| | | Good evening. | Today’s Stories:
🫧 Ready, set… pop!
😑 What’s going on with Ethereum? | Today's newsletter is 890 words, a 4-minute good read. |
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What Part of the Cycle Are We In? |
The Trump election has brought in a wave of optimism (and ATHs) for the crypto community. |
Gensler will soon be gone, Warren’s wings will soon be clipped, and regulation by enforcement will become a thing of the past. |
No more SBFs... No more grifters… |
Finally, builders could build and crypto will be set free from mania and bubbles. |
Right? Wrong. |
Like every great crypto pump, it was only a matter of time before the grifters would pop up and the madness of crowds would kick in. |
Merely two-weeks since the election and we have the Hawk Tuah girl thanking Saylor for getting her to buy bitcoin. Football players who took their salaries in BTC coming out from hiding. And idiot kids are launching memecoins. |
We’ve got top exchanges battling it out to see which one can first launch PEPE (a memecoin about a frog) or WIF (a memecoin about a dog with a hat). |
Dogecoin, the original memecoin joke (which we guess counts for something) is now trading at a $57 billion market cap – nearly back to it’s 2021 high. To put this in perspective, if DOGE traded on the S&P 500 it would be ranked ~180… right above Target (TGT). |
This week, we’ve also got a new and “innovative” $20 million Meme Fund… and shares of Bakkt rising 200% in a day on the heels of a Trump Media & Technology Group (DJT) acquisition rumor. |
Ready, set… pop. |
Sure, we are being a bit snarky and hyperbolic. But the truth is that this is crypto’s 4th bubble in recent years. |
Could it go up more from here? Absolutely. |
Will the euphoria end abruptly? 100%. |
That doesn’t mean to sit on the sidelines. But it also doesn’t mean to go out and buy the next TikTok memecoin either. Stack sats. Buy some ETH or SOL. Maybe a public crypto company or two. Enjoy the ride. |
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Ethereum's Lag Raises Questions Amid Crypto Rally |
As crypto markets surge, Ethereum appears to be lagging, calling its long-term growth trajectory into question. |
Driving the news: The ETH/BTC ratio has hit a new low. Despite an administration suddenly now open to crypto securities and Ethereum ETFs coming online, Ethereum doesn’t appear to be capitalizing on all the positive sentiment. |
For perspective: Nine months ago, when Bitcoin was at $50,000, Ethereum traded at $3,000. Now, with Bitcoin at $95,000, Ethereum is still around $3,000.
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 | Barchart @Barchart |  |
| BREAKING 🚨: Ethereum $ETH collapsing to its lowest valuation against Bitcoin $BTC since April 2021. Horrendous performance! x.com/i/web/status/1… | |
 | | | 8:12 PM • Nov 15, 2024 | | | |
| | 880 Likes 149 Retweets | 72 Replies |
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ETH is losing the popularity contest: Investors are concerned as competition heats up from Solana and Coinbase's Base. According to a new CoinGecko report, blockchain ecosystems have seen significant shifts in popularity in 2024: |
Solana maintains its position as the leader, capturing 38.8% of global crypto investor interest. Base, developed by Coinbase, has rapidly risen to become the second most popular ecosystem with a 16.8% share, surpassing Ethereum. Ethereum has dropped to third place, holding a 10.8% share of investor attention.
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The report attributed Ethereum’s decline to the market's focus shifting towards Layer 2 solutions offering enhanced scalability and lower transaction costs. |
Yes, but: While Ethereum may seem to be losing its novelty status, the fundamentals for the world's second-largest blockchain remain strong. |
Remember, Ethereum is primarily a Layer 1 blockchain, and major players are building on top of it, benefiting from its security. This includes Coinbase with Base, Kraken with INK, and other Layer 2 networks like Optimism, Polygon, and Arbitrum. |
The success of these projects ultimately benefits the Ethereum ecosystem. |
 | Dan Tapiero @DTAPCAP | |
| 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 🚀 🚀 | |
 | | | 7:12 PM • Nov 17, 2024 | | | |
| | 1.53K Likes 196 Retweets | 121 Replies |
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Ethereum still boasts $60 billion in Total Value Locked (TVL) – 7x that of Solana – and supports over 3,700 protocols built on its platform. According to DeFiLlama, Solana only has 181. |
Our Take: If you're feeling impatient with ETH, it might not be the time to sell, even if other blockchains look more attractive today. Instead, maybe it's just a good time to diversify. |
If you're seeking something more exciting, consider adding some exposure to Solana or even Coinbase. But we don't suggest you give up on Ethereum yet just because the price isn't skyrocketing alongside others. |
Ethereum’s growth journey is far from being over. Vitalik’s “endgame” roadmap is, well… just taking a while. |
What they're saying: Eric Peters, CEO and CIO of Coinbase Asset Management, was recently interviewed on BlockWorks. He seems to agree that Ethereum still belongs as a staple in ones’ portfolio behind bitcoin. But he also thinks adding some exposure to Solana is well worth it. |
When asked what he’d prescribe for a 30-40-year-old first-time crypto investor who has a million dollars to allocate, Peters replied: |
"I would advocate for them to be overweighted to bitcoin and ether but have some exposure to solana. Maybe 50/35/15 percent, something like that. But I think if you're right on that trade, you're gonna, at least for a period of time, wish you'd had a million bucks in solana." |
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Other Content You Might Enjoy |
MicroStrategy acquires another 51,780 bitcoin for $4.6 billion, taking holdings to 331,200 BTC (The Block) Goldman Sachs to spinout digital assets business within 12-18 months (Bloomberg) Shaq agrees to pay $11 million to settle class action lawsuit over promoting NFTs (The Block) Crypto•com expands to Australia through latest acquisition (Decrypt) Stablecoin issuer Paxos to buy Membrane Finance to gain market access across the EU (Paxos) The bitcoin strategic reserve is a bad idea (Blockworks)
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 | Ryan Rasmussen @RasterlyRock | |
| Is Ethereum dead? Well, a $0.5 billion wealth management firm asked us to give a presentation on Ethereum to their 100 wealth managers today. So, you tell me. | | | 5:54 PM • Nov 18, 2024 | | | |
| | 465 Likes 64 Retweets | 47 Replies |
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