. Well, folks, i hope you are having a fantastic day wherever you are, and in today's quick update, we're going to be diving in to taking a look at bitcoin's price on the longer term. Chart here as we've continued to have increased volatility, but at the same time, we're holding up towards around that eighteen thousand dollar range for bitcoin, and also this will spend some time to talk about the altcoin market. Where can we actually expect a serious bottom here in the short term and outside of that talking about all of the major macro perspectives that we need to keep in mind as bitcoin continues to chunk higher towards its all time highs. We'Ve got lots of interesting things to dive into right. After our quick sponsor our sponsor for today's episode is ledden.io for those of you holding bitcoin and digital assets. Long term like myself, why not put it to work? Lenin works with genesis, the most established institution in digital assets to give its retail clients access to a suite of institutional grade services to manage their digital wealth. Their savings accounts, let you earn the best risk adjusted rates on your digital assets. Like 8.8 on your usdc and 4.1 on your bitcoin with their b2x service, you can double the amount of bitcoin you own through a bitcoin, backed loan, and you can get dollar liquidity without selling your bitcoin through their bitcoin backed loans. Much more tax efficient than selling get a 250 000 satoshi bonus.
If you register with the link below and get a loan today, alrighty everyone so taking a quick look here over the last 24 hours, the last 24 hours there hasn't been too much activity, most cryptocurrencies aren't a no trend scenario to the upside or downside following bitcoin. As we started to teeter on a bit more volatility in the market, but the interesting thing here to again focus on as we take a look at the seven day performance, we do have many altcoins here, keeping up with bitcoin, if not outpacing, bitcoin a lot of Them in the d5 space – this is an early warning sign that we should be looking out here for a lot of value plays that are going to lead the market forward coming out of these lows in the altcoin market, just broadly speaking, here, taking a look at Bitcoin not much has changed over the last 24 hours, not too much to update on more than anything. We have to take a look at the short term time frame, so we can pull up bitstamp here. If we dive in here to the hourly, we can get a good picture here that every single time we're getting dips we're getting people buying in at higher price ranges. You can take a look at the wicks here, the wicks here and the wicks here as well, and you can see the buyers are coming and buying at higher price ranges now, along with that, as well we're, also having lower levels here in regards to where the Bulls in this case are selling their positions right in this case, where the bears start to take over the important thing to take into mind, though, is that this is a common, typical, wedge it's, basically building into a coiling point here, where the lows are getting higher.
The highs are getting lower in this case, we wait for a break out one way or the other. Now, broadly speaking, what's happening right now live as we're doing. This is just a good kind of thought. Experiment here, without even using any indicators we can see here. Roughly speaking, that we've got a general support range here. We'Ve got a general point of resistance right. You can kind of weight it. However, you want, you could have it where. Basically, you don't include the wicks. Some people like to i'm – probably speaking, even if you use the wicks here and consider in the most relative high here, you can see that we've got a pretty clear breakthrough and volume's following in that case, as we've got a resurgence in volume that we hadn't seen Since back here, right during this kind of consolidation period, no volume whatsoever, so this is what we want to look for in price to continue seeing an opportunity for charting towards higher levels. And really i got to be honest guys. You know as much as we've been holding on our kind of q1 target here there really isn't much room here for bitcoin in this case until it gets to those all time highs. We may very well see a retest of 20k here within probably the end of the week or early next week, if things keep up the volume overall and the reason why i wanted to take a look at blx, which is a good aggregate of the volume and Also, the actual price of bitcoin across all liquid markets go ahead here, turn off our drawings.
Just go here to the weekly there's, a few things i notice here. Obviously, every week has been green since back here in early october, you're – probably best not to bet against it until we actually get a red candle confirming a trend reversal. Much like we started to see over here you start to see more and more red candles. You can be more kind of confident in this case that we're setting up for a downward trend again no need for indicators you're just reading what price is saying, but, along with this volume, has actually been pretty good and we've consistently held higher accounts of volume. Here through october and november, then most of the time here all the way through may june july, all throughout the summer, where bitcoin was starting to pick up all coins really starting to charge forward, et cetera. So for me this is looking quite fine. I think bitcoin is doing well. We'Ve got good volume here, of course, i think in the long run, we're going to continue to see an increase in volume as we go into the expansion of the bull market, as you start to have less and less bitcoin being held long term or over one Year as we talk about the one year hotter waves, it actually contrary to many people's thought process. It actually goes down as the bull market increases as more people alleviate their positions in this case and new buyers come in and pay higher premiums for those bitcoin.
I want to talk real quick before we dive into all the big news which, yes is surrounding bitcoin, which i think also is encompassing the broader adoption and excitement around digital assets and the institutional space. I wanted to talk a little bit about all coins here, because i know some people are getting a bit worried here and curious about where i'm watching for in regards to some kind of rebound on all coins. Well, in this case, i think we're getting relatively close here towards what we can expect here for all coins. Any kind of substantial move here is going to be coming up here, probably within the next week and that's, because we're coming towards this very historic line of both support many times here in the past and also kind of keeping in mind the first resistance marker before We continued on the altcoin cycle in 2017.. This has been a consistent support range back here in august of 2019, here in december of 2019 over here, as well in may of 2020 before we got our summer all coin cycle, and now it looks like we're. Finally, coming down to close a lot of those gains and eventually get a rebound here if we don't get a rebound at this point, i'll be honest with you all i'm going to be a bit worried here about the state of all coins. Could it really be that we we don't get that kind of rebound when we reach the 20k? All time highs that's what i'm curious about but i'm, not going to forget history i'm not going to get sidetracked here by kind of short term price moves.
I know in this case that what we learned from the last cycle is that when bitcoin reaches its all time highs like it did back when it went to 1100, which were the highs back in 2013.. In this case, we tend to find that all coins get a lot of that liquidity, a lot of it surges in, especially when you have these types of discounts, it's, exactly what happened back here. We had a technical pattern building in the altcoins right, starting back here. Early on starting to wedge in and here towards the beginning of 2017, we saw a resurgence in march going through and the rest of the year where all coins started to steal. The show so again in this case i'm, not fretting too much i'm. Not worrying about what's really happening here. I'M worrying about what's going to happen in the broader cycle, and the thing is, is that, if you're averaging into positions, i would just say in this case, though i can't give you guys financial advice, i'm, not putting it all into bitcoin and i'm, also not putting It all into all coins i'm, looking at a wide variety of different assets in the space diversifying, but also hedging myself, where i think that there's going to be more opportunity now. I want to go ahead here and talk about a lot of the macro developments going on a really interesting statement from an employee at deutsche bank, stating that investors are increasingly preferring bitcoin as an alternative hedge comparative to gold in their portfolios against inflation.
So the quote here comes from zero hedge there's, a bit of a further read here in the article, but just getting down to the major quote here. This is coming from an individual known as jim reed, which is a managing director and head of global fundamental credit strategy. He said there seems to be an increasing demand to use bitcoin where gold used to be used to hedge dollar, risk inflation and other things again. The thing i always like to emphasize to people, because some people have asked me the debate – we've even done videos of this of bitcoin versus gold it's, not that uh. You know what i don't like is that it almost seems like you have to pick one. I believe a balanced portfolio considers both assets in that case, but at the same time as much as i love gold and silver, and i think that they will appreciate over the next couple of years, possibly even outpacing equities as commodities are oversold to equities. At the same time, what cryptocurrencies have as an opportunity is they're not only seen as an alternative hedge as a growing asset, where you can have that one to two percent exposure in your portfolio, but along with that as well, it has the ability to grow where Gold and silver don't and that's, considering what's known as market to scale i've, talked about it a lot, but i know there's a lot of new faces here, so i thought i'd just emphasize this point.
Markets of scale in this case is the ability to actually multiply the overall market capitalization, not just the price. The market capitalization of the total value of the market, so gold, for example, is right now, at its given price, around 12 to 13 trillion dollar market bitcoin. On the other hand, at his current price is probably setting up honestly it's been leaping leaping up a decent amount. So maybe i'll get the up to date, statistic here so 333. 300, almost 33 333 billion dollars, that's a tongue twister, so almost 333 billion dollars. Basically, one third towards that trillion dollar market count, so bitcoin can still 3x before it even gets to a trillion dollars. It'S an important thing to keep in mind another thing as well: uh, sam uh, from alameda research or ftx. He brought up a lot of good points here in regards to what might be driving the market. Four key summary points just to keep in mind. Overall accumulation and adoption are increasing uh. This is something i think he kind of put it pretty eloquently in regards to uh one of the paragraphs he's talked about actually in the second point, which was macro influence could be favoring bitcoin when you have this whole kind of like cabal, of like different people Or i wouldn't say per se cabal, but like a group of people and all these different categories – and i love they listed it out – uh whether you have, for example, hedge funds, banks, you have senators or politicians in wyoming that are building a kind of utopia area For cryptocurrency development and building a regulatory environment that allows crypto development to thrive, you have all these different people who are starting to kind of catch on to this narrative and trend that bitcoin's finite supply makes it a good alternative to gold right there's.
A lot of other things as well that are important to keep in mind. I like these points overall in regards to what sam put out, i think that they're pretty relevant and outside of that as well one of the key fundamental things to that point about accumulation and general adoption growth. I think that people think there's some kind of magical thing going on behind the scenes, there's always stuff going on behind the scenes. A lot of the companies out there um a lot of these companies that we're now hearing are getting into the crypto space or are considering it. They'Ve been doing this for two to three years: they're not going to get left behind in this stuff guys they have funds and different subsidiaries. They go out and acquire companies build teams. Do research and development in these industries, it's always going on behind the scenes. It'S not per se as simple as like all the banks of the world are trying to control crypto it's, not one big cabal, all the time, it's a lot of different separate entities who want to get a piece of this market and they're trying to compete against One another they're not going to get left behind that's a very key thing. I just always like to emphasize it's a little more complex than people think um. But one thing i wanted to talk about here on a fundamental basis about bitcoin's price growth is, we are seeing substantial increases in bitcoin addresses now again in this case it's, not always that just because there's, an increase in addresses doesn't mean that bitcoin adoption is growing, But, roughly speaking, you can actually see the honest trend here.
I'Ve actually got the tweet that they referenced too from glass node here that showcases the broader trend here since back in april 2018, where we bottomed, a new generation of wallet, addresses we've, been seeing a broad trend here, where we had actually kind of set a double Bottom back here in january 2019, as price had reached relative lows all the way back from early 2017 here in 20 early 2019.. We start to see a general trend here, especially over the last few months here from april here, to where we are now in november and the biggest daily spike since january of 2018.. This isn't mere coincidence guys it doesn't matter. In this case i know some people are saying: oh, but we have no tracking of what's happening on exchange accounts things of that sort. Well, a lot of exchange accounts. Many companies out there give unique addresses to different individuals accounts right. So, broadly speaking, we can be pretty certain here, especially with the price growth here, with the kind of fomo and excitement coming into bitcoin, that we're actually seeing a higher wave of retail adoption, but here's the catch. Take a look at google trends here for bitcoin. You can look up different terms, it's important to try different ones like buy bitcoin, bitcoin, ethereum, things of sort whatever, whatever kind of cryptos you want to search on or cryptive terms, we're nowhere near the retail funnel. We were at last time, and the reason for this is because retail and the broader kind of wave of investors comes in later, once you've passed, the all time highs and gone far beyond that we're going to see this kind of spike and attention and adoption way Later into the later part of 2021 and in 2022 it's months and months away guys so if you're here right now and you're, looking at bitcoin's price and you're thinking, oh my god, this thing is almost twenty thousand dollars per bitcoin.
Am i too late consider the point i mentioned earlier about markets of scale of a 333 billion dollar market cap versus gold's 12 to 13 trillion, which one of those markets do, you think, has the momentum and the ability to scale to double its valuation or triple Its valuation or 10x its valuation, i don't – think gold is ever going to become 120 or 130 trillion dollar market. I personally don't believe that maybe silver might have some multiples to it, but i can tell you whatever it's, going to do it's not going to outpace bitcoin in the long run there just isn't a chance. In this case, bitcoin has stolen the show cryptocurrencies as a whole. Ethereum with d5 has started to steal the show, and for a cherry on top to this entire milkshake that we have going on that's driving the cryptocurrency mark. With all these macro elements, we still have the old guy himself, jamie dimon, saying that bitcoin bitcoin in this case is not his cup of tea. I mean i really don't get how people could take uh these people's opinions, serious anymore uh, because here's the catch guys like if you really want like a realistic opinion. I know some people just again keep the viewpoint like. Oh the evil bankers they just don't want bitcoin and stuff yeah. Okay, maybe that that can be the case in some in some manner. It removes middlemen and encourages the movement of middlemen and also focusing on having your own money and not having your money always deposited under someone else's control yeah.
I think jamie dimon doesn't, like that and a lot of other bankers don't like that. But the key thing here is that, more importantly, cryptocurrencies are a new emerging asset class and jp morgan. Much like many other commercial banks now are making a lot of their money from offering financial products retirement. You know portfolio managers, et cetera and also as well in the case of blockchain and crypto. They want to see commercial blockchain stand out in the long run, so banks can still be relevant. All of these things are things that jp morgan and more specifically, jamie dimon, have in their minds every single night before they go to bed. Okay, maybe not every night, but you can see here in this case jamie if you go through they've, been developing things like this. For a long time, jp morgan has been facilitating trades or opportunities to crypto in digital assets. For some time, they've been developing the jp morgan coin, which is their own payment rail using their own consensus mechanism, it's a enclosed and permission network right, there's, all kinds of things that are going on here behind the scenes – and again i would just say above all, Who listens to these guys anymore, they're, the part of old finance that we really don't need to focus on in the long run, i think more than anything it's just fun to to kind of take a look back on back in 2017 and 2018 when he said You'Re most likely uh venezuelan or living in north korea or a criminal.
If you use bitcoin, even though you know the doj and chain analysis came out with a report that for every six hundred dollars used in illegal activities in cash there's about one dollars worth of bitcoin used in illegal activities. But, of course i know jp morgan knows a lot about that industry as they had a you know, a transaction vessel that ended up having a billion dollars with cocaine, but you know we'll put that to the side, anyways everyone, i hope, you're having a fantastic day Wherever you are again continuing to focus on what's going on the market here, not leaving up on the opportunity in altcoins keep an eye on this.