Empire Newsletter Update

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It’s been a bearish week for crypto, but there is still some positive news.

Greg Magadini from Amberdata points out that options trading volume on Solana reached a peak around last month’s inauguration, suggesting SOL may have hit its top. He notes that the unlimited supply of altcoins creates a challenging dynamic compared to bitcoin’s fixed supply.

Magadini highlights a broader economic trend where hard assets like gold are gaining while other commodities rise in price, indicating a possible impending AI bubble.

Currently, bitcoin remains a stable narrative amid uncertainty in the altcoin market. Magadini predicts bitcoin will likely trade sideways between $85,000 and $100,000 for the next couple of months, allowing it to gain dominance as the bullish trend settles.

He observes that altcoins like SOL and ETH are experiencing significant price variances in relation to bitcoin, with recent spikes signaling shifts in retail flow rather than cause for concern. This may indicate that the speculative phase of the market is underway.

As a silver lining, at least not all fluctuations can be blamed on memecoins!