Details on Bitcoin’s Jump Up, And a Warning
The BBC, MarketWatch, Reuters and others all lead this morning with some spin on “Bitcoin Nears $10,000.”
$10,000 Bitcoin by itself doesn’t mean anything, but it is a strong psychological barrier to break.
$10,000 Bitcoin would, for some, mean the naysayers and skeptics are once and for all completely wrong. Bitcoin didn’t implode. It didn’t go to zero. It made millionaires out of regular folks.
Bitcoin’s price over the last three months:
The total “market cap” of Bitcoin as we write stands at $162.4 billion.
Yes, that’s $162.4 billion.
General Electric (NYSE: GE) has a market cap of $157 billion this morning. Just for comparison.
Ethereum, which also had a phenomenal weekend, sits at $481 this morning, up 3.69% in the last 24 hours.
Ethereum’s total market cap? $46.1 billion.
In fact, there are now 15 separate cryptocurrencies with total market caps over $1 billion.
A quick scan of crypto trading at coinmarketcap.com shows cryptocurrencies up 16%, 23%, 35%, even 54%… in the last 24 hours.
Is it time to act? Is it too late? Is this the breaking point, the capitulation moment when all the skeptics stop advising caution?
We leave that choice to you, as always. If you choose to jump in and speculate, please do it responsibly. Don’t put money on the line you need to pay the mortgage or feed your family.
One caveat we can report with complete confidence is do not search for stocks with “blockchain” in their name and then buy those stocks because you think they’re involved in the technology.
We don’t want to dignify the offenders here with specific mention, but this is a thing now.
Companies change their name to include a crypto buzzword, and folks buy the stock based only on the name.
Bitcoin at $10,000 we accept is a function of efficient market operation, buyers paying higher prices to get what they want.
Companies changing their names, with no blockchain or crypto tech, now that feels like mania behavior. That’s the kind of behavior that leads one to think the end could be near.
Taking a look at the markets this morning…
Market Rundown for Mon., November 27
S&P 500 futures are flat this morning at 2,600 right on the dot.
Oil’s down $0.67 this morning at $58.28.
Gold’s up $6.70 at $1,294.
The Russell 2000 small stock index has come back to life, up 2.40 this morning at 1,519.
Do you watch, track, or care about the VIX? The volatility index.
If you like the VIX and trust it, it says volatility is low. Historically low. And has been for some time. Does that seem true to you?
Leave a comment below.
Talk with you again on Wednesday.
For the Rundown,