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What's up everyone, this is tony with journey crypto in this video we're going to be doing an update on the cryptocurrency markets, talking about where the prices of bitcoin Ethereum and all coins are headed in the short to midterm, as well as a quick Recap of everything, big that has happened in the nft Encryptive space over the last week and some other big news as well before we get started. I do appreciate if you guys liked the video subscribe to the channel. If you haven't already and hit the bell to be notified for regular video videos, [ Music ], alright guys so things aren't looking too bad in the crypto space after we have that market correction over the past few days, bitcoin's still holding above 45 000. A lot of people are stating uh. They think we will have one more leg down possibly testing a 38 000 bitcoin before we continue in the uptrend and then uh continue back to previous bitcoin all-time highs of around 64 000, so Ethereum holding up strong as well uh around three thousand three hundred dollars.
Ada having a good recovery today up seven percent at two dollars and sixty cents, we do have smart contracts launching very soon so I will do another video on Cardano uh. What'S going on with the blockchain new partnerships uh my price predictions for Aidan. What i think is going to be happening here, my plans going forward, so uh lookout for that in the next week. So, besides that, we do have polka dot up today as well. Uh breaking 31 And we do have avalanche avax on the rise again also up uh, eight and a half percent.
So avalanche has really had a huge run-up. Uh pretty much any competing blockchain into ethereum has had a huge run-up uh in the past month or so so, as you guys can see with this uh, we did have a good pullback here, with the entire market. Avalanche did drop to 35 dollars now back to 55 dollars, which is uh. I do believe that's getting close to previous all-time highs yeah. So the peak here where it did peak out uh beginning of February, did break 55 dollars.
So I'm looking into some uh crypto projects that are building on the avalanche blockchain. I do think there's some good opportunity there. With small-cap all coins using avalanche, especially as avalanche, starts growing. I do think some of these will be exploding in value. So if i find some good ones, i will share them with you guys over the next couple weeks, but if you guys want to do your own research, i definitely recommend looking into that.
If you guys know of any uh good projects, building on avalanche feel free to comment below as well so uh compared to other top ethereum competitor uh blockchains. This has a 12 billion dollar market cap, whereas Cardano Solana uh other tops uh competitors uh much higher market cap here. So i think avalanche does have a 3x potential from here uh to be competing with uh, Polkadot and Solana. So uh definitely some potential there headed towards end of year, especially bitcoin and ethereum, continues in an uptrend all right guys so quickly going over the bitcoin chart. We are approaching a golden cross here with the 50 data's across the 200-day moving average.
That does tend to follow a huge upside for the price, and i do think this correction was healthy and expected. We'Ve had so many green days since July 20th uh when the markets finally started recovering hitting that spring in the accumulation. So the golden cross doesn't always play out accurately uh, but it does play out more so than the death cross, as you guys saw. We did have a death cross here, um around June 20th. That did follow uh with more downside here, but uh regardless.
We did break upwards again and uh. This did end up following very closely to the y cough accumulation schematic, so things are looking pretty good here. I wouldn't be surprised to see another leg down and that major support is around forty thousand dollars here but um. I do believe a flash crash to thirty eight thousand dollars here is very possible, so uh after that um continuing in an uptrend as well towards end of year, where we do break previous bitcoin all-time highs and break a hundred thousand dollars. I think that's very likely by end of year still so, of course anything can happen, especially in the short term.
We do have to keep in mind. Manipulation is still at play, but it is pretty crazy here how closely this wyckoff accumulation schematic played out and the wyckoff distribution schematic before that uh, pretty textbooks, uh there's a uh even with manipulation and everything that played out fairly accurately, who knows manipulation might have been Taking advantage of that also so uh things are looking good with bitcoin and ethereum in a general uptrend, the entire crypto space will be looking good and generally i don't really hold much bitcoin. I do hold some for retirement. I hold more than one bitcoin. I think that's a good standard uh to have at least one bitcoin if it's possible and if you can't afford that .
2 bitcoin is what is recommended for every average person to be holding uh from what I've seen on the internet. So ethereum, i do think, will be breaking previous all-time highs before bitcoin does, especially with all the ethereum being burned. Uh, you guys can check that out, live on etherchain.org burn uh. We can see 276 000 ethereum has been burned since the ethereum london hardport, and then we can see per minute here, three ethereum being burned per minute, which turns into uh 10 000 usd value at the current price of ethereum.
Of course, as the price goes up and as there's more activity, more ethereum are being burned per hour, as we saw over the past couple days, when we did see that market crash everyone was uh panic selling. At the same time, a lot of people were trying to pick up great deals, 20 off a lot of all coins. We did have very high uh gas fees around that time, especially with nft projects, launching that's causing a lot of traffic on the ethereum blockchain, and we did have this over 10 ethereum being burned per minute for a while. So, while this much ethereum being burned is bullish for each holders, the high gas fees are turning a lot of people and projects away from using the ethereum blockchain, which is one of the reasons why uh competitors like cardano solana, polkadot and avalanche, have been doing so. Well, if ethereum gas fees were under one dollar per transaction, i don't think any of these competing blockchains would be doing nearly as well and we do have multiple phases of ethereum two rolling out uh over the next year or so.
But we have no idea when that's actually gon na launch how effective that's gon na be at reducing gas fees, all right guys so jumping into the crypto news uh quickly going over top stories for the last week we have Ukraine passes legislation to recognize and regulate Crypto, this was huge for the crypto space. This actually happened after the market dipped though so we do have a mix of good and bad news, but uh. Overall, there is some fear in the markets and the general sentiment is we're. Gon na see another leg down. Uh, before continuing in an uptrend and breaking previous bitcoin all-time highs, so i do think that countries will be adopting cryptocurrency more than fighting it going forward and we're gon na really start seeing the benefits of that uh with Ukraine.
Doing this as well as uh, el Salvador uh, finally, passing bitcoin is legal tender and that going forward we're already seeing some uh pretty crazy benefits out of that. So a hundred and one boardeep nfp's auction uh closes at more than 24 million dollars. This is massive. This is the biggest auction, yet so uh we do have board apes selling for over a million dollars now uh the ones with rare features. So this is great for the nft space as a whole uh, something i am noticing right now.
Nft volume is dying off. Uh, but i do think there will be another wave sometime, mid and september, like i have been saying, we do have another board ape auction coming up at christie's and i do think that one uh will really get a lot of attention into the nft space again. So personally, I'm still very bullish on the nft space. I've actually had much better return on investment on the nfts I've bought this year than i have on the small cap all coins. I do think another huge all coin rally is coming if we do break previous bitcoin all-time highs by end of year, which i think is more likely to happen uh than not at this point so um, i do have my focus on small-cap.
All coins with high potential by end of year, as well as good nft sets but there's so many crappy uh garbage nft sets launching right now that we really have to be careful. Uh people see all the money coming in basically the money these projects are making on a mint selling ten thousand nfts at point: zero. Eight ethereum they're, making two to three million dollars in uh. Basically an hour doing these mints, and then they can just move on to the next project. So be very careful of these nft projects that don't have a docs team and their entire team is anonymous or they have other projects or just too much going on and a roadmap they can't deliver on.
You do have to do your proper research at this point, which is why I'm just very focused on a few nft sets uh. Basically, i get in contact with their team. I make sure they know what they're doing they have good utility they're gon na keep, building and uh bringing more attention to the nft project. Just like um. I would look for in a small-cap all coin project as well.
Some more massive news for the week. El Salvador purchasing it their first 200 bitcoin. They also bought bitcoin when it uh the market corrected below 43 000. Another 150 bitcoin. We also got some other good news out of this, like McDonald's and el Salvador, accepting bitcoin as payment.
So lots of good news coming out of this uh definitely helping their citizens. We also had a post here from CNBC stating el Salvador. New bitcoin wallet allows for cross-border virtual, virtually instantaneous zero-fee transactions, a game-changer for a country where 70 of the population depends on money sent home from abroad. To get by. That is massive cross-border payments, as you guys know, they take a long time and they have huge fees 20 to 50 or even more so being able to do this for free and instantly uh being able to send crypto back home is huge for el Salvador citizens.
So they're definitely going to see some huge benefits out of this, and i do think countries will quickly follow and that's going to be very bullish for bitcoin in the crypto space in general. So imagine we do get a couple more countries passing bitcoin as legal tender and we do get a couple more institutions acquiring a billion dollars worth of bitcoin or more. I definitely see this as a scenario uh, where we do break a 100 000 bitcoin, so whether this happens by end of 2021 or happens sometime in 2022. I do think it will happen by the end of 2022 and i do think the peak of this bull market will actually be at some point in 2022 and i do think going forward. Uh these bull and bear cycles are going to be much different.
We have so much mass adoption coming that, i don't think uh things are going to repeat uh in history like before uh, because at that time the crypto space was much smaller and uh. The bull runs were really focused around each bitcoin having, and i don't think it will be like that anymore. Of course, uh going forward. The future bitcoin havings will have a positive effect on the bitcoin price because it does make it more scarce. So, while we're on the topic of countries making bitcoin legal tender, we did have an article yuga.
The poll finds 27 support for making bitcoin legal tender in the us. That is massive, but i don't think that's going to happen anytime soon, if ever, but that does show huge support here. 27 support for that definitely huge. That means other countries are probably very likely to make bitcoin legal tender on the upcoming year as well. So uh that is huge for the adoption of bitcoin Bitcoin is becoming much more accessible as well.
The more demand we get for it, of course, the more companies that will want to offer services for it. We have so many uh payment services getting on board with bitcoin cryptocurrencies, so uh more than ever, bitcoin is accessible and a huge mass adoption. Picking up. I definitely see uh things continuing in a general uptrend towards end of year, so bitcoin could go up significantly says CIO of uh world's largest asset Blackrock. That is huge as well uh we're seeing a lot of articles like this, where uh big names in these big companies are uh, having a positive stance and opinion on bitcoin and the crypto space.
So that's definitely good, especially as all these big companies get on board. With crypto a lot of support coming to the crypto space in general, so here are the bitcoin price levels to watch. As 38 000 bitcoin emerges as bull's line in the sand. I'M really hearing this 38 000 bitcoin a lot um. I do think if we do touch that it'd be very temporary.
We will instantly recover back to 40 000 or more lots of support building, especially uh, going forward and approaching this golden cross. Like we talked about so uh, this quote in the article does state. This is often seen as being a very bullish sign for the market and typically for bitcoin. We see dumps into golden crosses and pumps into death crosses. So on this basis alone, the pullback wasn't too much of a surprise but uh the following month or two.
We should see a general uptrend, possibly breaking previous all-time highs here in October, so the article also states a sixty thousand dollar bitcoin is coming in early quarter. Four we're anticipating the 60 000 level to be retested sometime early in quarter, four, which will likely provide another correction with the final push to previous all-time highs towards the end of the year and then on to a hundred thousand dollar bitcoin. I think is very possible and more likely than not so things are looking good uh for the end of year, especially as adoption picks up and accessibility for bitcoin and cryptocurrencies. But i really think the peak of the bull run will be in 2022 at some point and we will have some good corrections in the meantime. This will greatly depend on what's happening in the governments around the world as well.
A lot of people are expecting um. The us government to start printing a lot more money, some more inflation, possibly coming more stimulus packages coming out, would definitely cause more inflation, causing people to look for alternatives to store their savings and cryptocurrency definitely being one of them. So things are looking pretty good here. Uh, the nft space, i think, is looking good as well. Of course the nft volume is down, but we did really have a massive peak here: uh beginning of september, so open seas, nft volume down 50 percent after monumental surge in august, the huge surge with board a br club, so many nft projects launching so much hype In the space so uh 50 down, we do have to keep that in mind, as volume drops for nfts.
So do the floor. Prices for these nft sets as well, especially the ones that aren't going to be a name brand in space and not survive in the long term. That'S really what you want to be looking for is the nft projects that will survive very long term. So we have to keep in mind also that crypto punks were actually selling for just a few hundred dollars, uh in 2020 and even uh, beginning of 2021. I believe they were pretty cheap also and then they just exploded in price, as the nft surge in general picked up.
So i do think some nft sets that are pretty cheap. Now could surge uh a couple years down the line at some point. So this is the very beginning for the nft space. I think a lot of great sets will be launching. Over the next year we have crypto gaming projects, launching that will use nfts a lot of new use case and utility coming to the nft space.
Just over the past couple days, I've seen a few new nft sets launch and do a 10x in just the span of a few days. So i do want to give you guys a quick heads up. I am working on my own nft set and, if you guys do want to get updates on that and be notified for the launch of that, follow me over on Twitter jrnycrypto and be careful of scammers impersonating me and creating fake nft sets make sure this information Is coming from my official Twitter account or my official youtube account here, so i will let you guys know more about that. I'M going to have some huge utility for that, something that hasn't been done in the nft space. Yet so last for today we did have a crypto punk zombie sell for 2000 ethereum, which is 6.
million dollars USD at the current value of ethereum huge sale here, and this is definitely great for the nft space as a whole. The more big sales we see like this uh, the more attention that comes to the space and the more volume that picks up in general last time we did see Gary v by a crypto punk uh. We did see a huge surge in volume around that time. So, like i said, i do think another nft wave is coming sometime mid to end September uh, possibly after the board ape uh christie's auction. They are selling some crypto punks as well.
So i will keep you guys updated on my nft set and nft sets. I'M invested in in general. I do recommend following me on over on Twitter for more regular updates and breaking news again. Thank you guys. So much for watching and i'll see you guys in the next video you
