This is BigMonkey’s Crypto Jungle News, a newsletter about Finding alpha in the crypto jungle.
In today’s newsletter
Winners and losers
Everything looks green but take care
NFTs: Rebel Rabbits
Winners and Losers
Todays top gainers:
SHIB, SCRT, and DOGE
and the losers:
1INCH, after its breakout, TRU and GHST
Everything looks green but take care
A quick look at the charts and everything looks green again. The problem is that generally the crypto market is in a correction after the 20 October highs.
That does not mean that some projects will not do something crazy, like SHIB having a 90% day (SHIB is up 1300% this month).
Holy SHIB
Did we have a clue that SHIB was going to do this? In fact we did, it was 4 months of consolidating in a range.
How high will it go? That depends on how high the market cap goes and the influx of new money into the cryptosphere. The meme has power.
There are 589,738,956,207,004 SHIB - that’s 589 Trillion, and this after Vitalik Buterin burned 40% of the supply.
The current market cap is just shy of $48 billion. For SHIB to reach 1cent without more burns would place the market cap at $5.9 Trillion or Apple, Amazon, Tesla and Facebook all combined. The market cap for Gold is $11 Trillion, Crypto is $2.5 Trillion and Bitcoin is 1.15 Trillion (there’s something nice about typing Trillion).
SHIB could be the catalyst to the mass adoption of crypto? It has joined the top 10 in terms of crypto market cap, having just dislodged DOGE.
More breakouts soon?
In fact there are a few alts that are looking to breakout of their ranges. Keep an eye out for key levels on BCH, BNB, CAKE, CHZ, CRV, ENJ, ETC, GRT, LINK, LTC, MATIC, SRM, SUPER, SUSHI, VET, ZIL
A breakout is when price has been trading in a range and has been unable to move through key resistance.
BNB for example, has been trying to escape the $500 range since May:
It may take a little while yet to get there, but when it does, be ready.
Similarly, BCH and LTC may be undervalued in this market. Previously money would flow from Bitcoin gains into BCH and LTC. This has not yet really happened.
Take care out there
Bitcoin looks to be in a correction which may take some time to play out. While it does, money flows into alts and they get a chance to shine. But be prepared for volatility and sell-offs if BTC moves further downward. For now, things appear to be a bit sideways.
NFTs: Rebel Rabbits
The Rebel Rabbits project from NFTGenius looks really interesting. It is a spinoff from their highly successful BTCOrigins series on WAX which celebrated the key moments of Bitcoins first decade: the creation, the genesis block, pizza day, mtGox, Bitcoin Magazine and many more. Each moment was celebrated with a release of absolutely stunning cards created by NFT Artist MUTE. The cards included clues for a real life treasure hunt with a prize of 1BTC, which was won by a group of hunters.
Along the way the Rebel Rabbits were released into the world. Similar to the Teenage Mutant Ninja Turtles, the Rabbits are an underground force fighting the cause for decentralization.
There is an NFT mint on the 31st October where 9000 masks will be made available. Your mask will be your key to the RR community, which, judging by the amazing story and surprises coming out of BTCOrigins, is going to be incredible.
You can find the Rebel Rabbits here:
That’s it for today - I hope this helps you with you adventures in the crypto jungle. Stay safe and #WATU