As Bitcoin Smashes Thru 61k What Comes Next For Alt Coins | The Economic Ninja

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Summary

➡ The Economic Ninja talks about how bitcoin’s value has recently surged past $61,000, the highest it’s been since November 2021. This increase is due to a combination of factors, including the upcoming “halving” event, where the rewards for mining Bitcoin will be halved, making it more scarce and valuable. Additionally, the launch of Bitcoin ETFs has made it easier for big investors to buy in, which also drives up the price. However, it’s important to keep your Bitcoin secure, as there have been instances of exchanges going down and people losing access to their cryptocurrency.

Transcript

Hope you’re doing great. Guarantee you, if you own bitcoin, you are doing better than great. Bitcoin just smashed through 61,000. Got a story at a CNBC and I want to talk about alcoin season. I want to talk about storage of your crypto and what comes next because we are moving quickly into the bitcoin happening and that is causing the euphoria to build up in the price of bitcoin.

But what I’m more excited about was what comes out that all right, out of CNBC, bitcoin jumps above 60,000 for the first time since November 2021. I’d love to hear if there are any bitcoin maximalists out there, or maxis. Those are people that just buy bitcoin. They only own bitcoin. Let me know down below, or let me know if you’re getting excited about alcoin season. It says here bitcoin continued its surge on Wednesday, shooting above $60,000 for the first time since November of 2021.

The price of the flagship cryptocurrency was last higher by 6% at $60,688, according to coin metrics. Earlier, it rose as high as 60,734. As of the recording of this, we’ve already smashed past 61,000. It’s moving up quickly. It’s now just sitting below its all time high of 68, $982. With the record in clear sight, the market is even more motivated to see that level retested. Bitcoin has soared more than 18% this week alone.

After a week long pause of its year’s rally, it’s now up more than 40% for 2024. Investors are expecting it to set a new record this year after the launch of ETFs made the asset class more accessible to institutional investors. And with the network’s upcoming havening event, which historically has set a stage for a major rally in the months that follow. Quite frankly, this is the perfect storm when it comes to price appreciation for bitcoin itself.

And the reason why is because when you have the happening, which means when miners, I’ll just make this really easy, they reset the code, it’s built that where now, as of a certain date, you only get half of the rewards for mining that you would have gotten the day before. All right, so it’s going to become more scarce, it’s going to cost, take more electricity to mine bitcoin, more effort, and that makes it rarer.

Along with the fact that there is more buy in, more people are getting attracted to it, and that’s what’s been going on ever since bitcoin was mere sense. Okay? But you take that and you couple it with now the fact that institutions can buy bitcoin through an ETF, a fund, that as more investors invest in it, they pull bitcoin off of the market into their fund. That makes it more rare as well because now there’s less of it available for people to buy on exchanges.

Also, I need to tell you, when it comes to exchanges, you must secure your own seed phrase, your own crypto. If you don’t have the cryptographic keys, if you do not have it stored in your own wallet, whether that be a cold wallet, I don’t like hot, but, or a warm wallet electronic device, you don’t have that crypto. We’ve seen exchanges go down, especially with XRP and some other coins where they just say you can’t have access to it, you can’t take it off the exchange, or you can’t sell it, or you can’t buy it.

Right now, it’s just absolutely insane. I hold my stuff off sides, offline. I use treasure devices if you want. I have a link down below, an affiliate link. It is a secure link, so it goes directly to the site. You also cannot be deceived by these fake links and the fake emails of people trying to rob you. It’s just as bad in the crypto world as it is down in the comment section from all those thieves that are trying to steal from you.

Okay, if you want to use that link, go for it, but again, use verified links. All right, now what I want to talk about, because this story goes more into bitcoin, but look at what I want to talk about today. Here we go. I’m going to type up coin market cap. We’re going to see what’s going on with the actual exchange right now or with all the different coins.

I have bitcoin. I have a core position in bitcoin that I will never sell. However, I make more money on a percentage basis in altcoins than I do in bitcoin itself. A lot of people ask me in the last handful of months if I’m still bullish on Digibyte. As of right now, I’m not. I’ve still not sold any of my digibyte but the project. And this is what’s really sad about all of these coins.

You could have the greatest code in the world, but if you don’t have a way of getting the information out to the masses and teaching people about what makes your coin different, you’re not going to get any buy in, which means people aren’t going to be diving in and investing in that cryptocurrency. And as far as Digibyte is concerned, I think it’s one of the best codes out there, quite frankly.

It’s what saved dogecoin. But being a truly decentralized coin, if it doesn’t have the community backing it or the people talking about it, it just sits by the wayside. So I’ve still not sold any of that position, but I’m not bullish on it in the near term right now because the community can’t get their stuff together, let’s put it that way. So I’ve told people that I own a lot of XRP on a percentage basis right now.

Bitcoin just now started beating my XRP position on my return because of when I bought it. But every day those change, right? Like right now, in the last seven days, bitcoin is up 19%, whereas XRP is only up 8. 46%. Right. But what happens is when bitcoin, and it always happens, we have the bitcoin runs. And then as bitcoin starts to taper off, a lot of money comes out of bitcoin.

A lot of traders start to trade out of bitcoin into these altcoins. And the altcoin percentage rises are explosive compared to what happened to bitcoin in the past. Type one, if you guys know what I’m talking about. How many of you have experienced this or you’ve done it yourself? You pulled money out of bitcoin, you traded into the altcoins. So when I see a big run on bitcoin, I tend to start to stock up on my altcoins.

And then I sell. I told you about what is $90? When Salana hit $110, I said, there’s going to be a pullback on Salana. I’m going to wait. And I put in a buy order at $90. So I took a pretty large position on Salana at 90. It’s sitting right now at 112. So on a percentage basis, I’m doing pretty darn good compared to the bitcoin trade. And none of this is financial advice.

I’m just telling you what I do. I do expect there to be quite a run once bitcoin slows down, and that could be anywhere between 60 and $100,000. This is not my advice that I’m telling you on numbers. This is what I’m hearing in the mainstream press, right. So I went with a chunk in Salana, but there’s other ones. Like if you see Dogecoin is up 19% this week.

But again, a lot of dogecoin success has been due to Elon Musk. Elon Musk knows exactly what he’s doing. He knows the power of him mentioning one thing and it just going exploding forward. But you have to also consider, and this is what a lot of people don’t consider is, are these currencies that if you’re buying a cryptocurrency as opposed to just a regular token, are they deflationary or are they inflationary? There are a lot of projects out there that are doing really well, but it’s pure speculation.

And the coin itself, they keep printing more and more and more of them. That’s something you need to be very aware of and be very leery of. You want to know? Like with bitcoin, there’s only going to be so much, with a digibyte, only so much other coins they can just print into oblivion. As a matter of fact, Solana is one of those. I believe that Solana has a set up to where it can keep printing them as the program gets larger.

So the only thing there is pure speculation on what’s going to be happening with the actual coin itself, what they’re going to be doing with it, the usability. Right? So that’s something that people need to be aware of. Again, none of this is financial advice, but as bitcoin is taking off, I want people to know there are going to be a lot of people that dive into this because it’s going to be all over the news, especially if we blast past, which I believe we will, the all time high, especially because we have the happening, people are going to be buying it on exchanges.

Or what we found recently is people are getting scammed like crazy with these fake exchanges. All right? If it was me, I would stick to large exchanges. I’m not a big fan of Coinbase. I do like Gemini. But big exchanges that have been out for a while that you can physically take your cryptocurrency and pull it off of the exchange onto your own device and your own wallet.

Okay? Whether that be a treasure or anything else. Okay, just so you know, I’ve walked away from ledger Nano after this last breach. I’m like, that’s enough for me. I’m done with them. But you need to consider this. If you’re going to buy in, especially any kind of size, right, of money, you need to make sure that you are protecting your asset. Okay? So do not buy from an exchange that doesn’t allow you to pull it off immediately.

And what I always do is a small test batch. I’ll put in a little bit of money. Well, I don’t do this anymore, but I’m explaining it to you. If you’re all new at this, you put a little bit of money, go put $50 in, and then you go get yourself a paper wallet, or learn how to generate a paper wallet, or get yourself an actual device. If you’re going to take this serious, go get yourself a treasurer or something like that, and you withdraw it onto there.

There’s a nominal fee associated with it in most instances. And you make sure that that whole system works. And they go, okay, now I can make a larger deposit. I see way too many people put tons of money into crypto, and then they lose it all. Either it’s stolen, their wallets are hacked, they share their private keys. It’s so very vital that you never do that. Okay. Treasure or an exchange will never ask for your private keys, ever.

Please don’t fall for that. Look, I think that we’re going to see a massive explosion, honestly, in cryptocurrency in the spring. And that’s why I invested. Okay. That’s not financial or trading advice. But the stars are really lining up, especially as more and more people around the world are investing out of the dollar, out of fiat currencies, because of inflation, and they’re looking for yield. We see the stock market all time highs, especially now with etfs, bitcoin etfs.

It’d be shocking not to see bitcoin at all time highs. And I’m telling you, pretty. What I believe in 2024 is shocking highs. So consider all of the hype and mania that’s about to happen. All right. Hey, do me a favor. Type in your favorite cryptocurrency down below. People can look at them. There’s a lot of amazing projects out there, a lot of amazing tech. And as I’m looking at these numbers, the board is just solid green today.

I mean, shoot. Shibuino is up 17% this week. Got a good amount of that. Uniswap is up 49% this week. Bitcoin cash is up 16. 9. I haven’t looked at my portfolio, actually, in a while. This is going to be pretty sweet, but I’m not selling any of it anytime soon. Near protocols, 25%. I don’t know anything about near, actually, but it’s impressive how big these, and I’m very hesitant to talk about crypto, just so you guys know, because it’s so volatile, it will kill your optimism so fast.

I buy the projects that I believe in because of the longevity of the project, the team that’s behind it, and yeah, it’s hard. These days are amazing. But what’s even crazier is when you see downside where you’re losing 25% to 50% in one day. So be aware of that before you dive into this crypto stuff because it’s going to get nutty, I think, real fast. All right. With that being said, I’ll put the link down to treasure if you want to go check out their website.

That’s what I use. I’ve got all kinds, but I love the model t that has the touch screen, so it actually needs a verification from your touch. I love that one. Really impressed. And it holds a ton of coins. Pretty much everything you’re ever going to need. So go check it out down below. The economic ninja is out. Bye. .

See more of The Economic Ninja on their Public Channel and the MPN The Economic Ninja channel.

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Bitcoin ETFs and big investors Bitcoin highest value since November 2021 Bitcoin mining rewards halving Bitcoin price increase due to Bitcoin scarcity and value Bitcoin surpasses $61 Bitcoin value surge 2022 Factors influencing Bitcoin value Impact of Bitcoin halvening on value Launch of Bitcoin ETFs Upcoming Bitcoin halvening event

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