Price Discovery Mode | Weekly Recap
BTC and ETH cross ATHs while DeFi starts warming up for another summer
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Dear Bankless Nation,
What a week.
Like clockwork…BTC and ETH also reached new all time highs. Is this early COIN holders rotating into crypto?
Bitcoin is now the 6th largest asset in the world on this leaderboard—only trailing Google, Microsoft, Apple, Amazon, Saudi Americo. Bitcoin is worth more than the entire Brazilian Stock Market. It’s now bigger than the British Pound Sterling.
ETH hit its new all time high of $2,500 with a market cap of $290 billion. Is that high? That depends what you believe about ETH. Should the world’s new financial system backed by ultra sound money be worth less than Paypal, Bank of America, JP Morgan, and Visa? Because ETH is still worth less than these legacy banks.
And here’s the thing. Each of these old school banks will be forced to build on top of DeFi and Ethereum—or else they’ll be replaced by someone that does. (👋 Coinbase)
We made the case for a trillion dollar ETH back when its market cap was $15 billion and everyone thought we were crazy. Now it’s getting close.
We’re still in price discovery mode.
Recap for the week of April 12th, 2021
Execute any good market opportunities you saw in Market Monday
Watch & Listen
🎙️ Listen to The SEC and DeFi | Hester Pierce
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