Good morning, brothers. Bitcoin fell after hitting $90,000 yesterday. I think this is normal. The financial market does not always rise or fall. It is normal and healthy to have both rises and falls.
Reason for Bitcoin's decline: Fed's Powell made a "hawkish statement"
Data was released yesterday showing that the US Producer Price Index (PPI) rose 2.4% year-on-year in October, slightly above expectations of 2.3%.
After the data was released, Fed Chairman Powell told reporters that the central bank did not need to "rush" to further cut interest rates. Investors withdrew from the "Trump trade" betting on interest rate cuts, and the three major U.S. stock indexes fell. At the close, the S&P 500, Dow Jones and Nasdaq all closed down, down 0.60%, 0.47% and 0.64% respectively.
Bitcoin has experienced huge ups and downs, and the entire market has been like a roller coaster, with crazy ups and downs. Fortunately, the current market is stable at around 88,000.
The reasons for the Bitcoin crash were the increased risk aversion and Grayscale's sell-off. This was only a temporary plunge. The plunge in the second half of the night was mainly due to Powell's hawkish speech. All U.S. stocks, gold, and Bitcoin plummeted!
The market only buys BTC and MEME
In the current market, institutional funds only buy BTC. Institutions on Wall Street have been making net purchases of hundreds of millions of US dollars every day in recent times, driving Bitcoin to new highs and approaching the 100,000 US dollar mark. Retail funds are interesting, as they only speculate on meme coins. Instead of being endlessly cut by institutions on altcoins, it is better to take a gamble on meme coins.
Benefiting from Musk's call, the market value of Dogecoin exceeded 60 billion US dollars, driving the meme sector to another climax. Shib exceeded 15 billion US dollars, Pepe also exceeded 10 billion US dollars, and other second-tier meme coins also easily reached a market value of 1 billion US dollars.
ACT and PNUTS launched on Binance increased by dozens of times in just a few days, and their market value even exceeded 2 billion US dollars.
The market has been extremely polarized since then, and it is ironic that the market value of a bunch of meme coins exceeds that of many copycat industry leading coins. Doge, Shib, and Pepe have reached a market value of tens of billions of dollars, which has driven the potential market value of meme coins in the future. Meme coins that could exceed $100 million before now have a potential of $1 billion, which has brought great wealth effects to retail investors. Therefore, unless a bear market comes, meme coins will most likely run through the entire cycle like 1co in 2017 and DeFi in 2020.
On the other hand, the altcoins incubated by VC institutions are not doing well. According to Bloomberg, venture capital funds in the crypto space surged to $1.7 billion in Q3. The investment amount in the industry in one quarter is not even as much as a meme that was hyped up in a few days.
Now the primary market, especially on the SOL chain, memes are very active. If the leading platforms such as Binance and Upbit go online, they will be heading for $1 billion. For retail investors, the wealth effect of gambling is huge. You say the risk is high, but compared to the altcoins that are constantly losing money and have no wealth effect, it is simply an extremely high-quality coin.
The current market is ambushing 3 cryptocurrencies and the rebound is as high as 100 times!
1.WIF
Dogwifhat (WIF) has shown strong upward momentum this week. Based on this price action, the consensus is that WIF will break through the current resistance level. Technical analysis suggests that a break above this level could lead to further gains for WIF, even reaching $5. Current technical indicators suggest that there is still potential for the price to rise, and investors are watching these levels closely, expecting further gains.
As WIF gains more and more attention, setting a new all-time high (ATH) seems to be just around the corner. If market conditions remain favorable, Dogwifhat may break through the current resistance level and continue to rise. Investors should pay attention to the overall trend of the market as well as technical indicators to assess its future potential. If Dogwifhat can continue to perform well in 2024, there may be more room for growth in the future.
2. TREES
BOME's recent price surge has attracted a lot of attention. It has successfully broken out of the descending triangle pattern that had been stagnant for a month, breaking through the trend reversal zone between $0.0076 and $0.0080, showing a clear bullish signal. This shows that market sentiment is shifting and BOME may usher in new upward momentum. Although a potential double bottom pattern is currently forming and there may be some minor pullbacks in the short term, the overall trend remains positive.
As the altcoin season arrives, BOME is seen as a project with great potential. BOME has also seen a steady increase in adoption, and it was recently added to PengyOS, which has brought it more exposure and recognition. Since the Bitcoin ETF has absorbed more Bitcoin than mining can produce, meme coins like BOME have great potential for gains. With the fourth quarter of 2024 approaching, now may be the best time to consider investing in BOME, and missing this opportunity may bring regrets.
3. BABY
PEPE is another popular meme cryptocurrency that is outperforming Bitcoin (BTC). Today, the frog-themed cryptocurrency hit a new all-time high of $0.00002457. PEPE is up 81.7% on the daily chart, 124.3% on the weekly chart, 140.2% on the 14-day chart, and is up 118.6% over the last month.
According to CoinCodex, the meme cryptocurrency will continue to rise over the next month, reaching $0.00007207 on December 12, 2024. Reaching $0.00007207 from the current price would result in a gain of about 204%.
The article ends here. If you are interested in me, you can click on my homepage to seize this bull market together!
