Alt Season

The first quarter of 2021 ended with a wild race. BNB, XRP, and ADA  reeled in top spots, and even DOGE entered the top 10. This past week, however, the focus was on the mega IPO of CoinBase, valued near 65B, and with a 30{1b2f824bc6e420fc9a9187b8b3310ed445a6e3af66c80d2539d63fc0a4adee40} market swing on an opening day. It is clear Wall St. has an invested interest in the crypto space.

So, why are many calling a top? Aside from TA, there is another pattern to follow. First, tokens pumped day in and out, followed by celebrity endorsements and finally, the zombie chains will reach the moon, and the dump catches everyone off guard. I cannot help but wonder how long this euphoria will last. According to history, this can last well over a year, and the fundamentals of today have evolved since the last bull market, coupled with tools for passive income.

What is ahead of us? There are always options: stocks vs bonds, commodities vs currencies. So we must narrow our decision. Where do you want to be? I believe the opportunity is what we all look for; and where else than emerging markets? Many persuade you to believe all will soon be over, however, those same people have opened that door of opportunity for themselves, and you can bet it will not be the last.

Regarding any asset with real value, it’s clear we are at the start. NFTs have brought crypto mainstream in a manner where the technicals of a blockchain are not its focus. Network demand is there, take a quick look on Mark Cuban’s Twitter, the NFT obsession is clear.

Scaling, an age-old argument, is today’s obstacle. And it needs a resolution now, as discussed in our previous post. Today there is progress. Most recently, Ethereum has completed the upgrade called Berlin. Berlin intends to relieve gas prices for users by simplifying smart contracts. Yet, within hours, a node broadcasted a conflicting transaction, causing the developer community to quickly react. The bug was solved shortly after.

Earlier this week, I was surprised by a transaction cost for another reason. Ethereum fees had dropped dramatically, but this was prior to the Berlin upgrade. Praise goes to ‘Flash Bots’. To simplify, Flash Bots allow a user to send fees directly to a miner. And this has resulted in a dramatic decrease in transaction fees for a short time. Rest assured there are many experiments at work.

In the end, Bitcoin’s rise in price still continues to fall in dominance. Last checked at 51.6{1b2f824bc6e420fc9a9187b8b3310ed445a6e3af66c80d2539d63fc0a4adee40}, BTC sits at the bottom of a channel nearly two years long, if it cracks this support, it just may be that alt season many are waiting on.

So, with the interest in Defi, and the hyper-awareness of NFT’s, I would suggest things have just begun! Coupled at a time when billions of value are locked up in the endless supply of Defi apps, users are derisking without selling an asset by earning yields in both stable or volatile forms. And you can be sure as sugar that traditional finance is aware.

Over the past few years, there have been many assets under the SEC’s radar. And class actions filed against a number of crypto foundations including Bancor, Binance, KuCoin, and Tron, for claims of wrongful sales of securities to American citizens, many of these suits have already been thrown out. Even the infamous case against XRP, which shook that army, is expected to be dismissed. XRP’s price has blown up in response, and due to popular demand, ChainMyne too has decided to relist XRP. The token XRP has truly gone parabolic, moving from 0.40 to 1.90 USD at its highest, so we want to offer our clients access to the popular token.

Here at ChainMyne, we believe cryptocurrencies offer endless opportunities. As a proud Canadian exchange, ChainMyne is building towards a new future of financial independence, transparency, trust, and accessibility. Start trading with ChainMyne today and experience for yourself how we provide our clients with the best-in-class customer service, a tailored personalized experience, and easy access to building wealth … all through a secure and reliable platform!

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