October 29, 2021
Discover more from EllioTrades
October 29, 2021
Will Ethereum Lead the Greatest Altcoin Rally of All Time?
Introduction
Now that Ethereum is on the cusp of breaking into price discovery mode, all eyes are on the smart contract king. Will it mark the kick-off to a glorious altcoin season or will the struggling stock markets hold back Ethereum for now? Soon we will find out.
Ethereum Challenging Its All-Time High for the Second Time
One thing we have seen time and time again is that after a massive move by Ethereum, altcoins started rallying like crazy. In some cases, ETH even pulled BTC behind. Will today be the historic day to kick off Ethereum’s rally to new all-time highs?
Meanwhile, more ETH is burnt than ever.
Stock markets seem to be the only thing holding back Ethereum today…
The Metaverse Party Is on 🔥
Facebook’s huge announcement yesterday to rebrand its social media empire to “Meta” seems to have a significant impact on the crypto markets, igniting the Metaverse narrative in a major way. Metaverse-related tokens are pushing into double-digit gain territory across the board with CoinGecko’s Metaverse category up a whopping 262.2%.
Is today’s impressive price-performance just a blip on the radar? Probably not, since Facebook will bring the Metaverse narrative – which has already gained traction within the crypto community – to a much larger audience. Just look at the Google search trend for “Metaverse” below 🚀.
While we don’t know which of today’s Metaverse projects will achieve their goals, we know for sure that the ones who will be successful in the end will experience unimaginable growth. The challenge now is to bet on the right horses…
Of course, Ethereum also benefitted from today’s Metaverse pump, since it provides the base layer for most of today’s Metaverse projects.
Would it be shocking to see PFP (profile picture) projects run next after today’s impressive performance of “fungible” Metaverse tokens? Not really, since avatars will arguably play a big role in most Metaverse projects. The challenge will be picking the right ones with a strong community behind them.
With NFT floor prices getting crushed at the moment, it might soon be a good time to look out for some bargain deals, since it’s more than likely that NFT mania will return at some point.
In other exciting Metaverse-related news, we see Immutable, the leading scaling solution for blockchain gaming and NFTs, partner with one of the most influential gaming companies in the world, ESL Gaming.
A Metaverse project that has been silently building and making strides in the last few months is RedFOX Labs. Its RFOX token recently “woke up” from months of consolidation and has experienced a modest 50% price increase today – which puts it still 78 % away from its old all-time high. Expect fireworks before their Metaverse Beta launch in December…
Even former Goldman Sachs exec and crypto bull Raoul Pal has an eye on RFOX…
If you ask yourself how to bet on the hot Metaverse trend, there are several answers: You can either speculate on Metaverse tokens such as MANA or SAND, you can buy in-game items, art NFTs or Metaverse land, or you can go a step further and participate actively in NFTs and Metaverse projects (arguably the safest and most rewarding option).
Here is an interesting thread on how to benefit from the NFT art side of things:
Don't Get Carried Away by FOMO
While the outlook for crypto in general and Metaverse projects in particular gets brighter by the day, it’s important to remember that all that glitters is not gold in NFT land! There are still ways to lose a ton of money in NFT and crypto land if you don’t know what you are doing.
Also, treat token launches, especially new meme coins (if you want to touch dog coins at all), with extreme caution to avoid getting “rugged” like the supporters of AnubisDAO who collectively lost $60 million to a rogue dev or phishing attack.
This thing had no website, a sketchy initial launch, no evidence it was ever going to be something and degens gave them $60m for free. kek
Regarding scams, which are unfortunately getting more sophisticated by the day in crypto land, here are some tips:
No Inflation Isn’t Going Away Anytime Soon
What had to be expected after national banks printed and governments spent unprecedented amounts of money last year, is now materializing in an unpleasant way: Inflation, the “hidden tax” for society at large, remains higher and “stickier” than any national bank would have anticipated, creating an increasingly insurmountable burden for the working class.
