Market trend path: Bitcoin first rose, Ethereum rose again, and DeFi head projects rose again?
As of the time of writing, the price of Bitcoin has been $18,500, which is only one step away from the last round of bull market of $20,000. Ethereum has also successfully broken the $500 mark. Not only Bitcoin and Ethereum, but other currencies ushered in a general rise yesterday.
The sentiment of the market began to pick up significantly, and more positive news began to continue to warm the market:
A recent survey conducted by the financial consulting firm deVere Group showed that among the more than 700 high-net-worth individuals surveyed, nearly three-quarters of the respondents already own or are planning to invest in cryptocurrency before the end of 2022. This data is an increase from 68% in 2019.
The participants are individuals with more than 1 million pounds (approximately US$1.32 million), and they come from the United States, the United Kingdom, Asia, Africa, the Middle East, Australia, and Latin America.
It is worth noting that these wealthy people said, “They increasingly understand that digital currency is the future of currency, and they don’t want to be left in the past.”
These Bitcoin-focused respondents included some of the largest Wall Street banks, and attributed their rising sentiment to the entry layout of big companies such as PayPal and Square.
Recently, Ricardo Salinas Pliego, a wealthy Mexican businessman and the founder of retail giant Grupo Salinas, tweeted to recommend the Bitcoin-related book “The Bitcoin Standard” to netizens, and said that this book can deepen the understanding of Bitcoin.
He said that Bitcoin can protect citizens’ property from government confiscation, and he has invested 10% of his current assets in Bitcoin.
According to Wikipedia, he is the third richest person in Mexico and 110th in the world. As of February 2020, its net assets are approximately 13.2 billion U.S. dollars.
On the afternoon of November 20th, Ballet founder Li Qiyuan Bobby expressed the following views in an online AMA sharing:
These news are very obvious that the market has begun to warm up now, like some performances in the early days of the bull market: For example, large households and institutions have begun to deploy undercurrents, and retail investors are still watching outside.
In Li Qiyuan’s view, Bitcoin will not be considered a bull market until it reaches $20,000. In my opinion, if Ethereum does not exceed the peak of the previous round of $1,400, then this round of market is not considered a bull market.
I very much agree with Li Qiyuan’s view that once the bull market arrives, other mainstream coins will rise faster than Bitcoin, and believe that if the big market comes next, the top projects in the DeFi field will return to glory.
In the bull market in 2017, Bitcoin peaked on December 17, 2017, and Ethereum peaked in January 2018, one month later.
This trend is likely to repeat itself in the next market: Bitcoin peaks first, Ethereum peaks second, and value coins such as DeFi head projects will peak after Ethereum.
Therefore, my advice to everyone is to pay close attention to the three market signal points: one is that Bitcoin exceeds $20,000, which may mark the beginning of a bull market; the other is that Ethereum exceeds $1,400, which may mark the beginning of a market bubble. ; Third, the general increase in DeFi projects has reached 10 times or more than the current price, which may be the last madness of the bubble.