2 Trillion Dollar Marker Cap in 3 months, are we in a bubble?
It was only January 2021 and we celebrated cryptocurrancies first trillion dollar milestone, took over 10 years to get there and a massive bust along the way (2017) I remember that time too well, I lost a fair bit on tokens.
This times a little different though we've got a few things occurring which we didn't in the past. Cryptocurrancy has been legitimised with public trading legally. A lot of big fish have been flowing right in dumping billions.
Bitcoin still reigns supreme holding 1.1Trillion of the network and only growing slightly while alt coins seem to be taking the brunt of the growth.
NFT's have spurred this growth with Ethereum alone continuing to grow and it appears it's NFT projects are what's driving its survival..with only just over a month ago mass exodus occured with people flooding to Binance driving its token Vale up from $50 to $300 which now sits at a strong $500.
The implementation of BETH (ETH 2.0) continues to draw uncertainty around if fees will actually reduce but it hasn't stopped new players joining the NFT sector. With art works selling for millions the hundred dollar transaction fees seem low.
I saw someone blog about selling a piece of art for .333 Ethereum, something they weren't expecting and I set here wondering why I haven't returned to my artist days.
Today however, I am scared. Today has all the hallmarks of 2017 a flood of new investors chasing the NFT many over priced with tweets even selling for over $2 million.
The focus seems to be on shitcoins which have been flying up in price, anything 0.01c and below attracting millions of dollars investments in the hopes of break $1 and making millionairs. It's a scary time to be involved in the block chain and investing.
Just about all of us right now are looking at tokens and thinking damn, I should have invested there, I should have remained there, if only I put $100 on that.
But that's the game unfortunately and if your not in it you're probably in the safest position. Market cap surrounding bitcoin is growing but bitcoin remains slightly ever so bullish. This indicates people are seeking smaller shit coins for growth.
Pump and Dumps are occurring well pumps are, not so much Dumps. The Dumps will occur once the original investors become millionairs and they start dropping their massive bags onto the market and cashing out.
But I do still think this pump is a little different, I think we will see people not remove that cash but transfer it into Bitcoin and Ethereum as there is a new type of investor in town, the corporates.
A market correction is imminent but no idea when or how hard it will hit but one thing is for certain it will hurt alot more people.
What are your thoughts on the current market conditions? And Hive wen? Our lil block chain appears to be going backwards now!
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