welcome back everybody to altcoin daily where you subscribe for daily videos on everything going on
in cryptocurrency let's talk about what's going on in the cryptocurrency market this is information
that you need to know let's start with the bitcoin price chart bitcoin is a market mover we're on
the weekly time frame it's looking like bitcoin is going to close the week below 30 000 i mean
either way we're closing the week in the red and that makes one two three four five six seven red
weekly candles bitcoin working on a seventh red consecutive weekly candle which from what i can
tell has never happened before cryptocurrency is going through a major financial crash there's no
getting around that from the price dipping from it being correlated with traditional markets
which are dipping from protocols failing what we're seeing in cryptocurrency today
if you make it through you will be able to tell the next generation of crypto participants about
and consider this 2008 financial crash made more millionaires than it destroyed financial crashes
tend to redistribute wealth people that take smart risks and have really thought out their moves tend
to make crazy money out of terrible situations be greedy when others are fearful i agree with that
personally i've made the most money in cryptocurrency from sticking with crypto during
the lowest most boring times i'm talking about 2018 2019 2020 being in crypto during those low
boring times and sticking with it so i'm there for the very beginning of the bull run the middle of
the bull run the end of the bull run and you never really can tell till you know time passes that you
were part of it but the point is you didn't fomo in too late now let's think of not the worst case
but the slowest case for our bags to go up for bitcoin and crypto to enter the next leg up what's
not the worst case but the slowest case every major bitcoin bull run begins with the having
but people are too impatient to believe that that's the case so they just say the having
doesn't matter anymore totally foolish we're about two years away from bitcoin's next having
that has always been a catalyst and bitcoin has always pulled up the rest of the market but
will we even have to wait for the having coinbase weekly volume is actually starting to look decent
it's just hard to think the bear market would end so soon since the 2024 having is so far away
a recovery is going to be largely dependent on the stock market weekly volume could still continue to
grow and of course we did just pass the second anniversary of bitcoin's third having two years
after bitcoin's third having two years from the next having a small reminder that every four years
the world's hardest money gets even harder but there's so many other catalysts in cryptocurrency
than just the bitcoin having nowadays ethereum ethereum transaction volume just hit an 11th month
high ethereum continues to update it continues to move towards the merge in fact ethereum devs
have now agreed on a ttd terminal total difficulty for the merge upgrade on the
robsten test net this means that ethereum's test net will have the merged transition around june
8th ethereum's test net will merge june 8th and then the merge for the full network is coming soon
after that so when people want to manage risk they usually head towards bitcoin and people are doing
that still but it's really interesting it seems that many people if not the majority in this
last major dip are heading towards eth now there's possibly many reasons why this is happening ether
is a lot more mature than past years ethereum has a great narrative heading into the merge
my personal speculation is that it's so much easier when you're getting out of alt coins or
nfts or d5 or whatever it's so much easier to put money into eth than it is bitcoin
because everything is east compatible either way listen to the chain analysis ceo talk
about this really interesting so the trends is that clearly pdc is is uh is still seen so
typically all of crypto uh are what i would call uh risk on assets so it means that as
soon as the market is more uh risk uh tolerant and wants more risk then they move into crypto
of all the crypto assets bitcoin is usually the one that's uh that's that's like signals
less risk so more like a risk off assets in in all of the high risk assets that that we have here
and we usually see that like people go to bitcoin if everything else is unstable
and i think what we have seen today and at least like my observations is that uh typically more
people move wake up away from eth and into bitcoin that we've seen right now and right
now i think that my conclusion of the market right now is that either actually becoming even more uh
behaving as bitcoin as seen as a less risk risky assets right now and even in the time right now
so the average value from from uh from bitcoin to east is typically somewhere between 12 and 15
right now it's 14 point something and i would say that that what we are seeing on on that trend is
that like it could have gotten down to 15 or 16 or so bitcoin but it hasn't gone that direction
so so i see that eat all the time have matured attention crypto holders attention crypto traders
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on in cryptocurrency instagram now shows which blockchain nfts are on take a look
at this screenshot you can see right here this collectible is an nft on the ethereum blockchain
this is on instagram this is a big deal very cool to see talking about ethereum layer twos
daily transactions on optimism op hits new all-time high of two hundred fifteen
thousand seven hundred ninety it's great to see each layer twos trend up like this
now it's not just ethereum obviously there's plenty going on in cryptocurrency for example
amidst the market carnage solana defy has been steadily growing daily active users up 380 percent
in the past 90 days so not just 24 hours this is not no outlier in the past 90 days 380 percent
things change pretty fast in cryptocurrency one week ago today luna was 80 current price
practically zero if you put 10k into luna a week ago is now worth a sixth of a penny when
people talk about the risks in cryptocurrency this is surely one of the reasons and the ways
risks present itself in crypto yet through darkness there is always light
in the darkest times art usually flourishes and hopefully i can play this on youtube
this is a hate crime in my opinion and a very catchy song check this out very cool
boy you care more about your currency than you do about us currently
i don't need much no private key to open up and talk honestly cause you're
getting mad you better ask what you mean in every single conversation you're out in open seat it's
been so long so either one you choose your wallet or me or better hope you're getting laid in web 3.
my name is aaron at altcoin daily see you tomorrow my friends