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BTC Price Pulls Back This Week
This week marks the first week in over a month we have seen a pullback in the market (~2% in the price of Bitcoin).
The last few weeks have been full of news and rumors about the upcoming Spot Bitcoin ETF approvals including the recent Ethereum ETF application made by Blackrock and of course all the news around the recent guilty verdict for Sam Bankman-Fried.
Comparatively, this week has been quiet with not much news to continue to pump the market. With a steady increase in both the price of Bitcoin, ETH, and the overall market for the last month, a pullback is to be expected.
While the market is consolidating, I thought it would be a good time to talk about the Bitcoin Rainbow Chart. For those new to the crypto market, it's a fun and simplified method to gauge the "buying" or "selling" zones for Bitcoin.
The Bitcoin Rainbow Chart
The Bitcoin Rainbow Chart (above) is a graphical representation of Bitcoin's price movements in a multi-colored band pattern, providing a long-term view of Bitcoin's price performance on a logarithmic scale and offering suggested buying and selling zones.
The concept behind the chart is to offer a fun and simplified way of looking at Bitcoin's historical price changes, making it more accessible to a broad audience. It is not intended to be a forecasting tool.
The colors in the chart range from red to violet, with each color representing a different market status:
- Red zone: Often represents a "bubble" territory where prices are extremely high.
- Orange to yellow zones: Indicate decreasing levels of overvaluation.
- Green zone: Generally seen as a fair or average valuation range.
- Blue to violet zones: Indicate undervaluation or "buy" zones.
According to the Bitcoin Rainbow Chart, we are still in the "Buy" zone - And I would wholeheartedly agree.
While the efficacy of the Rainbow Chart is debatable, it's important to remember it is not intended to be a technical indicator or financial forecasting tool, simply a slightly persuasive illustrative guide, and should not be used as the sole basis of analysis when deciding to buy or sell Bitcoin.
5 months until the Bitcoin Halving Event...
We are currently in a unique opportunity that only comes around once every four years (see: Bitcoin Halving), and if you have been thinking of getting into the market, now is the best time, before we move into the run-up phase.
Join Us - As We Accumulate
Now is still an excellent time to get into the market while prices are still relatively low. If you want to know what we are buying, you are more than welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run - You just need to become a member.
Richard.
Top 100 Trending Altcoins:
This is the first time in four weeks the crypto market isn't flush with green.
Today's Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Greed –> Decreased to 63 (from 70 last week).
Bitcoin & Ethereum Price Movement
Bitcoin has decreased 2% in the last week, currently trading at $36,486. In the previous 90 days, Bitcoin has increased by 38.01%.
Ethereum has decreased 5.78% in the last week, currently trading at $1,959. In the previous 90 days, Ethereum has increased by 17.71%.
Global cryptocurrency market capitalization has decreased to $1.37T (from $1.39T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Celestia (TIA) +115% - Ranked #60
Celestia (TIA) is a modular blockchain network with its native token, TIA, playing a central role in its ecosystem. TIA is used for transactions, supporting decentralized applications, and enabling community governance.
It operates on a deflationary model, with part of every transaction fee being redistributed to holders, rebalanced, or burned. Celestia's proof-of-stake consensus allows TIA holders to participate in network security and governance. The total supply of TIA is capped at 1 billion, with allocations for public use, R&D, early backers, and core contributors.
Yearn.Finance (YFI) - Ranked #100
Yearn.Finance (YFI) is a decentralized finance (DeFi) platform on the Ethereum blockchain, known for its automated yield optimization services. It reallocates user funds across various DeFi lending protocols to maximize interest earnings.
THORChain (RUNE) - Ranked #32
THORChain (RUNE) is a decentralized liquidity protocol that facilitates the exchange of cryptocurrencies across different blockchains without the need for a centralized party. It's designed to seamlessly swap assets between various blockchain networks.
Kaspa (KAS) - Ranked #28
Kaspa (KAS) is a proof-of-work cryptocurrency leveraging the GHOSTDAG protocol, which allows parallel blocks to coexist, leading to high block rates and low confirmation times. It's a community-driven, open-source project without central governance, similar to Bitcoin. Kaspa aims to address scalability and security issues in traditional blockchains, offering fast, secure transactions and protecting against manipulations like transaction ordering. Kaspa’s smart contracts, based on the UTXO model and a Turing-complete virtual machine, support applications in DeFi, supply chain management, gaming, NFTs, and decentralized governance.
Biggest Micro-Cap Gainers in the last 30 days
We review and analyze small and micro market cap cryptos every week looking for the next low-cap gem. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days):
- GMEE +687% - Arcade Blockchain Games (Micro-Cap)
- SENATE +522% - Web3 Gaming Metaverse (Nano-Cap)
- LIKE +452% - OnlyFans for Twitter (Nano-Cap)
- 3ULL +419% - Gaming Ecosystem (Micro-Cap)
Monthly Altcoin Pick:
At the beginning of the month, we released our latest Altcoin Pick and it's already up ~308% in the last 30 days. We will be releasing our next Altcoin Pick at the end of the month.
If you would like access to this and future monthly Altcoin picks, consider becoming a member - It's only the price of a couple of 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.
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