It’s January 3rd and I can’t keep up with all the action.
I already missed a day of my blog which is half of all the days I missed in all of 2017. The pressure is now on.
The good news is like always, stocks and crypto’s were up…oh and Hooter’s is finally on the blockchain. Of course the stock was up 50 percent.
This photo captures the crypto mindset at the moment
In the first day of the year (a weekend in case you old farts were wondering) about 10 different tokens appreciated 1,000 percent.
Many were up 800 percent.
A perfect storm for moving tokens (not all pump and dumps of course) is underway – The chat apps of today are global and mobile including Stocktwits of course, Twitter, Telegram, Whatsapp, Discord, Slack.
If you don’t have a paid crypto chat room in 2018, you are a nobody.
Sure, it’s a craze, but as Ari said to me earlier – one man’s bubble is another’s wealth generating event.
I am seeing some data that blows my mind. The cryptocurrency market is doing the same daily volume as The New York Stock Exchange.
Ian (Stocktwits CEO), shared some data with me today that was staggering. I remember the days of 2011-2016 when the average bullish to bearish message ratio was 3 times with spikes to 4 times. Today I saw it was 9 times.
Sentiment is just one data point and I rarely trade off of it (I will trade off of negative spikes), but you can just feel the pigs becoming hogs.
My nephew, who I blogged about here a few weeks back, now has his first TWO ten baggers. He opened his first account less than 6 months ago. As he said to me in person in Toronto a few weeks back..it’s hard not to be a hog.
The greed of the newbies and the chasers is equally matched by the smugness of the people that have not participated.
I continue to tell people that want to short the mania to open a wallet somewhere and actually BUY some Bitcoin and Ethereum because telling the story about investing at the top is less expensive than trying to time the top.
While the mainstream is now fascinated with the price of Bitcoin, it is that price that may be a distraction.
PS – Because I missed yesterday, here are a few extra good links
The price of Bitcoin is the distraction from what is really important.
The NEXT 50 Index.
Also published on Medium.