Mooners and Shakers: Bitcoin gets knocked down but gets back up again; casually resumes position
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Bitcoin hit its lowest level today since the Terra ecosystem internally combusted a week or two ago. But just as it seemed time to throw the smartphone at the wall in disgust, the OG crypto rebounded. Well, a bit.
And vaguely related to BTC price matters, Rito Rhymes – an intellectually minded crypto rapper from New York – was just now chatting with Stockhead via Zoom. Full interview with him to be revealed next week, but here’s a quick taster…
“If you think innovation is measured in market price, think twice.. utility always precedes the roll of speculative dice.”
With the overall crypto market cap at roughly US$1.3 trillion, down 1.5% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
BTC has resumed its recently favourite, arse-indented position on the top-10 crypto couch – about halfway between US$29k and US$30k.
Earlier, though, it took a hefty dip down close to US$28k, while crypto’s second in command, Ethereum (ETH), stumbled to around US$1,780.
As Crypto Twitter briefly contemplated fears of serious goblintown prices (see Guggenheim CIO Scott Minerd’s latest prediction), some were even pointing the finger at “goblintown” itself. With tongue in cheek, that is…
ETH listened to the Goblintown Spaces last night and was like "nah I'm out"
— Bryan Brinkman (@bryanbrinkman) May 26, 2022
The term “goblintown”, incidentally, is one that crypto natives use to describe bearish market conditions.
goblintown.wtf is a new NFT “project” we mentioned the other day. It’s a bit hard to explain. Actually, it isn’t. It’s 10,000 digital pics of goblins – with no utility, no Discord group, no roadmap… just a website and a whole bunch of bufoons on Twitter making weird, childish, goblin-like sounds at each other.
My new theory is it’s Mike Judge https://t.co/q2BtRZszTQ
— Fonky Donk ( 📄 , 📄 ) (@fonkydonk) May 26, 2022
Hmm, isn’t that how Bored Ape Yacht Club sort of started? That one kicked off back in April 2021 with a 0.08 ETH mint and a bunch of grown adults (presumably) making monkey noises.
goblintown.wtf was free at genesis, but earlier today hit a floor price of 2.1 ETH (about US$3,900) – even in this market. NFTs – sometimes it really does feel like a crapshoot.
Bored Ape Yacht Club’s NFT floor price, incidentally, is currently sitting at 88 ETH (about US$166k), which is more than a 57% drop from its peak of about 153.7 ETH, just around a month ago.
Sweeping a market-cap range of about US$10.5 billion to about US$533 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Chain (XCN), (mc: US$2 billion) +23%
• Celo (CELO), (market cap: US$658 million) +6%
• The Sandbox (SAND), (mc: US$1.7 billion) 2%
• TerraClassicUSD (USTC), (mc: US$573 million) -46%
• STEPN (GMT), (mc: US$568 million) -32%
• Terra Luna Classic (LUNC), (market cap: US$876 million) -28%
• Elrond (EGLD), (mc: US$1.67 billion) -15%
• Loopring (LRC), (mc: US$657 million) -14%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• ICHI (ICHI), (market cap: US$31 million) +43%
• Unilend Finance (UFT), (mc: US$16.7m) +17%
• XCAD Network (XCAD), (mc: US$103m) +14%
• Stafi (FIS), (mc: US$20m) +11%
• Orchid Protocol (OXT), (mc: US$85m) +10%
• Astroport (ASTRO), (market cap: US$6.6m) -74%
• STEPN Green Satoshi Token_BSC (GST), (mc: US$385m) -48%
• Step App (FITFI), (mc: US$45.6m) -23%
• Aurory (AURY), (mc: US$21m) -22%
• Mirror Protocol (MIR), (mc: US$46.7m) -21%
Be careful out there but there are bargains coming too in long duration, long-term themes such as technology, crypto and maybe copper but patience and slow accumulation into capitulation is key.
— Raoul Pal (@RaoulGMI) May 26, 2022
— Bitcoin Magazine (@BitcoinMagazine) May 26, 2022
A bear market is the opportunity of a lifetime for those with conviction
— Tenacious.eth 🍌 (@TenaciousEth) May 26, 2022