Why can't this curse be broken? Every time at the beginning of the month, the crypto market experiences a pullback. Bitcoin is currently testing support around 95k. If it holds, it will continue to challenge the six-digit mark; if it doesn't, it might have to explore lower levels again, testing the support at the round number of 90k. So, will December follow the old pattern of pullbacks before rising or will it be a complete washout? What will happen to the altcoins? Don't forget to like, follow, and bookmark. You're welcome to come back at the end of the month for more verification.
First, based on the current market capitalization of Bitcoin, there may still be some room for decline. Of course, this also indicates that there is a certain room for altcoins to catch up; after all, as Bitcoin's market cap decreases, the market cap of altcoins will correspondingly increase.
Secondly, various data and world events for December have been released, including ADP, non-farm payrolls, CPI, interest rate decisions, and previously mentioned Microsoft, which will decide at the beginning of this month whether to make Bitcoin a reserve asset for the company. If approved, it would undoubtedly increase buying power, but at the same time, market volatility would intensify. In any case, this bull market is progressing step by step according to levels and stages, from Bitcoin to the second largest $ETH, from the second largest to the mainstream, and then to the established sub-mainstream, such as Ripple $XRP, which we suggested at around 1.3.
Currently, with a strong rebound of the second largest cryptocurrency, some altcoins have also seen a certain increase, so a slight adjustment is normal. This indicates that the real big bull market for altcoins is brewing. Appropriate pullbacks won't affect the larger trend of the coming bull market; rather, it presents an opportunity for us small investors.
Back to today's daily $BTC market analysis: From the K-line perspective, the 1-hour level is down, the 4-hour level is down, the 12-hour level is slightly down, and the daily level is weakly consolidating. The intraday resistance is 98,100, and the support level is $93,300.
PEPE
PEPE is a new meme coin creating waves on the Ethereum blockchain. Inspired by Matt Furie's Pepe the Frog (a meme that gained fame on the internet in the early 2000s), this cryptocurrency has amusing roots. PEPE aims to join the ranks of popular meme-based tokens like Dogecoin and Shiba Inu, standing out with its tax-free policy and straightforward approach. It does not claim to have utility value; instead, it aims to make things simple and fun, attracting enthusiasts who appreciate its meme culture origins.
From late April to May 2023, PEPE experienced an astonishing surge, with its market capitalization skyrocketing to $1.6 billion. Early adopters saw significant returns, and a vibrant community formed around the currency. This explosive growth contributed to what some call the 'meme coin season', where the values of many meme-inspired tokens rose and fell rapidly. PEPE's roadmap is ambitious yet focused, aiming for listings on major exchanges and 'meme supremacy'. Despite uncertainties ahead, PEPE's rise reflects a market trend where community-driven projects are gaining attention. With the cryptocurrency world anticipating the next Bitcoin halving and a potential bull market, tokens like PEPE showcase the dynamic and unpredictable nature of the crypto market.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a cryptocurrency inspired by the fun and meme culture of Dogecoin. It was launched in August 2020 by an anonymous creator known as Ryoshi and runs on the Ethereum blockchain, leveraging its vast ecosystem. Unlike Dogecoin, SHIB's Ethereum foundation allows for more possibilities. Upon release, 1 trillion SHIB tokens were created, half of which were sent to Ethereum co-founder Vitalik Buterin to establish trust. Buterin donated a large portion for COVID-19 relief and 'burned' 40% of the supply, removing it from circulation. These actions brought SHIB into the spotlight.
The integration of SHIB with Ethereum means it is not just a meme coin. It supports decentralized applications like ShibaSwap, allowing users to trade tokens without intermediaries. Plans include an NFT platform and a system where holders can help make decisions. These developments give SHIB the potential to go beyond mere trading. In the current market, as cryptocurrencies seek real-world utility, SHIB's combination with Ethereum may make it more attractive than other meme coins. While the crypto market is highly volatile, SHIB's evolving ecosystem may draw those looking for tokens with community enthusiasm and technical prospects.
Dogecoin (DOGE)
Dogecoin was born as a joke in 2013. It was created by Billy Markus and Jackson Palmer, featuring the Shiba Inu from popular memes. Unlike Bitcoin, which has a limited supply, Dogecoin was designed to have an abundant supply. 10,000 new coins are mined every minute, with no cap on the total supply. Initially a fun and friendly cryptocurrency, Dogecoin quickly gained a loyal community. In 2021, Dogecoin's value skyrocketed, with a market cap exceeding $50 billion. This significant increase was driven by buzz on social media and support from celebrities like Elon Musk.
Dogecoin's technology is based on Litecoin, allowing for fast and easy transactions. Its ample supply makes it very suitable for small online transactions and rewarding content creators. Some view Dogecoin as a symbol of how online communities shape the market. In the current cryptocurrency market, Dogecoin remains popular. Compared to other coins, it offers an easy way to enter crypto. Although it was originally a meme, its development shows that even a joke can have a significant impact.
BONK: The rapidly growing Solana community Memecoin
BONK is a meme-inspired cryptocurrency on the Solana blockchain, featuring a Shiba Inu mascot. It aims to empower the Solana community by shifting influence from venture capital tokens to users. BONK surged significantly after listing on Coinbase, establishing itself as a community token and allocating half its supply to participants in Solana projects. By December 2023, it had become the third-largest memecoin by market cap, with a year-to-date increase of over 10,000%. Its integration into the Solana ecosystem and involvement in applications like BonkSwap indicate further growth potential. BONK's performance suggests it could be an attractive option in the current market cycle.
The crypto space has always been a process of survival of the fittest, with the sands of time filtering out the weak! If you want to avoid being eliminated, you must make changes!
Every penny you earn is a realization of your understanding of the world; every penny you lose is due to your cognitive shortcomings. The greatest fairness in this world is that when a person's wealth exceeds their understanding, there are 100 ways for society to harvest you!
Until your cognition and wealth match each other. Waiting for a bull market is the most torturous!
But if you wait until it comes, you'll know what it means to reap the rewards after hardship. Everyone must not leave the market; the hard days are about to end, and a raging bull market is on the way!
