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- Bitcoin Breaks Through $100K
Bitcoin Breaks Through $100K
PLUS: XRP Becomes Top 3 Crypto & ETH Ready For Takeoffđ
Bitcoin Breaks Through $100K
XRP Becomes Top 3 Crypto
Ethereum Ready For Take Offđ
Saylorâs Winning Strategy: Buy & Hold
And moreâŚ
Market Data Prices as of 6:30am ET
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We are excited to announce Bitboâs newest trading chart:
The HODL Waves are one of the earliest and most insightful on-chain analysis tools, visualizing the age distribution of Bitcoin's entire supply over time.
This chart displays the age distribution of Bitcoin's UTXO (Unspent Transaction Output) set from the genesis block onwards:
Warmer colors (reds, oranges) at the bottom show recently moved Bitcoin
Cooler colors (blues, greens) at the top show Bitcoin that hasn't moved in years
The y-axis shows the percentage of total supply in each age band
The white line shows the USD/BTC price (logarithmic scale)
BITCOIN BREAKS THROUGH $100K
Itâs officialâBitcoin has hit $100,000 for the first time ever, marking a pivotal moment in the evolution of digital assets.
Just over a decade ago, Bitcoin was a niche idea trading at a mere $1. Today, itâs a foundational pillar of the global economy.
Jerome Powell, Chair of the US Federal Reserve, recently shared his thoughts on Bitcoinâand surprisingly, they werenât negative!
During The New York Timesâ DealBook Summit, Powell made a striking comparison:
"People use bitcoin as a speculative asset, right? It's like gold⌠It's just like gold only it's virtual, it's digital."
He elaborated further, emphasizing the unique position of Bitcoin in the financial ecosystem:
"People are not using it as a form of payment or as a store of value. Itâs highly volatile. Itâs not a competitor for the dollar. Itâs really a competitor for gold, thatâs how I really think about it."
This acknowledgment from the head of the Federal Reserve is significant. Comparing Bitcoin to gold not only aligns with the views of many in the crypto community but also signals growing recognition of Bitcoin as "gold 2.0."
Even traditional finance firms and now government voices are starting to view Bitcoin as a digital counterpart to gold, reinforcing its potential role as a store of value in the modern financial system.
Several factors have paved the way for this meteoric rise:
Institutional Adoption: Governments and Fortune 500 companies are weaving Bitcoin into their long-term strategies. The idea of a Bitcoin Strategic Reserve is gaining traction among world powers.
Regulatory Clarity: Once met with skepticism, Bitcoin now enjoys increasing regulatory legitimacy worldwide.
Unmatched Security: A soaring hash rate has solidified Bitcoinâs blockchain as the most secure in existence.
This incredible milestone is not the summit but a stepping stone toward an even brighter future for the cryptocurrency that started it all.
XRP BECOMES TOP 3 CRYPTO
Letâs talk about Rippleâs $XRP, which just claimed the #3 spot in the crypto world.
With a massive $255 billion FDV, itâs leaving Solana and Tether in the dust.
Hereâs whatâs happening on Coinbase..
On #Coinbase, $XRP is currently #trading more volume than $BTC and $ETHâŚCOMBINED đ
â CloudAICrypto (@cloudaicrypto)
10:45 AM ⢠Dec 5, 2024
And hereâs the wild part: Google searches for âXRPâ are now exceeding those for âCrypto.â
How Did $XRP Get Here?
The Ripple vs. SEC Saga
The SEC lawsuit in 2020 was a turning point for Ripple. It sent $XRP into a nosedive, cutting its price from $0.50 to $0.21.
Recently, however:
Ripple won its legal battle against the SEC.
Gary Genslerâs resignation removed a key regulatory obstacle.
A pro-crypto administration introduced tax breaks for US-based blockchain projects.
These developments ignited an 82% rally in one week:
Fundamentals Remain Stagnant
Despite the hype, $XRP hasnât changed much. It still operates as a fast, cost-effective method for international money transfersâa revolutionary concept in 2013.
But today? Stablecoins like USDC dominate the cross-border payment space, rendering $XRP less essential.
Final Takeaway
Rippleâs $XRP is a reminder that even âold-schoolâ cryptocurrencies can stage a comebackâespecially when freed from regulatory shackles.
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ETH READY FOR TAKEOFFđ
Itâs no secret.
Ethereum has significantly underperformed Bitcoin this year:
Bitcoin: +142.68%
Ethereum: +68.45%
This disparity has led many to proclaim: "Ethereum is dead."
But renowned macroeconomic expert Raoul Pal thinks otherwise. According to him, Ethereum is on the verge of a massive breakout.
Raoul Pal, a former hedge fund manager and respected macro strategist, has a stellar track record in the crypto market.
He bought his first Bitcoin in 2013, back when it traded at just ~$200.
His early prediction that it could reach $100,000 proved prophetic, solidifying his reputation in the space.
This week, Raoul highlighted a critical signal in Ethereum's chart: a massive Falling Wedge patternâa well-known bullish signal in technical analysis.
But..but..but...I thought $ETH was ded?
Holy shit, thats a chart...strap in.
â Raoul Pal (@RaoulGMI)
12:23 PM ⢠Dec 1, 2024
When this pattern resolves, it often results in an explosive upward move.
The Bullish Case for Ethereum
Backing Raoul's prediction is another prominent macroeconomic thinker, Dan Tapiero.
He pointed out that the Ethereum ecosystem is stronger than ever, with record levels of activity and adoption.
I've always been a #bitcoin first guy, a #hodler.
And I still am.
People claiming #ethereum is dead seem off base.
Data below not suggesting #ETH is dead.
In fact, more vibrant than ever.
Network effects still accruing.
Very bullish on digital asset ecosystem. #DAE đ đ
â Dan Tapiero (@DTAPCAP)
7:12 PM ⢠Nov 17, 2024
Both experts agree: the future of Ethereum looks incredibly bright.
So buckle up. The next move for Ethereum could be spectacular. đ
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SAYLORâS WINNING STRATEGY: BUY & HOLD
MicroStrategyâs Executive Chairman, Michael Saylor, has a clear message for Bitcoin enthusiasts: buy and hold.
The firm, already renowned for its massive Bitcoin investments, recently completed a $3 billion offering of 0% convertible senior notes due December 2029.
This bold strategy supports their mission to further increase their Bitcoin holdings. Initially targeting $1.75 billion, overwhelming demand boosted the figure to $2.6 billion, ultimately finalizing at $3 billion.
The offering, priced with a 0% coupon and a 55% premium, includes an implied strike price of $672 for MicroStrategyâs Class A stock.
Take a look at the video below to hear highlights of Saylorâs most recent update:
Despite skepticism surrounding this aggressive investment approach, the results speak for themselves.
Michael Saylor confidently encourages others to adopt a similar Bitcoin strategy, emphasizing that long-term holding minimizes risk and maximizes potential rewards.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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