It’s been a good week for crypto markets. Bitcoin is back over $8,000, up from around $7,300 a week ago. The total cryptocurrency market cap (excluding bitcoin) is also on the rise, growing from $61 billion a week ago to $67 billion today.
That means altcoins are showing some signs of life again. But I remain cautious on altcoins. There simply hasn’t been enough real-world adoption and progress in major projects to justify a major move upward yet.
I continue to believe bitcoin is by far the best bet in crypto today. Bitcoin continues to be light-years ahead of the competition when it comes to real-world adoption. Millions of people are actively using bitcoin as it was designed to be: an “alternative store of value.”
And we learned this week that bitcoin apparently may be seen as a flight-to-safety asset during events like wars. During the last week’s crazy developments with Iran, bitcoin rallied strongly. We can’t say the two are directly related, but it seems likely.
And the bitcoin halving is now only four months away. At that point, half as much new bitcoin will be coming onto the market. This should be a powerful catalyst for a price jump.
I’m holding, as usual, and recommend you do too.