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The bitcoin rally has accelerated to $7,355 on Coinbase representing a 14% gain in the past 24 hours, although has slipped back to $7,096 at the time of writing in volatile trading. Now some analysts are asking is this overreach?
Total market cap of crypto is now $213 billion.
As clouds gather over the global economy and the geopolitical picture darkens re. North Korea and Iran, bitcoin is looking more and more like a safe haven, despite the doubts of naysayers such as economist Nouriel Roubini, aka Dr Doom.
Maybe Roubini is regretting leaving the digital footprint of his wrongness behind for all to see, as in the tweet below from 20 November last year::
Bitcoin (BTC) blow-off or lift-off?
So is this the lift-off or a blow-off? That’s the question on the mind of much watched trader Peter Brandt, who tweeted the chart below with the accompanying comment “Blow-off or lift off”:
The fear that the advance is down to shorts being taken out in a squeeze can explain the speed and trajectory but may wane in effect the further north the price travels.
Consolidation ahead?
Nevertheless, a period of consolidation is approaching even if the overall direction of travel has been set.
Fundstrat’s Thomas Lee reminds us that historically the period of price advance is narrow. The performance of bitcoin can typically be accounted for in 10 days of the year. Commenting on Twitter he says:
“This week’s strong move on #crypto and especially #bitcoin
is reminder $BTC historically generates its annual performance in 10 days. Miss
those 10 days and average return is -25%.”
With New York Blockchain Week upon us and the undoubted excited attention of the mainstream press on Monday, there’s every reason to believe that this parabola may not be done for a few days yet… but consolidation is coming
Tyler Winklevoss posited a related rhetorical question on Twitter “Should we rename Blockchain Week to Bitcoin Week?”
FOMO to take off at $10,000
But at what price can we expect FOMO to really start kicking in?
Lee thinks 10,000 is a fair guess. “My SWAG [scientific wild-assed guess] is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever.”
That feels about right for the the crowd “who gloated bout 90% crash” as Lee observes, but for others it looks like it may already be happening.
For those who were in but then got out in a hurry, it doesn’t’ take much to fire up the Coinbase app and buy a slug of BTC, ETH, BCH, LTC or ETC.
Investment bank Canaccord Genuity’s latest US equity research
paper covering blockchain and digital assets reckons BTC could “theoretically”
return to its all-time high in 2021.
Take what you will from that price target but one thing is clear – they think a new bear market is here.
The firm cites improving fundamentals to justify its stance. Take transaction value – jumping from $478 million in February to $801 million at the start of May. It also highlights the SegWit progress, noting that 36% of transactions were now using it.
Altcoins’ turn to shine
As bitcoin rockets, its dominance has risen to 58.7% but altcoins are now joining the party.
The biggest riser among the top alts is Bitcoin Cash (BCH) as it again shows its ability to attract buyers as a result of its connection to the bitcoin brand. The fork from bitcoin was trading 18% higher at $341.
Litecoin (LTC) returns to its winning form of late and is the next best performer as it closes in on the psychologically significant $100 mark, currently priced 20% the better at $93.
Seeing a similar uplift is Cardano (ADA), up 16%, according to coinmarketcap.
Number-two coin Ethereum had broken through $200 but is currently priced at $191 for a 9% rise.
Ripple’s XRP is not missing out either as it advances 5% to $0.3141
All the top 20 cryptoassets are registering substantial gains.
BHIG coin’s 696% 24-hour return
In short, the entire crypto universe is rising, with bombed-out tokens lurking in the nether world seeing the largest moves.
The best performer in the top 1,000 is Pura, up a whopping 148%.
Although many analyst are surprised by the strength of the bitcoin surge and the asset class rally it has triggered.
But the best performers among the 2,169 coins listed by
coinmarketcap, BuckHathCoin (BHIG) would have earned you a 696% return on the
past 24 hours.
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Pretty much all new cars nowadays have anti-lock brakes (ABS). In fact, it isn’t even a new technology – ABS has been around since the 1970’s. Most cars on the road have it. And yet, Formula 1 cars don’t have this rather simple piece of tech. Do you want to know why?
In every Formula 1 race there is someone who goes too deep into a corner and ends up locking his wheels. If the car is sliding for too long flat spots are grinded onto its tires, which then cause vibrations and, in many cases, a premature visit to the pits. ABS would help avoiding situations like this and it would also make F1 cars just that little bit safer.
ABS first appeared in mass production cars in 1971, when Chrysler put it into its Imperial. Now ABS comes as standard in pretty much all new cars, trucks and even motorcycles. It is also fairly common in all kinds of racing. And yet, Formula 1 drivers cannot enjoy the benefits of this readily available technology.
In fact, historically there were some Formula 1 cars that did have ABS. It was actually only banned in 1994, along other electronic driver’s aids such as active suspension, launch control and stability control. Obviously, these technologies would help F1 cars achieve faster lap times and would make them a lot safer, but they are unlikely to make a comeback in the foreseeable future.
Motivation to ban ABS and other aforementioned technologies was quite simple – the organization wanted to manage the growing price of Formula 1 cars. Yes, ABS is very cheap now, but if constructors would have been allowed to play with it, they would have came up with a super advanced version of ABS that would be way more complicated and way more expensive.
FIA and Formula One wanted to make sure that drivers remain the primary actors on the track. At that time there was already a lot of criticism about Formula 1 becoming a competition of cars and technologies rather than a racing league for drivers. And so some technologies were banned in order to ensure that drivers have to rely solely on their own skills, determination and situational awareness.
Not everyone was happy about the ban. Ayrton Senna said that the 1994 season is going to be littered with crashes just because drivers were losing some of their safety tech. Senna himself was killed in a horrific crash that year, although in his situation electronic driver’s aids wouldn’t have helped a ton.
Ban of the electronic driver’s aids didn’t silence the critics. F1 champion Niki Lauda said in an interview in 2002 that a well-trained monkey could drive a modern Formula 1 car. On the other hand, if ABS, stability control and launch control were allowed, Formula 1 would be even less about skill and more about technology. Cars with locked up wheels is a good reminder of that.
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