Ether dazzles, Dogecoin fears, Elon Musk’s big night, Bitcoin boosts Square
May 8, 2021. Summarized by summa-bot.
Compression ratio: 29.1%. 3 min read.
ETH’s spike makes Vitalik Buterin a billionaire, DOGE continues to dazzle ahead of Elon Musk’s SNL appearance, and Bitcoin helps Square notch up bumper profits.
The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This WeekAltcoins rally as bulls pile into large-cap tokens and layer-one projectsWe’re well and truly in the throes of “altseason” now, with Bitcoin’s dominance showing no signs of diminishing. Ether delivered a stunning surge that took its price above $3,000 for the very first time, breaking new records throughout the week.
Lowstrife, a popular account on Twitter, believes the end is nigh, with the crypto trader spotting eerie similarities between DOGE’s current charts and XRP in the heady days of 2018. Back then, XRP had hit all-time highs of $3. 20 that remain true to this day, but then slowly faded to lows of $0. 14 — a loss of 95. 6%. Warning of an impending apocalypse for DOGE, Lowstrife wrote: “Each of DOGE’s major rallies this year has been smaller and less aggressive.
May 8th is the day to watch. ”Even Musk himself has been cooling the hype, reminding followers that crypto investments remain speculative. Square’s Bitcoin revenue up 1,000% in 12 monthsA flurry of earnings results this week powerfully illustrated the impact that Bitcoin’s sensational first quarter has had. Square blew analysts’ expectations by delivering earnings of $0. 41 per share between January and March — far beyond the $0. 16 forecast.
All of this comes despite the total market cap of all cryptocurrencies surging beyond $2. 4 trillion. FBB Capital Partners’ director of research, Mike Bailey, told Bloomberg: “We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers. ”(That said, his assertion that crypto is nursing a “bad hangover” is misplaced. )Coinbase’s woes may be linked to increasing competition among crypto exchanges, which has left retail investors spoiled for choice.
Most Memorable Quotations“Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. ”Haseeb Qureshi, Dragonfly Capital managing partner“With cryptocurrencies already creating incredible worldwide wealth, it’s real estate that will sustain that wealth and provide buyers with a legacy. ”Alex Sapir, Sapir Corp chairman“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers. ”Mike Bailey, FBB Capital Partners director of research“It definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. ”Nikhil Shamapant, retail investor“We’ve committed to having no HQ, and it’s important to show our decentralized workforce that no one location is [more] important than the other. ”Coinbase“Each of DOGE’s major rallies this year has been smaller and less aggressive.
May 8th is the day to watch. ”Lowstrife“DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure. ”Federal Reserve of St. Louis“Volatility is everywhere […] It is not unique to crypto. ”Changpeng Zhao, Binance CEO“Of course I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth. ”Charlie Munger, billionaire investor“There is something inherently not credible about creating hundreds of billions in virtual wealth with nothing ever actually being accomplished and no actual product made or service rendered. ”Bill Maher, comedianPrediction of the WeekThey see ETH rollin’: Why did Ether price reach $3,500, and what’s next?