Hodl Up! Your weekly crypto catch up: Week 45
Welcome, ladies and lads - to the new golden age of crypto (or at least we hope it is). Bitcoin's all time high coincides with Trump's victory and even $ADA and $ETH pump.
In last week’s HodlUp!, we were repenting that we came so close to an All Time High for Bitcoin and could not break it. I sit here writing this week’s HodlUp! while Bitcoin moves around ~$76,500.
And when did Bitcoin break its all time high? The day Donald Trump became the president-elect of the United States of America - poetic.
And it isn’t just Bitcoin, but we’ll get into the discussion next.
NOTE: NOTHING EVER MENTIONED IN ANY OF OUR CRYPTO TALK’s POSTS/NEWSLETTERS/CONTENT IS FINANCIAL ADVICE. ALWAYS DO YOUR OWN RESEARCH.
Trump wins - What Now?
So finally its over. The US Elections are done. Donald Trump will be the next president of the United States. Now what? Will the crypto president keep all his promises? Does he even need to keep his promises?
Let’s breakdown all his major promises and whether IMO (in my personal opinion, not facts, not predictions, not advice) he’ll abide by his words.
Create a US Government strategic national Bitcoin stockpile if elected and the US govt. will keep 100% of the $BTC it owns →
I think this will take time, at least the first part will. Creating a reserve is not that simple a task but I’m positive that the US won’t be treating Bitcoin as a second grade asset anymore.Commute Ross Ulbricht’s sentence →
IMO this will happen. He’ll go through with this promise. Fairly soon.No CDBC while he’s the president →
I think this will happen too. If not, it will be a big F(ck you to the crypto community and the next time, these one issue voters aren’t voting Republican.Gary Gensler will be fired →
I read somewhere that is not possible to directly fire Gensler but there will definitely be a new head of the SEC for sure - someone pro-crypto.
Even in the podcast discussion above in the video, I have mentioned something - actually even if the Trump govt. does nothing, that is a positive for the crypto industry since Gensler and the current govt. were so anti-crypto that most of the US companies always had their hands tied.
Innovation will take care of itself as long as the govt. does not add a blockade on it. If the govt. helps - there is no stopping it.
Rejoice - The Bull Run
After months of tension and weeks of “Uptober“ - we finally seem to be here. We are the heart of the cyclone now.
Bitcoin finally broke its all time high and there are analysts claiming it is going to go towards the $90k mark next. Do I agree with these predictions? For the first time in a long time - I think yes. $90k should be very much achievable in the next couple of months. I’m not saying years or “it will be $90k eventually“, I’m saying it will be $90k soon. Not financial advice, just my feeling.
And it isn’t just $BTC which is having all the fun. Let’s just take a look at the top 10 coins in the market and their 7d performance.
Feels good to see these numbers after a long time, doesn’t it? I give $ADA a lot of stick but even $ADA is up by 20% this week. (It’s still down YTD though, so no need to get on the high horse already $ADA fans).
With Trump in power, the lawsuits against Coinbase and Kraken and also someone like Ripple will definitely dwindle out. $XRP might be free to finally reach its potential - but is it too little too late now? We are to see.
Time for Utility Projects?
We have discussed the great performance of memecoins in 2024 many times in our newsletters before. And I think that was very well deserved, memes have done amazing this year - they still are.
The largest supposed memecoin, $DOGE has more than doubled in 2024 and has seen a 25% pump in just the last 7 days.
Taking nothing away from memecoins, I do feel now it is time for utilities to finally come into their stride. The momentum is there now and even equities in TradFi are doing really well now.
The biggest factor will definitely be Ether’s price. It needs to reach at least $3,500-$4,000 for us to even think about getting an ‘altseason‘. If it does not, I don’t think the mid-low caps have it just in them to do the 5-10x’s that we have come to expect of them.
This is Ether’s chart from the last bull run. It pumped from $244 in Aug ‘24 to $3,924 in May ‘21. That is nearly a 15x in 8-9 months. Of course the Market Caps were very different back then and it would be nothing short of stupidity to think it can do a 15x again.
What about a 3x though? Will it touch $10k? Will it touch $10k in this bull run? If it touches $10,000 - the market cap of Ethereum will surpass $1.2T . Does Ethereum have it in itself to command a trillion+ market cap?
If you ask me - I’ll be happy to see a new ATH first and only then assess the situation of the bull run. A $10k $ETH is too distant for me right now.
But even if we see a new ATH, expect an alt market that we all have been waiting for.
C4 (Crazy Crypto Community Content)
Content 1
This is such a heartfelt reply and I totally get this guy. This happens in life and especially in an industry as volatile as crypto, this can happen all of a sudden. Fair play to the people who make money, hard luck to those who don’t.
Content 2
This was the response of one of the community members of MELD - when they announced they were shutting down.
The industry has been accused of overpaying many a times, did this happen with MELD? I do not know.
Well, that’s it for this week ladies and lads. We’ll connect again next week for the next edition of Hodl Up! Till then, Stay Safu.