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Support and Resistance: The Ongoing Soap Opera

Meanwhile, Bitcoin has performed a little trick for the crowd: $107,000—bravo, comrade Bitcoin, bravo. Ethereum, that most philosophical of coins, prefers a stoic posture, unmoved all week, sipping its tea in the corner. The global crypto market cap tiptoes at $3.29 trillion, a feat of arithmetic if not of thrill, up a pittance from last week’s $3.28 trillion. Call the newspapers: the sky is not falling, but neither is it rising.

Aptos, never one to be accused of overachieving, managed to spectacularly underperform during April’s grand bullish parade. While other coins built fancy castles up to $17.90, our dear APT stayed at home and poked at a local top of $6.14. That’s right: when most cryptos went skiing, Aptos apparently brought a toboggan.

The grand drama commenced with Bitcoin tumbling headlong below the ostentatious $100,000 dais in the wake of America’s latest display of foreign policy subtlety (read: lobbing missiles at Iran’s nuclear amusements). Investors scattered with the elegance of startled pheasants, leaving a vapor trail of $855 million in evaporated dreams. But behold: soon, as is the custom, the charlatans and prophets returned to the crypt, and Bitcoin lurched up to $107,588—a Lazarus act propelled by a 75.8% rise in volume and, presumably, caffeinated trading interns in New Jersey basements.🍸

What, pray, is an “alt season”? It is that bemusing interlude when these unruly coins, spurred by youthful audacity, attempt to outshine the venerable Bitcoin. In the hothouse year of 2017, as well as the ebullient months of late 2020 and the halcyon dawn of 2021, such things were witnessed, much like wild geese suddenly overtaking the stately swan on the estate pond. Yet now, alas! Bitcoin dominates the landscape as an uncompromising landlord, while lesser coins retreat, heads hung, in both USD and in their eternal contest with their bigger brother.