Hey yo, what’s the Chill, with the Chico Army & if your new, looking for a youtube
crew, joins ours, by taking the first step subscribing, and dropping the title of viewer
of the tube.
My name is Tyler and welcome to the channel, whose content is always a mouthful.
You know our Moby Richard, it’s time for Chico Crypto!
Well, BTC, that shiny ole Bitcoin.
It hands down has the spotlight compared with altcoins.
Dominance, since the DeFi bubble burst in the summer, has been growing & growing, and
growing.
Up to 64 percent dominance, and Getting close to 10 percentage points, since the September
57 percent dominance low.
Sooooo, will Domiance continue & alts keep falling??
Personally….I don’t really think so, pulling out the 7 day bitcoin price chart, as of yesterday,
we were looking to break 14k.
A break of this critical level, will cause BTC FOMO...as we break back into another level
of unknown territory, where we have only spent 32 days above in the history of BTC, all back
in 2017 and 2018.
If this happens, and we stay above 14k, Altcoins won’t get REKTED.
That has already happened, it’s about time the ALTCOIN get a moving.
Why?
Well let expand out the dominance chart since September of 2019, when BTC was at a dominance
peak of about 71.5 percent.
As you can see, it has been a downtrend with BITCOIN & dominance, although there has been
cycles where BTC regains some of that dominance.
Although, the chart shows a series of higher lows with Dominance.
71.5 September of 2019 and then 2 months later November 2019, we were down to about 67.5
percent, a loss of about 4 percent, but it rebounded to about 70.5 percent 1 month later,
December 2019
So that cycle, 4 percent loss over 2 months, followed by 3 percent rebound 1 month later.
Moving onto the next...70.5 percent December 2019, and then 2 months later, Febuary 2020,
BTC was down to 63.5 percent, a loss of about 7 percent..but it rebounded to about 68 percent
3 months later, May of 2019.
So that cycle, 7 percent loss over 2 months, followed by a 4.5 percent rebound 3 months
later.
Now this cycle, 68 percent May of 2019, then about 4 months later, September we hit the
low of about 58 percent.
We are coming up on about 2 months later since then, and dominance is at about 65 percent.
So if dominance stops here, this cycle would be a 10 percent loss over 4 months, with a
rebound of 7 percent 2 months later….
That sounds about right to me, regarding cycles.
Tyler has a feeling a mini alt season is about to begin.
Which can be reinforced by looking at the 1 hour largest gainers yesterday, when BTC
broke that 14k mark.
ALTCOINs, surging & surging...a really long list performing better, 75 better than bitcoin
to be exact.
Soooo, which ALTs are going to swallow up some of that dominance...well if you didn’t
hear yesterday...the deposit contract for the ethereum 2.0 beacon chain...it went LIVE!
Finally, ethereum 2.0 has a date of when the genesis block begins & the countdown begins.
So first what is the deposit contract?
Well it’s the first piece of Ethereum 2.0.
It’s the bridge between the proof of work chain, and the staking beacon chain.
It’s just an ethereum address, you can view on block explores, and looking at the transactions,
those that are going to be staking, they are depositing their 32 ETH into the contract
as I speak.
32 ETH?
Yup that is how much Ethereum is needed if you want to become a proof of stake validator
node, and earn staking rewards come December 1st.
And I hope you realize, right now is the time to pick up 32 ETH compared to a single BTC.
Sooo, it costs right now, only just over 12800 bucks to obtain 32 ETH and for that single
BTC it costs over 14000 thousand.
That is why you see the number of Ethereum addresses with a balance greater than 32 ETH
surging over the past week.
People are preparing for staking, thus a surge, but also people see an imbalance in the price
between 32 ETH and 1BTC.
Soooo, pulling out the price charts of 1 Bitcoin vs 32 Ethereum & beginning in March of this
year, it was more cost effective to buy the 32ETH, there was an imbalance, but by late
July that imbalance came back together, and the cost for each was about the same, about
10 thousand bucks...but then, we had that “DeFi” season this summer, and 32 ETH
got out of balance, becoming worth more than 1 bitcoin, over 15 thousand bucks at its peak,
while BTC was about 12k….so things came back into balance, ETH crashed, and in between
september to early october, the prices matched eachother...but another imbalance has begun,
this time with BTC above 32 ETH, currently about 2 thousand bucks.
My opinion, is this...these 2 will be correlated with each other, for the next year, anytime
one get’s further above, you should be looking at the other.
And vice versa...so right now, eyes are on ethereum and that beacon chain launch.
So, I’m sure the next question you have is... when will blocks begin to be produced
& when will stakers start receiving their staking rewards for depositing that 32 ETH
and setting up a validator node??
Well Evan Van Ness, he tweeted “Ethereum's proof of stake launch ("eth2") scheduled for
Dec 1st”
And I hope you realize how freaking fast the next 25 days are going to fly by, December
1st will be here before we know it, the world is really distracted with a thing called an
election, so literally it’s gonna feel like we blink, and December 1st is here.
And I have a feeling, 32 ETH will work itself up to being back in balance with the price
of 1 Bitcoin.
So, ya, Ethereum is on the top of my altcoin list right now...but what else?
Well many people can’t accumulate 32 ETH, and they will still want to stake.
So those coins involved with staking somehow, are on the top of my list too.
And guess what?
Ethereum’s beacon chain website kindly has a list of the top staking services...with
a total of 15 listed.
And there is only one with a token listed, that is Rocketpool!
Now there is a reason, RPL was one of my most recent top picks.
Because, any news about Ethereum 2.0, is going to push up the price.
And yesterday’s deposit news is proof of that.
I didn’t even talk about it, and the price rocketed up with a nearly 20 percent 24 hour
gain.
Now the reason, I like Rocketpool over the other staking services is this, you go to
the Ethstaker subreddit, where anyone who is thinking about staking eth is, and you
search by rocketpool within their community, you get a lot of talk going on, multiple posts.
Now, Stakefish, has announced their Beta for their staking service, non custodial too.
Searching in Ethstaker, by stakefish, no space...nothing.
Stake fish space.
1 post.
Obviously not nearly as hyped as Rocketpool with those who will actually be using the
services.
Although, there is one more service not linked on the Ethereum beacon website, and it is
a token who will be providing ethereum staking services.
And that is ANKR.
Now I’m more bullish on RPL for the same reason, you search by ANKR in the ethstaker
subreddit, nothing shows up
Although, like RPL, ANKR had a nice little boost yesterday, not as big as Rocketpools
but still an over 10 percent 24 hour gain.
So why am I bringin up ANKR?
Well they look to be getting their product out 1st, before Rocketpool….so User Superphiz
on reddit, he is highly involved with the Ethereum 2.0 launch, he was apart of the deposit
contract stream, which I crashed slightly, seen here, telling them to get staking you
fools!...Sup Patricio of POAP & Superphiz, good work...but, regarding superphiz, he posted
this in response to one of my videos regarding staking, correcting me where I was wrong.
Thanks, I actually really appreciate the post and your words and the chico community does
too!
He is bullish on Rocketpool out of the third party staking providers, but he did say this
“Rocket Pool hasn't suggested that they'll be ready for mainnet staking, it's far more
likely that they'll go live after the first scheduled hard fork about five months after
Phase 0 launches.
THIS IS GOOD for people who aren't deeply invested in this ecosystem!
Let the early stakers take the risks, then deposit your stake when things are safer and
stable”
So, I hope the RPL team is able to get something out quicker than 5 months after, December
1st of this year, and I do think they will, as their Medalla testnet, has been running
& running solid….
But they haven’t said anything about going live, in December.
While ANKR has STKR, their non custodial staking service, announced 2 weeks ago and from their
blog post article, the interface is looking pretty damn clean.
Well ANkr, just tweeted about STKR and the beacon chain launch, they said get your ETH
ready.
STKR deposits will be ready soon too.
But, warning if you are thinking about going with a third party service.
Let’s just go back to what Superphiz said to my response video, because it fits with
ANKR too “Rocket Pool is an awesome concept, but it is a third party staking provider.
The reason I add caveats to it every time I mention it is that the risk of loss from
operating under a third party staking service is significantly higher than solo staking.
It's obvious from my comments that I'm a fan of Rocket Pool but that doesn't take the risk
away - be careful and be prepared to lose whatever you stake with them.
Let me be the first to say that I've been a fan of several projects that haven't paid
out at all.
So be careful, with any 3rd party provider, ANKR’s STKR, rocketpool, or just a centralized
exchange like service like from the Nance.
You never know what can happen.
Cheers I’ll see you next time!