Bitcoin is trending and the price is exploding as the cryptocurrency market begins to blow up. Historically, it is bullish when Bitcoin surpasses an all time high. Around December when the previous high of $20,000 was crossed, the Bitcoin price surged well over 100% in 39 days. Then during the end of January and early February -after a pull back in the price- Bitcoin consolidated, accumulated and pumped nearly 50% again when it crossed the all time high.
Bitcoin as of today broke above the all time high yet again, a very bullish indicator that usually leads to further upside. On-chain fundamental metrics backs the bullish sentiment with coins moving into investor wallets at this price level according to glassnode. That is a solid validation of the $60,000 Bitcoin already.
Ethereum miners protesting the EIP-1559 upgrade have accelerated to ETH 2.0. Some Ethereum miners are planning to move their hashrate to Ethermine pool as a ‘show of force’. Many miners are opposed to Ethereum’s EIP-1559 burn update, which is set to launch in July. Meanwhile, Ethereum developers are also preparing for the move to proof-of-stake and the update could get pushed forward.
Austin discussed top NFTs in the space right now. First is FLOW news, Kraken clients stake $725 million of FLOW tokens, buying into the NFT frenzy (5:13).
Second is Energy Web Token (EWT) partnership with Hitachi, one of the world’s largest solution providers to the energy and utilities sector. The strategic collaboration the two organizations will advance future carbon-neutral societies by leveraging open-source, decentralized, digital technologies (9:17)
The next piece of NFT news is about an ancient project called MoonCats, now eating up Ethereum. The seemingly abandoned NFT project from 2017 has now been totally mined. The old digital collectible contracted on the Ethereum blockchain has been rediscovered and snapped up by feverish crypto hoarders in a matter of hours. One of the hoarders spent $20,000 on one of the first genesis batch of MoonCats (11:06).
This episode premiered on March 14th, 2021.