Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs. My name is Ben. Everyday on this channel, I show you
how to make money in cryptocurrency. If you like money and crypto,
make sure to hit that subscribe button. Guys, also, if you want to see
an Ethereum explosion, make sure to smash the like. If you want to take advantage of the gigantic
Ethereum moves that not only we're seeing, but also we're anticipating more of, make sure to checkout Bybit,
bitboycrypto.com/deals. Scroll down to the Bybit section and also
scroll down to the Market Cipher section. Get 10% off the best indicator in the world. Today, we're going to be talking about Ethereum
and what is going on with it right now. Why is it exploding? And why could we see it over double
from here in a short period of time? In addition, why it could also be concerning
if we do see that happen because Bitcoin is acting a little sketch right now. So, as you guys know,
if you've been watching this channel, and, of course, you're watching this video,
so I'm sure you have been watching the channel.
I am down in Miami at the Miami Crypto Experience. I've been really blown away with
how many people are here, how many people in the BitSquad are here, and I talked to so many BitSquad members last night. A lot of people just came to this conference
to hang out with us. And we love that because you're our people,
and you're very special to us. And, you know, I talked to a guy last night.
And he told me, he said, "Man,"
like, "You told us on the videos that if we see you,
to come up and talk to you," and he said, "That made me feel comfortable." And so he did it. You guys will never bother me if you come
talk to me if you see me somewhere. So I always want to talk to you guys. I always want to know what's going on with your lives. And I'm always excited to see
when you guys are doing great. It just– it validates everything we've been
doing on this channel for years. So it's been so nice to meet people. But, you know, right now,
what's going on with crypto? Let's talk about Bitcoin. Yesterday, I made a video.
It looked like Bitcoin was on the way back up, and then it fell again. And, you know, I told you guys
Ethereum could easily cross $3,000 if Bitcoin just got back up to $60K. Well, Bitcoin is floundering
around $54,500/$55,000, and Ethereum still set a whole new
all-time high at $2600 yesterday. So, what does that mean? Well, I would say, a lot of this has to do
with the Berlin hardf– yeah, the Berlin hardfork that we just had.
The London fork is in July, increasing the– or lowering some of the gas fees,
making the network a little bit faster, and things like that. So you can definitely attribute some of what's happening
with Ethereum to kind of the technical side of things, and not just the technical side of things,
but the relief that the network is getting by knowing that ETH 2.0 is looking
promising at this point. A lot of the changes that they're
making to the Ethereum code is, you know, having a positive
effect on the network. We don't need these– This gimbal, I tell you what. We don't need the Ethereum network to get like– I mean, we don't need it to be like lightning fast.
We don't need the gas fees to be
like 5¢ to increase things. We just have to be able to increase
the mood around Ethereum. You know. What is happening– the narratives around Ethereum. We don't need people saying Ethereum is
going to crash and it's not going to work. And when you see these implementations to Ethereum
like the ones that just happened in the Berlin hardfork, and you see they're having a favorable effect,
a favorable effect on the network from the gas fees perspective, that gives people hope that things
are going to go right with ETH 2.0. And we need that. We don't need Ethereum to be the very fastest chain. We don't need it to be the cheapest chain. But we need it to work. We need it to work effectively. So it's very promising to see some of that and to see the mood around Ethereum start to go up. We also know that we had a lot of the
futures contracts closing last month had a very negative effect on the price.
The first two months of– or the first quarter
of Ethereum futures if you didn't know, Ethereum futures volume is up, like, 98 times
from the over– or like 95 times. It went from like 3 million to I think it was like
$27 billion, something insane like that. I don't know exactly what that math works out
to you or if those are the exact numbers, but pretty close to that. So we've seen an absolute surge in Ethereum futures. We know generally that has like a negative
effect on the market for whatever reason because these people that are doing the futures
contracts are looking to hedge their bets, and as it gets closer to the end of the month, we know they dump a lot of ETH to balance out
the real crypto holdings with their futures bets.
And so we're seeing some of that
start to go away as well. Now, here's the thing though. I don't really know what's going on with Bitcoin. We got a video coming out with Carl today at 3PM.
He's going to talk about from the technical perspective. But fundamentally, we're really having
a hard time finding the narrative that's going to get us back on track. Yesterday, things were very favorable. Today, it don't. We're not going to talk a ton about Bitcoin today other than to say, I've got to be honest with you.
You guys know, I always keep it real with you guys. It is a little concerning to me that Ethereum is pumping right now. And you may be saying like, "What the heck?" "Why is that? Why would you be concerned?" Which by the way, check this out. Let me show you guys this. A guy made this for me. I think his name was Mike, I think. I think that's right.
I can't remember 100%. But check this out, guys. Hold on here. You guys are going to see my messy room. Look, look at this. Look at this. It may be backwards to you,
but it says $2500 Ethereum Valentine's Day. Now, notice, he didn't put a year on it. And that's really good. So we definitely made it by 2022. What I think is going to be funny is
when Ethereum peaks this year, and it starts coming back down next year, you'll see Ethereum to $2500
by Valentine's Day again. But it'll be like going down to $2500.
It'll be a nice little meme.
Shout-out to that guy. What a nice shirt that was he made.
I'm really excited about it. We'll be wearing that when
we get back to the studio. But, okay, so here's the point of what
I'm trying to say though. It's a little concerning that Ethereum is pumping because even though the Bitcoin chart right now
does not look anything like a top, right? If you look at the market in 2013, and if you look at the market in 2017–
or 2014, 2017, when those tops were, you'll see there was a blow-off top, right? We didn't get that. We actually got a massive run-up
in December and January, then a correction, then a slight run-up,
then a correction, then a slight run-up. And we're not seeing the new all-time highs
be massively higher than the previous ones. Which if we look back, we saw this–
last week, we looked at the chart. In 2017, like, a lot of those run-up were 100%,
200% gains from all-time high to all-time high.
This time, they're like 5%, 10%. So either that means Bitcoin is gearing up
for something absolutely massive, or we're running out of steam, and we could be looking at
a 2013/2014 scenario, where there's a gigantic drop
in the middle of the market. But if you look what Ethereum is doing right now, and you look at 2017 and 2018, the altcoin season of all altcoin seasons' parabolic run, it was actually in January of 2018. Bitcoin peaked in December of 2017. So for one month after the Bitcoin peak, Ethereum crushed it. Not only Ethereum, but other altcoins as well. You know, tons of altcoins were absolutely
killing it during that time. Bitcoin Cash was doing well. XRP was kind of leading the charge back then. IOTA was a project, Cardano was a project
that were absolutely killing the game. And so right now, what's interesting is it doesn't seem to be the Bitcoin top, but Ethereum and altcoins are starting to run.
Binance Coin included right now. So it is something we have to monitor.
It's something that we have to watch to see, like, if we– if we did go through a 2013/2014 scenario where we had a massive pullback
in the middle of the market, like a 50% correction, then you're going to want to start
dollar-cost averaging out pretty soon and getting prepared for that,
at least locking in some profits. So this is what I'll tell you, guys.
I tell you guys this all the time. It's never a bad day to take profits. So remember that. We think Ethereum is going to continue to run, but if Ethereum continues to run
and Bitcoin keeps dropping, we should be very concerned about the market,
at least in the short to medium term. So, alright, guys, that's all I got
for you guys today. We got a video at three with Carl. I got a video for you guys tonight at seven.
I have no idea what it's going to be.
Something from the conference, I think. We may actually show you guys my talk
that I'm going to be doing about DeFi today. So make sure to check that out. And we will see you guys later.
Love you, guys. That’s all I got. Be blessed. BitBoy out.