(Monday) Fully bullish on ETH? How DOGE is a prophecy for the rest of this altcoin season

Boxmining avatar Boxmining
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Description

Latest Bitcoin, Ethereum, and Cryptocurrency news and trends. We take a look at the key events affecting the blockchain sector and review market movements. Combining both fundamental analysis and tech...

AI Analysis

This video dives into the current crypto market, highlighting a strong bullish sentiment, especially for Ethereum as it breaches new psychological barriers. It unpacks the aftermath of Dogecoin's performance post-SNL, seeing its behavior as a crucial indicator of market psychology that suggests we're still in the early-to-mid stages of a bull market. Beyond market movements, the discussion covers significant crypto news, including regulatory developments, NFT innovations, and ongoing challenges and advancements in decentralized finance.

Here’s a breakdown of the key topics and details:

* Overall Market Sentiment:
* Despite Dogecoin's recent dip, there’s a strong bullish outlook on the crypto market.
* The market's reaction to Dogecoin's SNL event indicates that we're in an "early-mid bull market" phase, where new participants are still learning how hype cycles work.
* A significant amount of capital was redeployed into crypto, suggesting confidence in continued growth.
* There’s a general asymmetry in the market, with more coins moving up than down, signaling an ongoing altcoin season.

* Ethereum ($ETH) at 4k:
* Ethereum has hit an important psychological barrier of $4,000, signaling strong growth.
* The presenter has held onto most of his ETH, even buying back in after a period of taking profits, because he believes this run will continue.
* Ethereum's strong performance is seen as a potential next step for people who entered crypto via Dogecoin, encouraging them to explore the broader ecosystem.
* The decentralized finance (DeFi) ecosystem built on Ethereum offers significant opportunities, far beyond what was available in 2017's ICO boom, with platforms for lending, insurance, and decentralized exchanges.

* Bitcoin ($BTC) in the "Golden Cage":
* Bitcoin has been trading sideways, within a range of $48,000 to $64,000 since March.
* This stability is viewed positively, as it indicates a growing understanding and acceptance of crypto, which is beneficial for the entire market.

* Dogecoin ($DOGE): Aftermath of SNL Show and Market Prophecy:
* Dogecoin's price action around the SNL event perfectly exemplified the "buy the rumor, sell the news" phenomenon. People bought leading up to Elon Musk's appearance, and then sold off when the event didn't meet sky-high expectations.
* The presenter sold his Doge before the SNL event, anticipating this dump, and bought back in when disappointment spread.
* The fact that the price surged right before the event, despite earlier minor dips, indicates that people are still driven by emotion and lack experience in understanding market cycles. This strong buying right up to the event, with a very small gap between the peak and the news event, is a key indicator that the bull market is still relatively "early-mid."
* Dogecoin's status as a top 5 cryptocurrency (by market cap) makes its behavior a strong indicator of public sentiment in the broader crypto market.
* The presenter views Doge as a purely speculative trade due to its lack of active development, using 3x leveraged bull tokens for short-term gains, acknowledging the high risk involved.
* Dogecoin's success is likely to draw new participants into crypto, who might then explore more fundamentally strong projects like Ethereum.

* Cryptocurrency News and Developments:
SEC Stance: The SEC admits Bitcoin is a store of value but classifies most other crypto tokens as securities. This creates ongoing uncertainty for the industry, as there's no definitive test to prove something isn't* a security.
* NFTs in the Mainstream: Sotheby's is auctioning the first-ever NFT minted in 2014, showing increasing mainstream adoption and interest in the history of NFTs.
* Mist Game (NFT Gaming): The game, built on NFTs, is showing significant development progress with improved animations and gameplay footage. This highlights the growing utility and quality of projects in the NFT space.
* DeFi Exploits (Rari Capital & Value DeFi):
* Rari Capital suffered an $11 million exploit, and Value DeFi also experienced issues.
* These hacks often occur not due to flaws within a single protocol's code, but during integrations between different DeFi projects (e.g., Rari with Alpha, Value with Bancor).
* Building an entirely new financial system (DeFi) will inevitably have "hiccups" and requires ongoing development and multiple audits, especially for complex inter-protocol interactions. This is seen as a major programming challenge for the future.
* SpaceX Accepts Dogecoin: Elon Musk's company now accepts Dogecoin for lunar mission payments, further legitimizing the meme coin in the eyes of the public.
* Bitcoin's Taproot Upgrade: This upcoming upgrade aims to enhance privacy by making transactions look similar and potentially enable smart contracts on Bitcoin. It requires 90% of miners to signal their support to activate. The presenter highlights how some crypto news articles dilute information by including non-substantive quotes from partners.
* New Projects:
* O3 Swap: An interesting new project that aggregates cross-chain exchanges, allowing users to find the best rates across different blockchains and decentralized exchanges (like UniSwap on Ethereum or PancakeSwap on Binance Smart Chain). This is seen as critical for navigating the increasingly fragmented multi-chain crypto landscape.
* Refinable ($FINE): An NFT marketplace building on Binance Smart Chain, with its app currently in beta testing. The presenter, an advisor, indicates significant background work and partnerships are underway.

* Future of DeFi:
* There's disappointment that the general public hasn't fully embraced DeFi, preferring meme coins.
* However, a new DeFi wave is expected, likely driven by institutional investors and a segment of the public who discover its disruptive potential.
* DeFi is fundamentally changing banking pillars like lending (banks), insurance (Nexus Mutual), and exchanges (mirroring Nasdaq), offering a decentralized alternative.

The overall takeaway is a strong belief in the crypto market's continued upward trajectory, with Dogecoin's recent movements providing valuable insights into market psychology and signaling that the bull run still has significant room to grow. The focus is shifting towards the underlying utility of crypto, particularly in DeFi, even as meme coins capture public attention.

Transcript

started so hey everyone let's get started today with today's live stream welcome welcome to the box mining live stream the stream that we do every monday and friday hong kong time 11 a.m bright and early in the morning so welcome to our live stream today where we're going to talk a lot about cryptocurrencies and there's a lot going on there's a lot of talk on dogecoin this weekend and there's a lot of aftermath from that but honestly i think the aftermath is actually quite good i'm actually rea...