Does this rally have legs? Put on your rally cap
I am about to go to bed and Bitcoin is $500 away from breaking $40K. I think that will be a bid deal if it does. It is already up 12.8 percent today.
Cake is not doing quite as well. Cake is hovering around 16.5. I am concerned that the rally is not spreading to defi. I need Bitcoin Ether and Cake to all go up. Not just one of them.
Cake is right now just over $17.00 and Bitcoin is above $39,000. It has been a good Sunday for crypto. The markets in Asia should be opening soon and that should make a big move one way or another. I still think Bitcoin will break 40K soon but maybe not before dinner as I stated in the previous article. I read a great article about Bitcoin and whether or not it had intrinsic value. He argued that nothing has intrinsic value except for happiness and everything else is a vehicle to happiness.
I am probably oversimplying it, but to some extent I am hoping that one day my crypto will grow and I will be able to use it to make me and my family happy. Right now, that isn't possible but if Bitcoin does really one day go to a million, I am hoping to be part of it. Right now I just stake Cake and have a tiny part of a Bitcoin and part of an Ether.
Cake is about 180,000,000 coins right now and in a day and a half is the burn. Last burn was 5.5 million and the one before that was 6 million. That should get us back below 180 million and with all those extra tokens being staked, I think there will continue to be a shortage of coins pushing the price higher. Or realistically, it will probably just do whatever Bitcoin does. That seems to be a much bigger factor than the tokenomics of the specific coin.
It is a day or two later and Bitcoin pushed through the 40K mark and is kind of bounding around the 40.5 line. It doesn't have enough momentum to get any higher yet. I think we will watch it go up but maybe not as quickly as I had hoped.
Cake is also up nicely. More and more is being staked which is reducing the available supply. The yield is going down but what is better than more Cake? People don't seem to be abandoning as the yield goes lower and lower. They can still stake Cake for other coins like Pegged Tron or Pegged BittorentToken if they want a slightly higher yield so there are option. There are still IFOs and other reasons to buy flip tokens. I still think the Cake BNB pool is going to slow down. There just isn't that much Cake. I am hoping that all the Cake stakers with their diamond hands hold on and see what its like to yield when Cake is at $250 or even $1000. I think it should still work. You would stake less coins for IFOs and the burn would be more dollars but less actual tokens. I theory the supply should increase.