Memecoins have taken center stage as the best-performing sector in recent days, with top-tier memecoins achieving new all-time highs. This trend raises an important question: is the surge in memecoins bullish or bearish for the broader cryptocurrency market?
Memecoin trading volume has skyrocketed, reaching levels that historically trigger caution. When daily trading volume for memecoins surpasses $300 million, it has often marked a market top for Bitcoin. Historically, memecoins tend to rally at the end of cycles, just before the onset of a bear market. While Bitcoin has shown signs of stalling over the past few days, this doesn’t necessarily mean the market is turning bearish. Instead, this may signal a short-term peak for Bitcoin, giving it time to consolidate before resuming its upward movement.
Despite these concerns, it is too early to be bearish. Bitcoin is approaching the $100,000 milestone and remains supported by a variety of bullish factors, including the emergence of the Strategic Bitcoin Reserve, the approval of Bitcoin ETFs, the arrival of a new SEC chair, increasing institutional demand, and a strong technical structure. These elements suggest the current market cycle is far from over, and any short-term bearish signals are outweighed by the longer-term bullish narrative. Additionally, retail investors have not yet fully entered the market, reinforcing the idea that we are still in the early stages of this bull run. Now is not the time to hesitate but rather to prepare for continued growth.
While Bitcoin has moved sideways recently, some altcoins have been outperforming significantly. Sui has continued to reach new all-time highs and is now trading just under $4. Solana rallied by over 10% yesterday, and XRP has led the market, surging by more than 80% over the past week. These examples highlight the opportunities that still exist in the market, with plenty of time for investors to take advantage of the current cycle. For those waiting on cheaper prices, it’s worth remembering that time in the market consistently outperforms attempts to time the market.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: ONDO ($0.9166)
Stormrake Spotlight: ONDO ($0.9166)
Ondo Finance is a platform that enables investors to gain exposure to real-world assets through cryptocurrency. By tokenising assets such as U.S. Treasuries, stocks, and real estate, Ondo allows users to invest without needing the full capital required to purchase the underlying asset. As one of the leaders in this space, Ondo has demonstrated strength in recent weeks. The platform reached its all-time high of $1.47 in June. Historically, coins that achieve recent all-time highs often outperform during bull markets, making Ondo a strong contender for continued growth in this cycle.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin failed to reach a new all-time high after forming a higher low on Saturday. This has resulted in a neutral structure, with Bitcoin creating higher lows that suggest bullish potential, but lower highs that indicate some hesitation. Bitcoin remains above the critical level of $89,900 but has experienced a bearish crossover of the 21 and 55 EMAs. While the short-term trend lacks clarity, the longer-term outlook remains bullish, and any bearish movement should be seen as a buying opportunity.
BTC Total ETF Flows for 17 Nov: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum appears to have established a base of support around $3,000 but continues to underperform relative to Bitcoin. Its structure leans bearish, with a series of lower highs and another bearish crossover of its moving averages. Ethereum has resumed its historical trend of lagging behind Bitcoin in both upward and downward movements, and this underperformance is likely to continue.
ETH Total ETF Flows for 17 Nov: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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