Bitcoin and Crypto Market Updates (Nov 13th)

I hope you had an amazing weekend. Bitcoin and the altcoin market, as usual, have been chilling and consolidating. Let's start focusing on the Mid Caps Index, which usually tends to unchain the biggest potential. After the breakout over the key $11 resistance has been consolidating for several days. This is something really healthy as it helps to consolidate the uptrend before loading the next breakout attempt. Volume-wise I'm also seeing really positive signals, powerful daily candles and steady volume during the last month. As you can see even with the recent pumps, we remain in the lower accumulation range... Trapped for over a year. The $13 resistance is the new key level to beat. Once we cross and consolidate above it, the wild bull party will get started.

The AI Index moving along, also breached the key resistance on the $1,8 range. And it's trying to consolidate here. Successful bounce over it during the week. While continues building up volume and momentum. As said several times, this is one of my favourite narratives for the upcoming bull run. Coins Indexed here: GRT, AGIX, FET, OCEAN, RLC, NMR and others

Let's continue by taking a look into the Layer 2 Coins Index. Which after a little bit of consolidation straight over the $2,2 resistance it's pushing for the breakout right today. Backed by super solid volume candles not seeing since months. This breakout triggers the bullish reversal for the mid term. Primed setup led by MATIC. Coins indexed: MATIC, OP, IMX, LRC, ZRX, OMG, METIS and SKL

MicroStrategy's Bitcoin Holdings Soar Amidst Market Optimism and Saylor's Bullish Vision

MicroStrategy, led by Michael Saylor, has seen its Bitcoin holdings surge to over $5.7 billion, showcasing unrealized gains of $1.1 billion. With more than 158,000 bitcoins acquired over three years, the holdings now constitute over 80% of MicroStrategy's $7.1 billion market capitalization. The recent bitcoin price rally, crossing $37,000, has further contributed to these gains, driven by optimism around potential U.S. regulatory approval of bitcoin Exchange-Traded Funds (ETFs).

Saylor, a staunch Bitcoin advocate, foresees a remarkable future for BTC, predicting a price surge to $370,000 by the end of 2024. His bullish vision is anchored in the upcoming bitcoin halving event, reducing miner rewards and creating a supply-demand imbalance expected to propel prices. Saylor envisions Bitcoin becoming an essential asset, not only for savvy investors but for broader demographics, including Millennials and Generation Z.

The visionary CEO anticipates intense competition among Wall Street giants for bitcoin assets, especially with the growing interest in bitcoin ETFs in the U.S. Saylor's long-term vision positions MicroStrategy, holding 158,400 BTC, at the forefront of the evolving crypto landscape. The broader implications extend beyond MicroStrategy, with Saylor predicting major tech players like Apple and Meta entering the bitcoin market, contributing to the cryptocurrency's integration into various services.

As the financial industry undergoes a potential transformation, catalyzed by BlackRock's move into Ethereum ETFs and increasing institutional curiosity, Saylor's bold prediction hints at a paradigm shift in the global economic landscape. The unfolding narrative will determine whether this vision materializes, reshaping perceptions of bitcoin and cryptocurrencies on a global scale.

Bitcoin Miners Rake in Billions Amidst Industry Revival and Explosive Transaction Fee Surge!

In a significant turn of events for the crypto landscape, Bitcoin miners have witnessed a notable resurgence in 2023, marking a reversal of the previous downward trend. Key indicators such as mining revenue and transaction fees have surged, highlighting renewed investor confidence and proactive measures by crypto entrepreneurs.

Bitcoin's mining community achieved a remarkable milestone on November 12, recording an annual all-time high in revenue, surpassing $44 million. This upswing is attributed to multiple factors, including a recovery from a prolonged bear market, increased market prices, and a positive shift in investor sentiment. Marathon Digital Holdings reported a staggering 670% year-on-year revenue surge in Q3 2023, showcasing the industry's robust recovery.

Transaction fees have played a pivotal role in this resurgence, reaching $30 million within the first ten days of November. The return of Ordinals Inscriptions, akin to NFTs on the Bitcoin blockchain, has driven transaction fees to levels not seen since May. Binance's recent listing of Ordinals (ORDI) has reignited interest in this asset class, contributing to increased network activity and miner earnings.

However, this positive trajectory has prompted some Bitcoin miners to convert their earnings into cash. Since late October, over 5,000 BTC (approximately $175 million) have been liquidated, emphasizing the impact of increased mining revenues and rising BTC prices on miner behavior.

Bitcoin's hashprice, a key metric for miners, has risen to $79/PH/day, marking an 11% week-over-week increase. While Bitcoin's price rally plays a role, the substantial rise in transaction fees is a crucial driver. Transaction fees now constitute a higher percentage of Bitcoin mining revenue, indicating a more favorable environment for miners.

As Bitcoin miners navigate this resurgence, the industry is positioned for potential growth and innovation, shaping the narrative for the future of cryptocurrency mining and its integration into the broader financial landscape.

BlackRock's Crypto Odyssey: From Bitcoin ETF Aspirations to Ethereum Trust Ambitions Sparks Market Surge

In a strategic move amplifying its commitment to cryptocurrencies, BlackRock, the world's largest asset manager, has not only sought approval for a Bitcoin ETF but has now filed for an Ethereum Trust, signaling a significant stride into the altcoin space. This move has propelled Ethereum's price to a day-high near $2,100, marking a 3% surge, reinforcing the market's positive response. BlackRock's Ethereum Trust, reminiscent of its Bitcoin Trust filing, is a clear indicator of the financial giant's intention to broaden its crypto offerings.

The filing, disclosed by Nasdaq, outlines BlackRock's intention to list the Ethereum Trust on the U.S. exchange, subject to regulatory approval. Coinbase is slated to act as the custodian for the Trust's Ethereum holdings, emphasizing BlackRock's continued collaboration with the prominent crypto exchange. Notably, BlackRock's foray into crypto ETFs has been accompanied by CEO Larry Fink's evolving support for the crypto space, a notable shift from previous skepticism.

This development comes on the heels of BlackRock's pursuit of a Bitcoin ETF, underscoring the company's strategic positioning in the cryptocurrency market. As the crypto industry eagerly awaits regulatory decisions on ETFs, BlackRock's entry into Ethereum-related trusts signals growing institutional interest and potential widespread adoption of cryptocurrencies. The surge in Ethereum's value, combined with BlackRock's strategic moves, has sparked renewed market enthusiasm, with both investors and altcoins poised for potential follow-through.

Fundamental Analysis - Evaluating Project Teams

In our ongoing journey toward financial freedom, understanding the intricate details of a cryptocurrency project is crucial. Last week, we touched upon fundamental analysis, and this time, we'll navigate a specific aspect that plays a pivotal role in a project's success: evaluating the team behind it.

Why Does the Team Matter?

Cryptocurrency projects are not just about the technology; they are driven by the people behind the code. The team's expertise, experience, and transparency can be indicators of the project's potential for success. Here's what you should consider:

1. Expertise and Credentials

Begin by scrutinizing the team's qualifications. Websites like LinkedIn, individual profiles on the project's website, or professional networks can provide insights into the educational and professional backgrounds of team members.

2. Track Record

A team's track record speaks volumes about its capabilities. Investigate whether the team members have been involved in successful projects before. Platforms like GitHub can showcase their contributions, and project websites often highlight their achievements.

3. Transparency and Communication

Open communication is key to a project's credibility. Evaluate how transparent the team is about its progress, challenges, and future plans. Regular updates on blogs, Medium, or the project's official communication channels demonstrate a commitment to building trust.

4. Community Perception

Dive into community forums and social media to gauge what the community is saying about the project team. Positive sentiment on platforms like Reddit, Bitcointalk, or Twitter, coupled with constructive discussions, is a good sign.

5. Token Allocation and Vesting Periods

Examine how tokens are allocated among team members. A project where team tokens are subject to vesting periods demonstrates a commitment to long-term success. This information is often found in the project's whitepaper or tokenomics document, as well as in sites such as Cryporank or any “Token unlock” web.

6. Advisors and Partnerships

The company a project keeps can reveal a lot. Investigate the advisors and partnerships associated with the project. Reputable advisors and partnerships with established entities enhance the project's credibility. This information is usually available on the project's website.

Conclusion

Remember, investing in cryptocurrencies involves risk, but a meticulous evaluation of the project team can mitigate some of that risk. By focusing on expertise, track record, transparency, community perception, token allocation, and partnerships, you empower yourself to make informed investment decisions. There is no golden rule in investing, but usually ticking some boxes leads to a good path.

Stay vigilant, stay informed, and let's sail these cryptocurrency seas together, join us in our discord community, here (it’s free), and show us those projects that you found with an amazing team behind it!

Have a profitable week, and see you next Monday!