Altcoins were throwing wild parties, but their prices were still in their pajamas, sipping tea and avoiding the party. Meanwhile, the volume was like a determined gym bro, refusing to fade. Strong buy walls formed like a desperate ex trying to win you back-repeatedly.
The job market, that most fickle of paramours, has found favor in healthcare and social services, while the rest of the economy treads water like a Victorian lady in a corset. January’s payrolls surged by 130,000-a number so delightfully round it could have been plucked from a novel-while unemployment dipped to 4.3%, a figure so precise it might as well be a haiku.
In a recent discourse upon the platform known as X, the estimable analytics firm Santiment has deigned to enlighten us on the comparative states of XRP, Bitcoin, and Ethereum, as viewed through the lens of Positive/Negative Sentiment. This curious metric, we are told, discerns the preponderance of bullish or bearish remarks upon the grand stage of social media.
Simon Gerovich, CEO of Metaplanet, faced a tempest of online vitriol this week. The storm was fueled by a sharp decline in Bitcoin and Metaplanet shares. Market volatility, that fickle lover, had left companies with aggressive Bitcoin strategies gasping for breath.
On 18 February, Lookonchain data revealed that BitMine bought 20,000 ETH worth about $39.8 million through BitGo. This happened at a time when many retail investors were trying to exit the market as Ethereum’s [ETH] price fell below $2000. One wonders if the market’s panic was merely a prelude to the grand performance of BitMine’s strategy, which seems to thrive on chaos.
Now, according to the ever-reliable oracle known as Deribit data, we’re staring at $2 billion worth of Bitcoin options and $404 million in Ethereum options ready to bid farewell.
Alas, Dogecoin, once a merry prankster, hath begun its descent after closing below $0.1050, following in the footsteps of Bitcoin and Ethereum, those titans of the crypto stage. Below $0.1040 and $0.1020 it fell, like a jester tripping over his own jest.
“I’m going to dodge part of your question answer,” he quipped, before launching into a spiel about how banks are actually his best buds rather than the enemy. It’s like saying, “Oh no, I don’t want to date a banker-I just want to be their favorite customer!”
XRP’s recent performance has been a masterclass in humility, tumbling below $1.450 with the grace of a teacup falling from a third-floor window. The market’s hope of a recovery is about as likely as a penguin in a tuxedo chairing a board meeting.
According to the seers at Santiment, network participation has dwindled since the last orgiastic peak of 2021. Transactions? Down 42%. New addresses? Plunged 47%. It’s as though the entire blockchain decided to take a sabbatical in Majorca, leaving only tumbleweeds and the faint echo of speculative fever.
