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Micheal Saylor on Bitcoin - This is Unprecedented in the History of Wall Street.
In last week's report, I mentioned "The Biggest Bull Market in Crypto History is About to Happen" and this week, Micheal Saylor, the co-founder of Microstrategy, a company that owns 158,400 Bitcoins (acquired at a total cost of $4.69 billion) shared a similar sentiment.
Micheal Saylor goes on to say over the next 12 months,
...demand is going to increase, supply is going to contract and this is fairly unprecedented in the history of Wall Street.
During an interview on Thursday with CNBC, Saylor said his confidence in Bitcoin stems from the confluence of a number of Bitcoin-related events that are anticipated to take place over the next year.
This includes a once-every-four-year event, known as the Bitcoin Halving which will take place around April 2024 and will reduce Bitcoin mining rewards by 50%—substantially reducing the amount of Bitcoin entering the market.
According to Saylor...
“You’re going to see $12 billion of natural selling per year converted into $6 billion of natural selling a year—at the same time as things like spot Bitcoin ETFs increase the demand for Bitcoin,”
Combined with the institutional demand for spot Bitcoin ETFs, Saylor said:
“So that’s why all of us are fairly bullish over the next 12 months: demand’s going to increase, supply’s going to contract, and this is fairly unprecedented in the history of Wall Street.”
Saylor went on to further elaborate that as major financial institutions expand their investment in Bitcoin, centralized institutions will stabilize not only Bitcoin itself but will also further boost Bitcoin's price and the crypto industry as a whole.
The future outlook for the cryptocurrency market looks very bullish as we approach 2024.
In November 2021, Bitcoin reached its all-time high of $69,000, after the previous halving and we can expect to see a new all-time high after this Bitcoin halving.
According to investment research firm Bernstein, earlier this week they predicted that, given the real possibility of a spot Bitcoin ETF’s approval, Bitcoin could hit $150,000 by 2025.
Now is the best time to be getting into the market, before the upcoming run-up.
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.
Crypto Market at a Glance (7D):
The crypto market is flush with green again this week.
Today's Crypto Fear & Greed Index:
Today's Crypto Fear and Greed Index = Greed –> Increased to 68 (from 65 last week).
Bitcoin & Ethereum Price Movement
Bitcoin has increased 2.3% in the last week, currently trading at $34,730. In the previous 90 days, Bitcoin has increased by 19.59%.
Ethereum has increased 3.0% in the last week, currently trading at $1,836. In the previous 90 days, Ethereum has increased by 0.02%.
Global cryptocurrency market capitalization has increased to $1.3T (from $1.25T last week).
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
THORChain (RUNE) +38% - Ranked #45
THORChain (RUNE) is a decentralized liquidity protocol and automated market maker that enables users to swap cryptocurrencies across different blockchain networks without needing centralized exchanges. RUNE, its native token, is used for settlements, security, governance, and incentives. It supports direct asset swaps, such as BTC to ETH, via RUNE.
Arweave (AR) +31% - Ranked #92
Arweave (AR) is a decentralized storage platform. It uses a modified blockchain called blockweave, aiming to create a perpetual digital archive. Arweave's "Proof of Access" consensus mechanism ensures that once data is uploaded, it is stored forever across a distributed network of computers. This allows users and developers to store data with endowments, ensuring its longevity. The network incentivizes miners to maintain data availability, offering a sustainable model for information preservation. Arweave's vision is akin to a collectively owned, "unforgetting hard drive" or a new-age "Library of Alexandria".
PancakeSwap (CAKE) +25.6% - Ranked #99
PancakeSwap (CAKE) is a decentralized exchange on the Binance Smart Chain known for its fast transactions and low fees. It enables users to swap BEP-20 tokens, stake tokens to earn rewards, provide liquidity, participate in Initial Farm Offerings, and trade NFTs directly from their wallets. CAKE, its native token, is used for governance and can be farmed or staked on the platform. PancakeSwap uses an automated market maker system to facilitate trades, incentivizing liquidity providers with transaction fees and CAKE tokens. Its operation on Binance Smart Chain sets it apart from other DEXs that typically run on Ethereum, offering a more cost-effective solution.
Solana (SOL) +25.9 - Ranked #7
Solana is a third-generation blockchain platform that excels in processing speed, executing thousands of transactions per second with its hybrid proof-of-stake and proof-of-history consensus mechanisms. Launched in 2020, it offers smart contract functionality and aims for high performance with low transaction costs. SOL, its native cryptocurrency, is used for transaction fees and staking. Solana's design prioritizes scalability and fast transaction times, positioning it as a competitive layer-1 blockchain alongside Ethereum and others, while maintaining decentralization.
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):
- MOZ +841% - AI Yield Farming (Nano-Cap)
- STARL +449% - Metaverse Games (Nano-Cap)
- WSI +426% - Web3 File & Date Transfer (Nano-Cap)
- MONI +370% - DeFi Gaming (Nano-Cap)
- PAAL +280% - AI Chatbots (Nano-Cap)
Monthly Altcoin Pick:
Last week we released our latest Altcoin Pick for November - and it's already up ~19% in just the last 24 hours (+38% in the last 7 days). If you would like access to this and future 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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