Is it time for another round of alt season and ETH bull market? While there is every reason to be bullish on BTC in general, the market looks ripe for ETH and alts.
Cryptocurrency opinions, op-eds, speculation, and insights. Oh, my!
Bitcoin (BTC) is holding up well and trading at support levels after making highs a few weeks back. However, traders are selling GBTC in a panic creating a large negative GBTC premium (a GBTC discount).
GBTC, which often trades at a high premium traded negative today. Right now, BTC is at $48k and Grayscale is trading under $45.
Microstrategy bought, Tesla bought, and we rallied. ETH fees were high, funding was high, longs go squeezed, NASDAQ went down, the yield curve went up, and we crashed.
Dogecoin has bubbled and busted against Bitcoin many times in the past. Thus history suggests the current Doge bubble will pop quickly as well.
ETH is making new all-time highs and ETH-based coins (like DeFi coins) are running. This bullish price action into CME futures on Feb 8th is exciting. However, it is a bit scary as well since CME futures for BTC marked the top of the 2017 bubble.
Just quickly want to point out that GBTC, ETHE, ETCG, and GDLC are now all reasonable trades while LTCN and BCHG have face-melting premiums.
Ethereum (ETH) has rallied toward its all-time high, and some signs point to a break of the all-time high.
ETHE and ETCG have historically traded at large premiums to NAV. However, both assets are trading at low premiums right now.
Bitcoin is still on a bullish trajectory, but it has paused here to consolidated under resistance. With volatility very low, a break one way or the other soon seems likely.