Bitcoin gives us all a present for the start of 2021 — a new all time high. Will it hold this value, or will it correct? I wrote an article previously asking whether the institutions would dump their bitcoin before the new year to lock in gains for Q4 2020 to show on paper. I may have miscalculated there, because they can show paper profits without selling.
This is certainly good news for all bitcoin hodlers, but it is especially good for ETH people as well. Ethereum finally broke the $750 level, a resistance point that served as a brick wall before about 15 minutes ago. I should know. I tried to trade for a breakout for the past two days and lost fucking money. Dumb fucking Ethereum.
Gains on Ethereum funds in the traditional stock market are outpacing BTC funds by about 2 to 1. Ether also has further to run to the upside, as it has not reached its all time highs. Actually, ETH isn't even close. It remains to be seen whether there needs to be another defi boom in order to push ETH to those levels or if speculation can get the job done on its own. I do expect the NFT marketplace to expand on the back of small assets like music and content creation, moving slowly into houses, cars and insurance. Once this market cements itself, we can expect another boom on Ethereum.
It also remains to be seen whether this altcoin season will be as fruitful as the last. Will this finally be the year that companies like Utrust take their place supplanting antiquated companies like Paypal? Will the mainstream finally learn about truly decentralized finance and discover the Yearn ecosystem? Will regulators shit their pants and hand down shitty regulations because they are jealous of bitcoin's success — and that they're being made a fool of by sushi, pancakes and pickles? 2021 will be a banner year, and it will determine the future of society. Good luck to us all.
