Altcoin season is coming.
I believe we're going to see an altcoin season that will melt faces at the beginning, pre-bull run.
Tesla
Tesla confirms rumors:
Bitcoin crypto included in source code of payment page.
You know, I saw this story last night and I said to myself,
I saw the headline,
and I said, "You know what?
This is very interesting."
Because, obviously, in the last bull run,
Tesla, when they announced--
when Elon Musk announced that Tesla--
"--showing Adin Ross how he hacks--"
Oh, that's interesting. I'm going to check that out.
- Make a note. I want to go check that out. - Okay.
So the point is, is that
Tesla, when they announced that they were accepting Bitcoin for Tesla,
that's when we got the biggest move.
We went all the way over $50K from the lower 30s.
Then when Tesla announced that they would no longer be accepting Bitcoin
because it's bad for the environment,
that was $53K I think when they said that.
Price has already dropped down from, like, 64.
And that sent it into the tailspin in May.
So you would say Tesla,
the two biggest moves of the entire market,
you know, the--
17 to 29 was a big move,
and then I think, like, 21 to 42 is a big move,
but those were the two most impactful ones, in my opinion.
And it was very obvious why they occurred.
People got excited about that.
But the point is,
the market wasn't moving yesterday.
Actually, it was going down as this was discovered.
Now, Tesla didn't announce this,
but now they've confirmed it.
But here's the caveat.
Tell them what the caveat here is, Tim.
Because you know the caveat, right?
- Or did-- was it Drew that was telling me about it? - Well--
- no, yeah, so the caveat here-- - Also--
this is really weird.
On my show this morning, Investing Broz,
we actually--
the article we found says that there's rumors that they're accepting Bitcoin,
but when you actually look at it,
they--
you go back to source code in January.
That's where Bitcoin's included.
But a screenshot here today says that it's only accepting Dogecoin,
no Bitcoin.
- Oh, that's probably Photoshop. - But, Ben--
- I don't know. - I--
but that's the whole thing is everyone's rumoring that they are accepting it,
and they're saying because they're seeing source code from January.
Yeah.
- But everyone thinks that source code is today. - Right, right. Exactly.
- Yeah. - So it's not--
so my point here,
when the markets are moving when this stuff is going on,
you'll see the market start to move before the announcements are made.
Now, if something gets secretly discovered by one person they put out on social media,
that's a little bit different.
But,
if this was an announcement that just occurred,
the market--
if Tesla's the one that says it,
the market would have been moving.
So since they didn't and the market did not move,
then you know there's nothing to it really.
It's not even important.
Well, Ben wasn't there--
didn't they just have to show their quarterly reports and they haven't sold any of their Bitcoin?
Yeah, that's true.
- Well, they did-- - That's--
well, not--
- This Quarter 2. They didn't sell any in Quarter 2. - yeah.
- Yeah. - Yeah.
Stablecoin dominance slides as market cap falls to near 2-year lows.
That's interesting because stablecoin dominance fell.
See? I'm telling you altcoin season is coming guys.
Altcoin season is coming.
I believe we're going to see an altcoin season that will melt faces at the beginning, pre-bull run
because we didn't get it at the end of the last market.
It's going to naturally take its place in between the markets like it should have.
It's just going to be a little bit different.
You've got Bitcoin dominance falling,
you have Ethereum dominance going down,
not as much as Bitcoin is,
but also going down,
and you have stablecoin dominance falling to nearly 2-year lows.
What does that tell you? What's running?
The altcoins!
All the-- I don't think Ethereum--
I don't consider Ethereum or stablecoins to be an altcoin.
I mean, you can make the argument stablecoins are,
but I think it's a differentiation.
So the proof's right in front of you, what's happening right now.
So it's going to be very interesting to see.
And a lot of that's flowing into XRP.
Because people are selling for profits right now.
But there's still people piling in, so.
5.85 billion, by the way.
- Billion, not 500 million, okay. - Yeah.
Yeah, zero, I don't do well with zeros.
- That's why I want to take zeros off Bitcoin. - Yeah.
That's right.
You know, you know what--
as good as XRP is doing, you know what's doing really well?
XLM. I think XLM is actually outpacing XRP.
- It has been last couple days. - Well, yeah, last couple days.
And, well, it would have been even, like, if you looked at, like, right now,
XRP is up from the announcement.
It went up.
- Currently. Currently, it's up 64%. - Yeah.
Since the announcement.
Versus XLM,
let's see what we have here.
From the announcement to right now,
- we are looking at 60-- - Oh, XLM has dropped.
oh! 60--
- they're the same. 64% for both of them. - It's No. 21, you know.
And did the XLM network temporarily go down today?
- Or what's up with that? - I did not hear that.
- Or it's just a quick reset? - I don't know.
- I don't know. That would be-- - I didn't hear that.
that would be Stellar.
Look.
This is kind of like saying
that at the end of 2008 or the beginning 2018 when Ethereum was hitting $1,400
and getting way up there,
it's kind of like saying,
"Well, you know?
Bitcoin hit an all-time high, but, man, look now.
Ethereum is actually outperforming it."
Well, yeah, it's because Bitcoin had just moved up 2,000%.
Or was it--
I think it was 2,100% in 2017.
Okay?
From the previous all-time high to the new one.
Yeah, that sounds about right.
So the point is this.
The point is, of course, as XRP has its pump and is retracing,
XLM is having a pump.
It usually pumps after XRP.
And it's moving up to the level of the percentage gain
that XRP got after the retracement.
- Well-- - The markets move like this.
- But XRP is, you know, on a retrace, so. - XLM at the peak was up 104%.
XRP, 102%.
So very slight difference.
- But, technically, XLM, 2% higher push. - Well, obviously.
Like, this is the thing with these ISO 20022 coins.
I mean, that's what we call them. Who knows if they're involved or not?
Ripple is the leader.
XRP is the leader.
XRP is going to revolutionize everything.
Each one of these other coins has a role to play somewhere,
but XRP winning the case,
it pretty much removes the concerns of XLM being a security.
And you're already seeing they're working with Ukraine on a CBDC and different stuff.
So they're doing things,
- not as big as Ripple is doing it, - Yeah.
but they're doing things.
Quant as well.
XDC
All of these coins.
And what's more important,
obviously, with XRP having a much larger market cap,
it takes a lot more money flowing in to raise XRP than XLM,
- so that's another element there. - Well, XLM's got a--
it has a supply problem too.
They still have a very high emission rate.
I don't know what the percentage, but there's, you know.
Oh, we can actually look at it very quickly.
We might as well.