November 9, 2024
The market is coming on strong, boosted by the sentiment from Trump's successful re-election, combined with favorable funding conditions from the interest rate cut cycle. It genuinely feels like a major bull market is on the way. We must admit that after Bitcoin broke through 75,000 and repeatedly set new historical highs, it has been able to consolidate at high levels, showcasing strong performance in terms of funds. What's even more noteworthy is that this market has the participation of Ethereum and some hot spots, with certain coin prices surging fiercely. For example, the contracts listed on Binance yesterday, Drift and Grass, experienced an impressive surge, which is not only due to strong players but also significant market participation. This is essentially the condition under which a bull market occurs.
Currently, Ethereum has successfully reached 3000 USD, and the exchange rate has also successfully hit the 0.04 mark, having rebounded by more than ten points. Hard work pays off; it’s not in vain to have recharged everyone’s faith during the recent FUD period. When Ethereum rises, seeing it at 10,000 is nothing. It’s holding firmly during declines that allows one to profit. So far, unless one only participates at high points, Ethereum shouldn’t incur losses. Of course, it may still perform slightly worse compared to Bitcoin, SOL, and BNB, but I hope this wave encourages everyone to hold long-term, at least for part of their positions. When the bull market comes, Ethereum won’t disappoint expectations.
Other altcoins are currently in a rotation phase, temporarily still within the DeFi sector of the Solana ecosystem. Projects like the established RAY have seen significant gains, and new projects on Binance, whether Meme or DeFi, are mostly leaning towards the Solana ecosystem. This is also the core reason why SOL can rise to 200. There are quite a few altcoins that are currently rising, including signs of recovery in the Bitcoin ecosystem. At this stage, it’s still advisable to take small profits to prevent pullbacks while maintaining a large position for future gains. Especially for those altcoins that haven’t rotated yet, having been stuck for so long, it's worth waiting a bit longer since the overall environment is moving in a positive direction.
Of course, I think there might not be many people currently fully invested waiting for a rise. I, myself, have been waiting for a significant pullback and have only held a little over half a position. Here, I want to congratulate those who are fully invested; the clouds have cleared. However, as I mentioned before, the U in a bull market is precious, and taking advantage of arbitrage is also a good choice. The image below shows the arbitrage I just executed today, which can yield nearly 1000 U each time, every 4 hours. Although it cannot be maintained long-term, doing this kind of thing occasionally in a bull market is still quite pleasant. Moreover, since I did not borrow any coins, my position is not large. This arbitrage requires borrowing coins on-chain, which has a slight entry barrier, but since the bull market has arrived, basic fee arbitrage can also be undertaken. If interested, you can click on my avatar to see this article (Bull Market Weapon: Introduction to Funding Rate Arbitrage).
Alright, that's it for today. The market has just started to pick up. We still need to hold onto our coins, and the overall market outlook remains positive.
