State Of The Market- March 2024
The day is Monday, March 4th 2024. Bitcoin is flirting with its all-time high at $68k, Ethereum at $3,400+. Crypto native channels are ablaze with photos of 100x’s, staking opportunities with APY’s of over 100%, and suddenly everybody is swing trading meme-coins and winning.
But, something is off.
Despite prices reaching highs that haven’t been seen since the peak of the previous bull market nearly three years ago, the non-crypto aficionado hasn’t a clue how well the market is doing right now- and if they do, they don’t really care. So, the question arises- what the hell is happening? Why are prices surging? Frankly, the answer lies in legalities.
With the emergence and legalization of Bitcoin ETFs we’re experiencing a massive, constant inflow of volume unlike previous years leading up to Bitcoins halving. Another difference today is, the institutions are here to play. Before, although banks + firms and so on were actively investing to some degree, we’re now seeing gamification like never before.
Over the course of the last bear market, large firms like Blackrock gobbled up tons of assets- namely Bitcoin as it plummeted to $10,000. As a result of this, the retail investor will find themselves battling billion-dollar firms for their positioning; If I was to long or short a mainstream coin I would be wary of this.
Nonetheless, as stated everywhere I look on social media — we’re so back. And the best part is? It’s relatively early. Although current charts seem to have bottomed out for the season, there still will be efficient entry points for investors both new and seasoned. And even more importantly, there will be an abundance of uninformed newcomers with lots of questions.
Be the positive change you’d like to see, and support those people if you have the knowledge- or refer them to resources that can aid in their transition. Cold wallets are always wise, and the importance of seed phrase storage can’t be emphasized enough. Stay educated and do your own research.
As they say, WAGMI.