Bitcoin Breaks $100,000

Gm friends,

We knew it was coming, and now it’s here. So a big congratulations to everyone who has been hodling up to this point. Make sure you take some time today to celebrate. You’ve earned it.  

Now pour that coffee and strap in, because here’s your mid-week crypto update.  ☕️📰

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Chart of the Day

Last evening, around 9:30 p.m. EST, Bitcoin surged hard, snapping straight through $100K, all the way to $103,620. 

And check out the 15 minute volumes when Bitcoin broke $100K. Keep in mind that the US stock markets were closed at this time. So the exact cause of this volume spike is unclear, but it’s possible that a whale pushed prices higher, or there was a short squeeze, or both. 

It will be very interesting to see how the US ETF markets react to all of this when they open today. But don’t be surprised if Bitcoin pumps to $110K by the end of the trading week.

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News Now

Welcome to Altcoin Season 

Even though we’re getting this most recent surge in Bitcoin, understand that November 21st was likely the day that alt-season officially started.

On the 21st, the respective dominances of Bitcoin, Ethereum, and all other coins were 60%, 12%, and 28%. Fast forward two weeks to today, and we’re at 55%, 12.8%, and 32.2%.

So far, the coins leading out of the gate have been a lot of the legacy ones from the 2021 and 2017 bull markets. Over the past 90 days, the big hitters have been HBAR (up 553%), XLM (456%), XRP (365%), ALGO (336%), DOGE (322%), and ADA (266%). 

However, the stage is being shared with some new coins as well. The best performers thus far from the new generation have been VIRTUAL (up 5,425% over the past 90 days), PNUT (2,325%), SUI (351%), and ENA (313%). 

The quiet elephant in the room is still Ethereum. Despite Bitcoin’s dominance falling significantly, Ethereum has stayed flat, as pretty much all of the fresh capital inflows over the last two weeks went into everything but it. Now we like to poke fun at Ethereum, but understand that we’re still bullish. In fact, Ethereum just might be the sleeping giant that’s about to wake up. So think twice before fading it. 

Finally, this is a PSA to anyone who still hasn’t realized it yet. The time to lock-in is now. Altcoin season is here, and now is when fortunes can be made. Focus, stay disciplined, keep your leverage low, and use your stop losses. 

MicroStrategy (MSTR) Considered for Nasdaq 100 Listing 

Mark your calendars for December 13th. Seriously. This is the day when we’ll find out if Microstrategy has been accepted into the Nasdaq 100 Index. This index tracks the performance of the 100 largest non-financial companies on the Nasdaq, by market cap. We are talking about the heavy-weights like Apple, NVIDIA, Microsoft, Amazon, and Google. 

If Microstrategy is accepted, it’s going to be a big deal, because it means the stock will be included in other major ETFs that track the Nasdaq 100 (e.g. Invesco’s QQQ ETF). Stated differently, inclusion means a lot more money will flow into Microstrategy via third-party investment vehicles.

And given Saylor’s playbook, more money into Microstrategy means more money into Bitcoin. 

What’s interesting from an investment perspective is this inclusion might not be fully priced in. That’s because it’s not clear if Microstrategy will get the green light. The Nasdaq 100 tracks the largest 100 non-financial companies by market cap. Now, Microstrategy has the size (that’s what she said), with a current $87B market cap, which puts it at number 43 on the list. 

But the real question is will the Nasdaq selection committee classify Microstrategy as a financial company. Microstrategy has pivoted from operating as a business intelligence company to more of a Bitcoin holding company. So if the committee really wants to keep it out, they can probably come up with an argument to justify it. 

Having said all that, the consensus right now seems to be that inclusion is more likely than not. 

Valato Group (SOAR) Unveils Bitcoin Mining on Airplanes 

Speaking of Bitcoin, the Valato Group (SOAR) announced Monday a new patent-pending technology that allows airplanes to mine Bitcoin in-flight. Seriously, WTF. 

We’ll skip the technical discussion, but essentially, modern aircraft produce excess electricity that’s ultimately wasted during in-flight operations. Valato’s technology captures this excess electricity, and uses it for Bitcoin mining with machines stored in the cargo areas. Moreover, this in-flight environment is ideal, given the super cold air that circulates throughout these cargo areas. 

If Valato’s technology proves to be the real deal, then we might just see some commercial airliners installing the tech throughout their fleets. The commercial airline business is tough, with profit margins usually being very thin. An airline CEO who isn’t afraid to buck the trend might have a huge money-printing opportunity right in front of them. 

SOAR is up 40% since the announcement. 

Grayscale Files to Convert Solana Trust into ETF

Solana is back in the news this week. That’s because Grayscale on Tuesday filed some initial paperwork with the NYSE to convert the company’s $134M Solana Trust into a publicly-traded ETF. This makes Grayscale the fifth asset manager to file paperwork for the launch of a SOL ETF. 

Solana is up about 5.4% since the announcement. 

Zooming out, there’s a very good chance that at some point next year, we will wake up to stock ETF trading for BTC, ETH, XRP, and SOL, at minimum. And if the floodgates really open, then expect other crypto blue chips to get their own ETFs as well. 

The current burgeoning crypto ETF sector is the combination of growing institutional and Wall Street interest, combined with a friendlier regulatory environment from the incoming Trump administration. 

Hyperliquid (HYPE) is Mooning Since Launch 

Hyperliquid’s HYPE token is surging. Since its November 29th debut, HYPE is up a solid 259%, with a total market cap now at a cool $3.2B. We first covered Hyperliquid in our November 21st newsletter. 

Hyperliquid is a next-generation L1 blockchain that’s purpose built for running DeFi applications. The protocol uses a custom consensus mechanism, called HyperBFT, which helps it achieve extremely fast and secure transaction speeds. However, what has people excited is Hyperliquid’s fully on-chain order book for perpetual trading, with zero gas fees. 

Approximately 31% of HYPE’s total supply was airdropped to users on the 29th. Additionally, another 38% of the token’s total supply is reserved for future rewards and incentives. Thus, this project has done a fairly decent job with distributing the majority of HYPE to the border community, as opposed to keeping most of it for developers and VC insiders. 

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Today On Chain

Ethereum might (so far) be one of the altcoin season laggards, but this hasn’t stopped the Etheruem-native protocol Ethena (ENA) from moving. Ethena’s TVL is up 73% in the last 30 days. 

We noted in our main story that ENA has pumped 313% in the last 90 days, and the protocol’s TVL is part of the reason why. Another reason is the launch of Ethena’s USDtb stablecoin, which will be 90% backed by BlackRock’s BUIDL fund. This launch is expected any day now. 

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Altcoin Alpha

• Avalanche [AVAX] just announced that Avalanche9000 will go live on mainnet, this December 16th. There’s a lot of hype around this upgrade, so there might be more juice left to squeeze from this update. 
• Jito [JTO] holders, heads up! The rumor mill says that $510M worth of JTO – which is approximately 103% of the coin’s current circulating supply – will be unlocked on December 7th. Stay frosty my friends. 
• Sonic Labs [S] keeps hinting that their mainnet launch will be very soon. The socials indicate that it could be any day now. Sonic is a new EVM L1 that apparently offers 10K TPS. Fantom’s FTM token is migrating to S, at a 1:1 conversion. 

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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.

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