Ethereum in the Spotlight: Are Altcoins Set to Rally?

DAILY MARKET OVERVIEW
Ethereum in The Spotlight

Welcome, Crypto Enthusiasts, to Wednesday's market overview! Buckle up as we dive into the latest happenings in the world of cryptocurrencies.

Starting with the standout news, Ethereum is starting to outperform Bitcoin, as demonstrated today. This is an encouraging indication for altcoins, suggesting that we might be on the brink of an altcoin season.

Additionally, Grayscale & BlackRock Ethereum ETF applications have been updated amid SEC delays.

The Ethereum community is hyped with anticipation as the SEC has delayed its decision on Grayscale and Franklin Templeton's Ethereum ETF application.

However, the recent filings from Grayscale and BlackRock suggest that these issuers aren't giving up just yet!

While the general consensus leans towards an ETH ETF denial on the 23rd of May, Bloomberg analysts still hold a 25% approval odds, leaving a glimmer of hope for Ethereum ETF enthusiasts.

Now let’s jump to Bitcoin. The fourth Bitcoin halving has greatly reduced the supply. With only 1,312,500 Bitcoin left to be mined over the next 126 years, and 50% of the remaining supply to be issued between the fourth and fifth halvings, Bitcoin has officially surpassed gold in verifiability and scarcity.

As the inflation rate plummets from 1.7% to 0.85%, we brace ourselves for the anticipated price rallies that historically follow these halving events.

 Previous halvings saw Bitcoin's value soar from $13 in 2012 to $639 in 2016, $8,475 in 2020, and a staggering $64,100 in 2024.

Fasten your seatbelts, Crypto Enthusiasts, as we approach a very interesting point in the crypto market.

TWITTER SENTIMENT
Not All Will Make It

Although we're not quite there yet, the sentiment on Crypto Twitter remains bullish. While Bitcoin has reached a new all-time high, the altcoin market has yet to catch up to its previous highs.

Traders expect we're very close to beginning the run to new highs; however, this cycle is likely to differ from past ones.

With a massive increase in the number of altcoins this cycle, it's likely that not all will perform well, whereas in previous cycles, most altcoins due to being less choice experienced significant pumps. Therefore, it's crucial to choose the right ones.

Currently, memes reign supreme; leaders like Pepe and WIF are expected to continue performing well.

For those less experienced, Ethereum is also expected to outperform some alts, especially if an ETF gets approved.

Layer 2 chains, such as Base, are also attracting a lot of attention and are poised to capture billions in volume during this bull run.

So, position yourselves wisely; not all altcoins will thrive this bull cycle.

NEWS OVERVIEW
Recent Crypto News

• Hong Kong To Launch Spot Bitcoin And Ethereum ETFs On April 30

• BlackRock And Grayscale Modify Ethereum ETF Applications Amid SEC Delays

• US DOJ Seeks 3-Year Jail Sentence For Former Binance CEO CZ

• Tether To Freeze Wallets Evading Venezuelan Sanctions
  

YOUTUBE INFLUENCER SUMMARY
Ivan On Tech - BITCOIN: PRINTER IS COMING BACK!!! 🚨 (24.04.2024 Summary)

Get ready to dive into Ivan's most recent perspectives on the crypto market.

According to Ivan, the Federal Reserve will have no choice but to restart aggressive money printing soon. 

He believes this is inevitable to avoid a sovereign debt crisis. Ivan states, "The Fed has to decrease interest rates and start printing money like never before. It's either that or a debt crisis for the government, and we know they'll choose printing."

• Ivan is extremely bullish on Bitcoin due to this expected money printing. He explains, "When the money printer goes into overdrive, fiat currencies will lose value quickly, and Bitcoin will emerge as the ideal hard asset. It's digital scarcity at its finest."‘
  

• While cautiously optimistic on Ethereum, Ivan sees explosive potential if it can dramatically improve throughput and reduce fees. "Ethereum is laying the groundwork to be the de facto execution layer for DeFi, NFTs, DAOs - you name it," he says. "If they can ship the throughput, then watch out. It's going to absorb huge amounts of capital."
  

• Ivan believes other Layer 1s and Layer 2 rollup solutions like Polygon will inevitably flourish as the crypto economy expands rapidly. "There's going to be a multi-chain Cambrian explosion of apps, platforms, and use cases as the space rapidly evolves."

Ivan also criticizes governments and regulators for trying to control crypto innovation. He believes there is a conflict between decentralized crypto markets and traditional centralized systems. Ivan argues that attempts to restrict DeFi or proof-of-work mining will fail against permissionless blockchain networks.

• Ivan envisions a future where individuals use crypto for banking, lending, and transactions without central control. He sees crypto as empowering freedom, property rights, and voluntary exchange through decentralized cryptography, rather than control by financiers and bureaucrats.

While his views are confrontational, Ivan passionately believes crypto can reshape economic systems away from centralized control. As money printing increases, he bets on the rise of a private, uncensored crypto economy.

Lark Davis - DePin Crypto The 100X Opportunity Most Will Miss (24.04.2024 Summary)

Lark's video provides an insightful look into the world of Decentralized Physical Infrastructure Networks (DePIN), a fascinating crypto narrative that he believes holds immense potential for 100x gains.

DePIN projects incentivize individuals to provide real-world services using blockchain, and as Lark highlights, the sharing economy is projected to grow exponentially, reaching over $827 billion by 2032.

Here are the different DePIN sectors and projects discussed by Lark:

Cloud Storage Networks:

• Filecoin - One of the oldest and largest DePIN projects, incentivizing users to lend out excess storage

• Arweave - Focuses on permanent, long-term data storage solutions, used by projects like Solana and Avalanche

• Sia - Promises 90% cheaper storage than traditional cloud services like Amazon, secures data by splitting it across multiple nodes

Wireless Networks:

• Helium - Allows users to deploy hotspots and provide IoT connectivity, rewarding with HNT tokens

• Wi-Fi Map - Finds and maps public Wi-Fi hotspots, rewards contributors with WI tokens

Sensor Networks:

• Hivemapper - Decentralized equivalent of Google Maps, rewards users for sharing street-level imagery

• Dimo - Enables users to earn from data collected from their vehicles, like fuel consumption

Renewable Energy:

• Arkreen - Web3 infrastructure for distributed renewable energy sources, analyzes energy data to improve efficiency

AI & Computing Power Networks:

• Render - Rewards users for sharing excess GPU power for AI/ML workloads

• Golem - Decentralized marketplace for selling excess computing power, cheaper than centralized cloud services

Lark highlights the vast potential of the DePIN ecosystem, spanning multiple sectors and use cases. He emphasizes the early-mover advantage and the opportunity for significant gains, albeit with inherent risks involved in the crypto space.

CRYPTO MEMES
“When Non-Crypto People Ask You About Meme Coins”

“People who bought Bitcoin at 17K and never post anything”