Ether Rock NFT to Sell For $600K? Bull Market Logic Says Yes

Ether Rock NFT to Sell For $600K? Bull Market Logic Says Yes

With Bitcoin hitting $52K and the entire crypto market riding on an upward trajectory, it’s safe to say we’ve entered a bull market.

Most of the top 10 non-stablecoin cryptocurrencies have enjoyed double-figure percentage returns over the week, signalling unified momentum to buy, buy, buy.

Basking in the glory of this market momentum, investors are finally reaping their rewards after months, if not years of agony.

But just how far is this burst of optimism spreading? After all, the crypto market is notoriously renowned for bogus projects and worthless assets. The infamous Ether Rock NFT collection is a prime example of this.

Rock N Sold

Developed by an anonymous creator in December 2017, Ether Rocks is a CC0 JPEG clipart collection of 100 rocks, which vary in colours but are identical in shape and size.

The project is inspired by Gary Dahl’s 1975 satirical Pet Rock in which people subscribed to the humorous idea of purchasing a rock as a pet. Each rock was packaged in custom cardboard boxes, complete with ventilation holes and straw bedding. Dahl’s absurd concept took the market by storm, selling over 1 million Pet Rocks for $4 each.

Ether Rocks takes a leaf out of Dahl’s bizarre marketing campaign by utilizing the power of community, hype, and satire, whilst offering zero utility to the user.

All 100 Ether Rocks have already been sold but global auction house Sotheby’s is listing one of the NFTs in a sealed-bid auction between 14-21 February 2024.

“By bringing the iconic Pet Rock concept into the digital age through blockchain technology, Ether Rocks invites us to reconsider the boundaries of value, ownership, and cultural significance in the ever-evolving landscape of unconventional trends,” Sotheby’s explains on its auction page.

With an estimate of $500,000 to $700,000, the NFT’s price is mindblowing for non-crypto natives and amazes even the most seasoned crypto enthusiast. Considering each Ether Rock was minted starting at 0.01 ETH, with the last Rock selling at 10 ETH at the time, today’s price of these NFTs is nothing short of astronomical.

Yet, its suggested price range could be regarded as conservative. Earlier this week, Ether Rock #19 was purchased for 279 ETH – worth $739,015 at the time. Its value is now closer to $800,000.

Crypto betting site Polymarket reflects a 63% chance that the Ether Rock will sell for over $600,000 at Sotheby’s auction.

In fact, if the Rock sells for the anticipated target of $600,000, it will only be less than half the price of the collection’s highest sale. In 2021, the most expensive Rock was sold for 420 ETH, costing $1,397,277 at the time.

Rolling Stones, Rolling Markets

The strength of Ether Rocks has largely been on par with the strength of the overall crypto market. When the project hit its all-time high sale in November 2021, the crypto market was in extreme bull mode. Ethereum was above $4K and Bitcoin cleared $60K.

Sotheby’s Ether Rock auction comes at a perfect time as the market is generating momentum in today’s bull cycle.

Whether Ethereum can return to its previous highs is yet to be seen but its strength will certainly be reflected in the price that Ether Rock sells for as investors look for diverse avenues to park their money in.

As Blockhead contributor Anndy Lian explains, “The crypto market is anticipated to be more bullish. This brings the degen narrative back to the scene where this is a way to show their social & cultural capital of the NFTs.”

“Wrapped Ether Rock and BAYC are not just digital assets, but also symbols of status and identity in the NFT community,” Lian added on his blog. “Owning a Wrapped Ether Rock gives the holder a sense of prestige and history, as they own a piece of the early days of NFTs.”

 

Source: https://www.blockhead.co/2024/02/15/ether-rock-nft-to-sell-for-600k-bull-market-logic-says-yes/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Major cryptocurrencies like Bitcoin Ether and Dogecoin are trading at a monthly high on Wednesday.

Bitcoin, the world’s largest digital currency, broke $26,500 for the first time in over a month to make a high of $29,883, up about 11% over the past 24 hours. It subsequently broke $30,000 — the first time in more than a year.

Ether was trading at $1849, up 7.5%, while Doge was trading up about 6%, according to data from TradingView.

Recently, BlackRock BLK, submitted an application last week for a Bitcoin exchange-traded fund (ETF) in the U.S.

Additionally, EDX Markets, a cryptocurrency exchange backed by prominent financial entities such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, has launched its trading services.

Industry experts have weighed in on the phenomenal rise, attributing it to several factors, including institutional interest and economic forecasts.

Bitcoin’s Future Performance

Greg Waisman, COO of payments platform Mercuryo, says Bitcoin’s renewed dominance, accounting for 50% of the market capitalization of the crypto ecosystem, has been spurred by the application for a spot Bitcoin ETF by BlackRock and followed by WisdomTreeInvesco, and Bitwise. “The renewed optimism about a BTC ETF from these financial giants is evidence that Bitcoin holds true potential that will boost its future performance,” Waisman states.

Waisman also emphasizes Bitcoin’s burgeoning momentum as a technology with innovative Layer-2 protocols such as the Lightning Network revolutionizing payments.

“The positive sentiment on its capabilities has contributed to the increasing inflow of funds into Bitcoin worth $3.6 billion over the past few months,” he said.

Macro-Economic Indicators

Raj Kapoor, the founder of the Blockchain Governance Council, highlights the role of the Federal Reserve’s decision to halt rate hikes and suggested that the weakening of the U.S. dollar could also be playing a significant role.

Kapoor opines, “The stronger the macroeconomic environment, the higher the Bitcoin price.”

He further mentions the impact of filings for a Bitcoin ETF by financial giants like BlackRock and Fidelity Investments.

Greg Magadini, Head of Derivatives at Amberdata, a crypto data analytics firm, shares insights into ETH call selling since the ETH Shanghai upgrade.

Magadini said, “This flow is some of the largest, persistent flow, ever seen in ETH options… suggesting this flow is institutional.”

Institutional Involvement As A Catalyst

“NFT: From Zero to Hero” author Anndy Lian attributes the surge in Bitcoin’s price to the growing interest among institutional investors, and specifically notes BlackRock’s launching of a Bitcoin ETF.

“This institutional involvement has sparked optimism among traders regarding Bitcoin’s price,” he said.

Lian also highlights the potential correlation between a declining US dollar index and a favorable macroeconomic climate as factors that may continue to positively impact Bitcoin’s price.

Serenity Shield CEO Venket Naga said increased mainstream adoption and acceptance of cryptocurrencies have attracted more investors and users and growing institutional interest, such as the entry of major financial institutions into the crypto market, has provided a sense of legitimacy and attracted more investors.

“The market’s long-term sustainability depends on continued adoption and addressing concerns like scalability and energy consumption. Continued innovation and practical application of blockchain technology, specifically tailored to address real-world requirements, will play pivotal roles in determining the market’s overall sustainability,” he added.

 

Source: https://www.benzinga.com/markets/cryptocurrency/23/06/32950439/bitcoin-ether-doge-skyrocket-should-you-be-buying-at-current-30k-levels

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Bitcoin bull run on the horizon? Experts analyse surge past $25k in 2023

Bitcoin bull run on the horizon? Experts analyse surge past $25k in 2023

Bitcoin, the world’s largest digital currency, surged last week, breaking past the $25,000 mark and reaching a new high for 2023. This was an almost 60 percent gain for the cryptocurrency from the low of $15,742 in 2022 following the FTX crisis in November. Bitcoin’s value has been increasing steadily since then.

The last time Bitcoin was at a similar level was in mid-June of 2022, after which it stagnated for a prolonged period, with values hovering in the $19,000 to $21,000 range for several months. The cryptocurrency is still well below its peak of $68,992, which it reached in November 2021.

Experts said that while the surge above $25,000 was a positive sign, the market remains susceptible to sudden changes. They advise investors to remain vigilant and prepared to react quickly to market movements.

According to Ben Sharon, cofounder of LumiShare SRG, factors such as regulatory changes, geopolitical tensions, and the performance of major players like Bitcoin will all have an impact on the market, which looks positive at this stage. “The bull market will begin within the next two quarters,” Sharon told Moneycontrol.

Matter of regulation

Another market analyst said Bitcoin is still largely misunderstood or misrepresented and the real question for investors is how regulatory authorities treat the cryptocurrency ecosystem.

Nathan Thompson, a lead tech writer at Bybit, noted that Bitcoin is currently traded as a risk asset and is affected by many macro factors. These include inflation, recession, and general discourse, which have a direct impact on the price of cryptocurrency.

Thompson emphasised that Bitcoin and other blockchain-based assets are a net gain in terms of access and efficiency and if allowed to flourish, they will increase productivity and growth worldwide. Sean K. August, CEO of The August Wealth Management Group, said crossing the $25,000 mark is a significant milestone for Bitcoin, which could potentially continue to rise in the short term.

However, the future of Ethereum, the second-biggest cryptocurrency by market capitalisation, may depend on factors such as the adoption of the Ethereum blockchain and the launch of new projects and applications.

August said the crypto market is highly volatile and subject to fluctuations, influenced by factors such as regulatory changes, adoption by institutional investors, and the macroeconomic environment. Modulus CEO Richard Gardner notes that the macroeconomy is only moving the market for the short term, and the real question for Bitcoin investors is how regulatory authorities will treat crypto.

Until there is regulation, the sector will be stuck in a holding pattern. Gardner predicts that crypto will truly break free in a meaningful way only when regulatory authorities provide oversight.

Intergovernmental blockchain expert Anndy Lian said the recent surge in BTC price cannot be attributed solely to its intrinsic value – it is also heavily influenced by the current global economic climate. Bitcoin is viewed as a safe haven asset and its decentralised nature makes it an attractive option for those who are sceptical of traditional financial institutions.

Whitney Setiawan, a research analyst at cryptocurrency exchange Bitrue, has predicted that the current market for Bitcoin and Ethereum could signal the start of a bull run in the near future. According to Setiawan, the crypto market is influenced by factors such as inflation slowing globally and the US Federal Reserve taking a slightly dovish tone.

Setiawan cited the bottoming of crypto prices and the buy-on-the-dip mentality of traders as the main drivers for the recent price surge. Setiawan noted that historically, bear market rallies with a parabolic upward movement are quite common before a substantial decrease in price, and this could be the case this time as well.

 

Source: https://www.moneycontrol.com/news/business/cryptocurrency/bitcoin-bull-run-on-the-horizon-experts-analyse-surge-past-25k-in-2023-10167331.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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