A few days ago on June 14th Elon Musk posted "Cryptonight". This reminds me of when Elon tweeted about dogecoin when it was below 1 cent and it then spiked shortly after.
Cryptonight is the mining protocol for Monero (or it was originally, now it is RandomX). Elon could have just been doing a play on "Crypto Winter" which is the lowest part of the 4 year bitcoin cycle.
So it is possible elon is signaling this is probably the beginning of crypto winter. And I think it can get worse, if the bitcoin price stays here at 20k for a while it could lead to many bankruptcies in the crypto space as thier bitcoin collateral can no longer fund thier loans.
I expect october to be the end of crypto winter and the spike of altcoins, of which dogecoin, litecoin, bitcoin cash, and monero are part of.
Looking at the monero price chart, we are seeing some strong buy volume after elons tweet, which signfies to me that elon is probably buying https://www.tradingview.com/chart/?symbol=BINANCE%3AXMRUSD
So, if you have some dry powder in reserve, Monero might be worth a look.
No comments:
Post a Comment
Thank you for your feedback! Sharing your experience and thoughts not only helps fellow readers but also helps me to improve what I do!