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Today’s edition is sponsored by Sui’s ‘Slush’ – the new wallet that merges Sui Wallet and Stashed into a single app. |
Get Slush Wallet |
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GM. This is Milk Road, the newsletter that delivers crypto insights like your cat delivers dead mice. |
(It’s how we show love.) |
Here’s what we got for you today: |
✍️ $ETH is moving like a memecoin ✍️ We’re not ‘back’ (but that’s a good thing) 🍪 eToro just pulled off a successful IPO |
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$ETH IS MOVING LIKE A MEMECOIN |
That headline isn’t one of those “kind of, but not really” analogies. |
It’s legit: over the last 7 days, Ethereum has been moving like a memecoin. |
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Seeing $ETH pull these sorts of short-term returns is kinda like if your elderly neighbor challenged you to a quarter-mile dash – and damn near beat you! |
Here’s what makes $ETH’s recent move so impressive… |
1/ The larger the asset, the harder it is to move |
Ethereum is the second largest crypto asset out there with a market cap of ~$313B. |
This means for it to move, say, 5% in a day – it will need ~$15B to be added to its market cap in a 24hr period – that’s, er *counts finger* a lot. |
(And right now $ETH has moved an average of 6% per day for the last 7 days!) |
2/ This is why memecoins’ returns are usually higher than major tokens |
Fartcoin has a market cap of ~$1.4B right now. If it were to go up by $1B – that would equate to a ~71% increase in $FARTCOIN’s price. |
If Ethereum’s market cap were to go up by $1B, it would equate to a 0.32% increase in $ETH’s price. |
Same increase in market cap ($1B) – a ~220x difference in price action (71% vs. 0.32%)! |
3/ Ethereum is up one whole Solana right now |
Solana’s current total value is ~$93B… |
Over the last 7 days, Ethereum has added ~$93B to its market cap and moved ~43%... |
Meaning Ethereum added the equivalent of Solana’s ENTIRE market cap over the last week! |
The problem with all of the above is: |
Long-term, Ethereum is still in a world of hurt (even now, it’s down ~23% this year!) |
Hell, the entire digital asset space isn’t as ‘back’ as crypto Twitter would have you believe. |
Want to learn why? Keep scrolling to the next article… |
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GOOD NEWS: WE’RE NOT ‘BACK’ 💪 |
Sounds weird to call this good news, but hear me out… |
Hope has flooded back into the market with the Fear & Greed Index sitting in ‘Greed’ Over the past two weeks, roughly $500B has been added to the total crypto market cap Every single token in the Top 10 cryptocurrencies by market cap is up over the last week |
Which is great to see! But it can’t last forever. |
When investors get drunk on good news and positive vibes, the market tends to step in and sober everyone up with a nice dose of stagnation, or even a pullback. |
Now, that may still happen – but the good news is: |
If it DOESN'T, the market still has room to keep climbing. |
Here’s where we’re at… |
1/ Bitcoin is ripping, but search interest is at bear market levels |
Translation: retail isn’t here yet. |
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2/ Most of the Top 100 tokens are still underbought |
The chart below tracks the total crypto market cap (blue), along with how many of the Top 100 tokens are above their average trailing price over the past 100 days (red). |
Confused? Same. Here’s a simple way of reading the chart: |
Red line above blue = crypto prices have room to fall |
Red line below blue = crypto prices have room to run (← we are here 🙋♂️) |
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3/ Historically, the last leg of a bull run is marked by $ETH outperforming $BTC |
And despite Ethereum’s latest return from the dead – we still have a loooong way to go before Ethereum flips Bitcoin’s long-term outperformance. |
Below is an Ethereum chart priced in Bitcoin (aka: a record of how much $BTC is needed to buy 1 $ETH). |
Translation: If the chart is going up, Ethereum is outperforming Bitcoin (and vice versa). |
As you can see – we’re still in a three-year-long period of $BTC outperforming $ETH, and miles away from breaking the trend… |
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The takeaway: |
Even though the market has been ripping of late – we’re still not ‘back’ (not safely, at least). |
The good news is – we’re not so overheated that we don’t still have room to run. 💪 |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Want to put your brand in front of 300K+ of the smartest/coolest people in the crypto industry? You’ve come to the right place. |
eToro, a crypto trading platform, just pulled off a successful IPO! It’s now sitting at a $4.2B valuation. |
What’s up with NFTs? Yuga Labs sells its CryptoPunks IP to a nonprofit organisation that focuses on digital art. |
Everyone’s jumping on the stablecoin bandwagon. The latest entrant? Wyoming, with plans to launch $WYST. |
This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface. |
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MILKY MEMES 🤣 |
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