The Next Bull Cycle Will Make This Chart Famous
Ethereum and the Evolution of Modern Finance
IN TODAY’S REPORT
What we cover: Satoshi’s disappearing act. The most bullish chart in crypto. Room for two.
TODAY’S CHART
Ethereum and the Evolution of Modern Finance
Bitcoin was famously born in a time of immense upheaval. Amid the scores of bank failures during the Great Financial Crisis, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” was quietly inscribed upon the Genesis block as Bitcoin came into existence.
As the inherently leveraged fiat system faced yet another margin call, the first p2p cryptocurrency Bitcoin started its steady climb toward global network adoption and anti-fiat immutability while its anonymous creator would soon begin his/her/their improbably soft descent into complete and utter digital silence.
On Saturday April 23rd 2011, exactly eight hundred forty days after the Saturday on which Bitcoin was launched, Satoshi Nakamoto emailed “I’ve moved on to other things” and was never heard from again. In the age of the End of Privacy, this Bodhisattva-like disappearing act conveys an almost spiritual mastery, and may just be Satoshi’s most profound accomplishment.
In Satoshi’s wake, a new cryptographic world emerged, eventually populated with thousands of open source offspring. Much of Bitcoin’s progeny — however elevated in concept, principled in code, or advanced in capabilities — nevertheless floats in a gray cloud of speculation. Does anyone need it? Will enough ever use it?
But Ethereum stands apart. As the crypto landscape transitions from the gladiator arena of competing layer 1’s to the burgeoning consortium of layer 2’s, the (apolitically) progressive Ethereum protocol emerges as the layer 1 blockchain which continues to relentlessly evolve, and the foundational chain upon which nearly everything else gets built.
Bitcoin may rule the (apolitically) conservative, anti-fiat, rigidly fixed supply, better-denominator contest, but it’s Ethereum which rules the (apolitically) progressive evolution of modern finance.
It’s for this reason that the Ethereum/Bitcoin chart will soon become the most famous chart in crypto. Why? The inception-to-present, years-in-the-making symmetrical triangle pattern screams BULLISH BREAKOUT! just as loud as the 2019 to 2020 Bitcoin/U.S. Dollar daily chart whose large ascending triangle pattern broke out to eventually hit just shy of 70,000. Maybe louder.
ETHEREUM/BITCOIN (ETH/BTC). Monthly Chart.
ETHBTC will break to the upside eventually — almost certainly in the next bull cycle — making a series of all-time highs as Ethereum closes the market cap gap with Bitcoin. But Bitcoin Maxis take heart. I’m an unabashed BTC bull myself. Those who deny the obvious march of progress, however, will soon get run over by it, or at least seriously surprised.
The good news? There’s room for two at the top. This is a great thing.
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