0xKyle's Market Color #21
BTC at 42k in 2024: GOD THIS IS SO BEARISH.
GM! Welcome to the second Market Color of 2024. I know it’s taken a while, but I’m back! Currently based in NYC, so if you wanna have coffee do let me know! Would love to meet some NYC Crypto people.
Executive Summary 📝
God, the last Market Update on 8th Jan was covering the ETF launch - and I vividly remember being in the boat “sell the news”. I was right, as BTC had a 15% move down in the coming days.
We’re way past that now though, and for the past 25 days or so we’ve pretty much just ranged within 38k to 42k. Where do I think we go next? Well, I think this is extremely bullish for our cryptoassets - with the largest uncertain event now removed, I fail to see the argument against being a bull on higher time frames.
On the lower time frames, CT continues to scream and cry and flipping their bias everytime price moves 2% in the opposite direction. It’s a chop-fest out there, and I think my tweet very nicely packaged the sentiment I’m seeing.
Again, if you were here in the 2023 bera market, you know what to do in these situations - don’t overtrade, buy good coins, and wait.
Market Narratives 🎙️
There are no narratives right now except for TAO being at ATHs. Funnily enough, the last Market Color I wrote that “TAO is back at 200, if anyone is looking to pick some up”. Right now, TAO is sitting at 487, a nice 2.5x.
Pendle has been one of the best performers this month, and if LSDs come back in full force (which they should with Blackrock’s ETH ETF), this will probably be one of the best betas to buy
Pyth has finally broken out of its cursed coin pattern, going up 20% in a week
RON, the coin of the Ronin chain had been steadily grinding up for the past few weeks, dumped more than 20% on the Binance listing day, with clear chatter of “insidoor trading” all over Twitter
RNDR was one of the best coins to trade for the Apple Vision Pro launch, briefly touching $5 before going back down to $4.5, but still a nice 20% from where I talked about it.
On-Chain ⛓️
I’d say on-chain is more fun and more active than perps right now, based on what I’ve been seeing
LBPs did significantly well on launch, with VEC/INS/CAD all making multiples out of the gate. However, they dropped sharply after - making it known to everyone that it is still very much PvP. However, apeing the LBPs were almost always profitable despite the dump, which is great
Loot and Whales have been outperforming the broader market, with Whales being an OTC points exchange of tokens that haven’t launched, and Loot receiving 10% of Whales revenue
Emerald rugged, but it’s successor, Pandora, is up almost 10x from the bottom. It features some sort of new tech of ERC-404 - fungible non-fungible tokens
MOBY is a new ICO platform that saw 1,200 ETH being deposited in the first 18 minutes. Read my thread on it here.
Dymension airdrop is coming this week, which, if past airdrops have been any indicator, may be a dump upon arrival.
That’s all for now! It’s a slow week, so stay safe out there. See you guys next week <3
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