Why can't this spell be broken? Every time at the beginning of the month, the crypto market experiences a pullback. Currently, Bitcoin is testing support around 95k; if it holds, it will continue to challenge the six-digit mark. If it doesn't hold, it may have to explore further down, testing the support at the integer level of 90,000. So, will December follow the old routine of pulling back before rising again, or will it be a complete washout? What will happen to the altcoins? Make sure to like, follow, and bookmark; feel free to come back at the end of the month to check my facts.
First, from the current market capitalization ratio of Bitcoin, there may still be a certain space for a pullback. Of course, this also indicates some room for altcoins to catch up. After all, as Bitcoin's market capitalization ratio decreases, the market capitalization of altcoins will correspondingly rise.
Secondly, various data and world developments for December have emerged, such as 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 also intensify. In any case, this bull market is progressing step by step according to levels and phases, from Bitcoin to the second-largest coin $ETH, from the second largest to mainstream, and then to established sub-mainstream coins, such as Ripple $XRP, which we suggested positioning around 1.3.
Currently, with a strong rebound from the second-largest coin, some altcoins have also seen certain gains. Therefore, a slight adjustment is normal and belongs to the true brewing of a big bull market for altcoins. A proper pullback will not affect the overall trend of the upcoming bull market; instead, it presents opportunities for us small investors.
Back to today's daily $BTC market analysis: Looking at the K-line, the hourly level is down, the four-hour level is down, the twelve-hour level is biased down, and the daily level is weakly sideways. The intraday resistance level is 98,100, and the support level is 93,300 dollars.
Pepe (PEPE)
PEPE is a new meme coin that has stirred 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 its amusing roots. PEPE aims to join the ranks of popular meme-based tokens like Dogecoin and Shiba Inu, standing out with its no-tax policy and straightforward approach. It does not claim to have utility value; rather, it makes 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 soaring to $1.6 billion. Early adopters saw significant returns, and a vibrant community formed around this currency. This explosive growth contributed to what some call the 'meme coin season,' with the values of many meme-inspired tokens rising and falling rapidly. PEPE's roadmap is ambitious yet focused, aiming for listings on major exchanges and to 'meme beyond.' Despite the uncertainty of the future, PEPE's rise reflects the market trend of community-driven projects gaining attention. As the crypto world anticipates the next Bitcoin halving and a potential bull market, tokens like PEPE showcase the dynamic and unpredictable nature of the cryptocurrency market.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a cryptocurrency inspired by the fun of Dogecoin and meme culture. It was launched in August 2020 by an anonymous creator named Ryoshi and runs on the Ethereum blockchain, leveraging its large ecosystem. Unlike Dogecoin, SHIB's Ethereum foundation allows for more possibilities. At launch, 1 trillion SHIB tokens were created. Half were sent to Ethereum co-founder Vitalik Buterin to build 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 more than 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 trading. In the current market, as cryptocurrencies seek real-world use, SHIB's combination with Ethereum may make it more appealing than other meme coins. Although the crypto market is highly volatile, SHIB's evolving ecosystem may attract those seeking tokens with community enthusiasm and technological 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 abundant supply. Every minute, 10,000 new coins are mined, with no cap. Initially a fun and friendly cryptocurrency, it quickly gained a loyal community. In 2021, Dogecoin's value surged, exceeding $50 billion in market capitalization. This significant increase was driven by social media buzz 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 tipping content creators. Some see 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 started as 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. After being listed on Coinbase, BONK surged significantly, establishing its position as a community token and distributing half of its supply to participants in Solana projects. By December 2023, it has become the third-largest memecoin by market capitalization, with a year-to-date increase of over 10,000%. Its integration into the Solana ecosystem and participation in applications like BonkSwap indicates further growth potential. BONK's performance suggests it could be an attractive option in the current market cycle.
The crypto market has always been a process of survival of the fittest, where the strong eliminate the weak! If you want to avoid being eliminated, you must make changes!
Every penny you earn is a manifestation of your understanding of this world; every penny you lose is due to your cognitive flaws. The greatest fairness in this world is that when a person's wealth exceeds their understanding, there will be 100 ways for this 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, then you will know what it means to endure hardship before enjoying rewards. Everyone must not leave the market; the hard days are coming to an end, and a raging bull market is on the way!