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Yesterday we saw the biggest sell-off of Bitcoin we have seen in weeks, from $63,000 to just above $61,00, pushing the Fear and Greed index down to 53 (Neutral).
Should you Buy or Sell?
For contrarian investors, this is the time to be looking to buy into the market. While the market is scared and selling, it's an opportunity to buy in at discount prices.
While much of the market was anticipating a massive increase in the value of Bitcoin after the Bitcoin halving event, what we have learned from prior Bitcoin halving events is the reduction in the flow of Bitcoin into the market takes weeks and even months to be fully reflected in Bitcoin's market price.
We are not expecting to see a full recovery in the price of Bitcoin until early June with new all-time highs anticipated for the last quarter of the year. While it's impossible to predict the future, when America's largest Banks are Fomo'ing into Bitcoin, it's generally a good sign.
Then there is Michael Saylor's Micro Strategy which has acquired more than 1% of the total supply of Bitcoin, further restricting the circulating supply.
It was also revealed in a recent SEC filing, that 186 wealth managers now own Spot Bitcoin ETFs.
So even though the market is down, many factors are positioning Bitcoin as bullish.
Upcoming Political Elections
Next on the horizon are the upcoming political elections which will likely have the next largest impact on the price of Bitcoin, specifically when it comes to regulations and policies around crypto use and taxation.
Already we are seeing crypto regulations become topics of discussion with Trump recently remarking he is now "fine with crypto". Meanwhile, Biden vetoed a bill that would allow financial firms to have custody of Bitcoin.
Join Us - As We Move into Run-Up Phase
If you want to know what we are buying, you are welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run - Become a member to gain access.
Richard.
Top 100 Trending Altcoins
We are seeing some recovery in the market this week.
Today's Crypto Fear & Greed Index
Today's Crypto Fear and Greed Index = NEUTRAL –> Decreased to 53 (from 54 last week).
Bitcoin & Ethereum Price Movement
Bitcoin decreased 4% last week, currently trading at $61,144. In the previous 90 days, Bitcoin has decreased by 16.2%.
Ethereum decreased 6.6% last week, currently trading at $2,919. In the previous 90 days, Ethereum has decreased by 16.5%.
Global cryptocurrency market capitalization increased to $2.24T (from $2.14T last week).
Top 100 Gainers - Last 7 Days
In the previous 7 days, the biggest gainers (within the top 100):
Akash Network (AKT) +33.2% - Ranked #63
Akash Network (AKT) has seen a significant price increase of +33 over the past 7 days. The price fluctuation reached its peak with a 31.0% rise in a single day. This surge is contrary to the broader cryptocurrency market, which experienced a downturn during the same period. Akash Network is a decentralized cloud computing platform using the Cosmos SDK to facilitate a marketplace where users can buy and sell computing resources.
Akash Network aims to democratize cloud computing by providing an alternative to centralized providers, thus offering more cost-effective and adaptable solutions and the platform has already seen significant growth in deployments since its mainnet launch.
Render (RNDR) +21.4% - Ranked #23
Render Network (RNDR) is a decentralized platform that leverages the Ethereum blockchain to connect users with idle GPU power to those who need it for digital rendering tasks. This peer-to-peer network aims to efficiently utilize GPU resources across the globe, offering scalable and cost-effective solutions for complex 3D rendering. RNDR tokens are used for transactions within the network, while RNDR Credits provide a non-crypto payment option. The network integrates with Apple's technology through OctaneX, broadening its user accessibility.
Toncoin (TON) +18.7% - Ranked #8
Toncoin (TON) is the native cryptocurrency of The Open Network (TON), initially developed by Telegram but now managed by the TON Foundation after Telegram withdrew due to regulatory issues. This blockchain aims to enhance transaction efficiency and supports various decentralized applications (dApps). Toncoin is used for transaction fees, staking, rewards, governance, and paying for services like TON Storage and TON Proxy. With its integration into Telegram and a user-friendly wallet, Toncoin has significant potential for widespread use and adoption.
Worldcoin (WLD) +15.1% - Ranked #74
Worldcoin (WLD) is a digital currency that is part of a broader initiative to create a global identity and financial network. It utilizes World ID, a privacy-preserving digital identity system authenticated through a biometric device called the Orb, which scans irises to distinguish humans from AI online. Initially linked to Telegram, Worldcoin is now overseen by the Worldcoin Foundation. Despite its innovative approach, the project has faced regulatory scrutiny and privacy concerns in several countries. The aim is to foster a more inclusive global digital economy, with WLD tokens distributed as part of a model inspired by universal basic income.
Meme Coins
We love to hate and hate to love meme coins. These projects are frowned upon by most serious investors because they don't have any intrinsic value however, meme coins are responsible for more crypto millionaires than any other sector in the crypto market.
Top Performing Meme Coins
Meme coins have continued to perform well in the down market over the last few weeks. The biggest gainer in the last 30 days has been .....Mistery (MERY) +4,214% (30d).
What is the Next 100x Meme Coin?
With the upcoming political elections starting to gain public attention, we may see political memes again perform well in the run-up to the elections. The two most popular political meme coins so far have been Jeo Boden and Doland Tremp.
It's highly likely given all the public attention and focus for the upcoming elections, the next 100x meme coin will be political. The funny thing about this industry is that it's likely that the "next 100x meme coin" hasn't' even been minted yet.
Monthly Altcoin Pick
The announcement of the Altcoin Pick for May has been delayed until we see more favorable market conditions.
Bitcoin has dropped more than 15% in the last 30 days and significantly more for the Altcoins. Although we do see early signs of a market recovery, we will continue to watch the markets to determine the best buy-in price.
We are optimistic we will see a trend reversal over the next few days and if this holds we will release the Altcoin Pick for May to our members at that time.
If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a few cups of coffee a month.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks, this is the methodology we use.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
