might have seemed like the crypto market pumped wildly this Easter, but the total market cap is up just 3.4% since last Thursday. That’s not bad at all, but it’s still 0.5% shy from this year’s all-time high, from April 10th. It’s also key to keep in mind that for most cryptoassets this means pumps are a zero-sum game. In other words, this is still not alt season, as the great Cryptorangutan explains again.
Do you feel like you keep missing out on the biggest daily gainers? Don’t. Those who climb fast fully retrace afterwards and the only thing that has mattered so far in 2019 is consistent growth. Note the market has jumped 48% year-to-date, but that was on top of bitcoin’s 50% rise. So, if you want to play the alts game, go to OCFX, study the 77 cryptoassets who beat the king so far, and place your bets while keeping an eye out for BTC.
BTC IS PUMPING BUT THE NEXT LEG IS UNCERTAIN
If you are just entering the cryptosphere, you’re possibly wondering why you should worry about BTC when BNB is up 4.5x since its January bottom and six alts doubled in value in April. Timely, this morning provides a good answer. Bitcoin just hit it’s yearly high around 5am BST — briefly reaching $5.65k (£4.35k) after rising 3.5% since midnight. But only two of the top 50 alts haven’t lost value against BTC over the past 24 hours — with others seeing a 3.2% average loss.
This was a small move, but the relationship also holds in more explosive times — hence the need for care in case bitcoin bulls decide to attempt breaking the mythical $6k (£4.6k) level. That’s unlikely to happen so soon though, as BTC still has to prove its worth at the current level — which is the same where it stopped last November after it started its journey to the bottom. But, even if it happens, note this plausible maximum pain scenario observed by Alex Krüger.
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ ”Bitcoin in Heavy Accumulation” is Adamant Capital’s new must-read report. Tuur Deemester and Michiel Lescrauwaet suggest the bottom is very likely in.
▪ Willy Woo surveyed “notable influencers, analysts and traders for their probability that the bottom is”. The average probability is 71%. Great comments here.
▪ It’s possible that over Easter you heard that Amazon was accepting Bitcoin payments. That’s not the case, as Ace explains, but there’s indeed a new browser extension that facilitates the exchange process. But it’s much-touted lightning network integration is still pending approval from the Chrome Web Store.
▪ We favour not covering the myriad of blockchain-related news that comes up, as they are mostly noise, but Forbes’ new Blockchain 50 list is a great summary.
▪ As Ethereum prepares its transition to a proof-of-stake sybil control mechanism, Vitalik Buterin confirmed it will have a more attractive reward structure.
▪ “Beating the Market” is WGMG’s latest podcast episode. Meltem Demirors and Jill Carlson’s go through all the key cryptoasset performance metrics you need.
QUOTE OF THE DAY
“THINK OF THE GREAT THINGS (VITALIK) MIGHT HAVE ACCOMPLISHED!”
“Fun fact: I tried to be an intern at Ripple back in the day (mid 2013), but US visa complications having to do with the fact that the company had only existed for 9 months and the minimum was 1 year stopped me.”
- By Vitalik Buterin