😳 Above $100K Again! But Is Bitcoin Safe?
👉 The Decentralized Physical Infrastructure (DePIN) Narrative Is Kicking Off!
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📰 Above $100K Again! But Is Bitcoin Safe?
💎 The Decentralized Physical Infrastructure (DePIN) Narrative Is Kicking Off!
💥 Best Alpha Posts of the Day
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
💭 Banter’s Take
GM Degens,
We are so back! Bitcoin is above $100,000 and chilling. Or so it seems. Is danger looming around the corner for Bitcoin?
Meanwhile, DePIN is making its way to the scene.
Let's dive in!
🌍 Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
Source: CoinMarketCap
📰 Question of the Day
Above $100K Again! But Is Bitcoin Safe?
Wow okay so yesterday we said Bitcoin might be on the verge of reaching up above $100,000 and within a few hours of sending out the newsletter, it did just that!
After going above $100,000, according to Kyle, one of our traders, there was a liquidation domino effect which caused it to go slightly higher. It hasn't gone too far above, but according to our traders, $100,000 will now act as a strong support level, making it tough for Bitcoin to drop right through it like butter.
And it's not just Bitcoin that ran; many altcoins did too. As a result of all this, we also saw Coinbase (COIN) run. The Bitcoin spot ETFs were not shy either as they saw inflows, and Michael Saylor’s MicroStrategy also picked up some Bitcoins.
However, the purchase was not as big as many would expect! MicroStrategy’s buys are diminishing little by little:
December 9th: 21,550 BTC
December 16th: 15,350 BTC
December 23rd: 5,262 BTC
December 30th: 2,138 BTC
January 6th: 1,070 BTC
We talked about this at the end of last year, how there's a lot of chatter going around about Bitcoin being pumped up a lot because of the massive MicroStrategy purchases Many speculate on what will happen when these purchases stop. What do you think? Will there be a massive effect on Bitcoin, or will it be irrelevant due to all of the macro-world adoption we are seeing?
Take, for example, what is happening over in Canada; Justin Trudeau has just announced his resignation, and Pierre Poilievre, who is running to be the next PM, said Bitcoin could help Canadians opt out of inflation.
The market likes to do the opposite of what everybody thinks is going to happen, and right now we are seeing a lot of people calling a potential top. They are saying Bitcoin reached $100,000, the bull market's been going on for a while, there won't be an altseason, and we're going down from here.
Seeing as Bitcoin likes to follow the traditional stock markets and the S&P 500, the below post could give an indication as to what could happen in the year, although nothing is certain, and none of this is financial advice. You all need to do your own research. But based on all the data and sentiment, everything seems fine… for now!
💎 Degens’ Den
The Decentralized Physical Infrastructure (DePIN) Narrative Is Kicking Off!
What’s everyone talking about today?
The below Tree Map is taken from LunarCrush and shows the most mentioned coins from the top 100 by market cap. It’s really simple to see this daily, and LunarCrush has many more social metrics to view engagement across multiple social media platforms. Give LunarCrush a spin here.
Many of these projects like Bittensor (TAO) and Render (RNDR) can be considered as DePIN projects, focusing on decentralized GPU power and/or AI.
Messari has unleashed this post with a visual map categorizing various Decentralized Physical Infrastructure (DePIN) projects, showing how blockchain is not just for financial applications but extends into physical infrastructure like energy, data storage, and connectivity solutions. And it has got X chatting.
They also released a video and report on this. The slideshow makes bold statements like:
DePIN is AGI (Artificial General Intelligence) reaching back in time to create the resources it needs to thrive.
DePIN is the first triple-point business model capable of spawning $10T+ networks.
DePIN empowers & incentivizes people to improve public infrastructure around them.
Based on the slideshow, it seems they think that DePIN can onboard “humanity”. I said bold statements! But they have a reason as you see in the post below. The thesis seems to be that users will help DePIN networks run, and in return be rewarded.
As for the report which you can read here, Messari’s key insights highlight:
DePIN is in its earliest innings.
With $50B of market cap across 350 tokens, the DePIN sector trades at ~100x ARR.
More than 13 million devices contribute to DePINs every single day.
DePIN "Chain Wars" accelerated in 2024 with Solana and Base taking market share from other L1s. Solana leads in network infrastructure, Base leads in consumer & marketplaces, and dedicated DePIN L1s carve out their own native onchain ecosystems.
Local governments are looking to DePIN to address infrastructure challenges.
The DePIN sector raised over $350 million across Pre-Seed, Seed, and Series A rounds.
Ran and the researchers are putting together a DePIN show, so be sure to check out the channel on YouTube. The show is allegedly a few days away.
🐸 MEMEoirs of a Degen!
💭 Banter’s Take
It seems we are getting the great start to the year that we hoped for!
Awesome! Onwards and upwards!
See you all tomorrow!