Yo, what is going on? You guys welcome back to another video. Hopefully you guys have been having a great weekend so far today is monday, also known as memorial day and before we even get started with today's normal viewing. I just got ta say happy memorial day and hopefully we can all take a little bit of time to honor and remember any fallen soldiers uh that have just protected this country during this time. I know the finance industry often won't.

You know be talking about days like this, but for me personally, uh, even though i'm not active duty, military or anything like that. I have a lot of close friends and family members who have served in the military, and i know every day we take for granted. This type of freedom that we have being able to live in this country - and we also take for granted the safety and just being able to live every day, not having to worry about some dangers that other people and other countries may face. So before we even get started big honor, big respect to anyone serving in the military and just any of our fallen veterans and warriors as well.

Now with all that being said, you guys a lot of interesting things to cover in today's crypto update video. Let's hop into the computer and see what's up, and let's also share with you guys some news on what to expect for this coming week and some very interesting articles that i also wanted to share about in this video all right. So first things. First, the crypto market is at 1.64 trillion dollars or a 5 increase over the last day.

So, as you guys know, if you've been following along this channel, many people were speculating that sunday would be a terrible day for the crypto market and monday. If sunday didn't happen, monday would end up being worse. Well. Today's monday, i feel like everyone's at home right now enjoying time with their family.

You know taking a day off of work for this holiday and, for the most part, we're seeing some pretty good green in the crypto market. Now we have a lot of exciting news: tomorrow's tuesday, where the stock market opens up as well. I know amc has been trending, we've talked about it a few times on this channel as well in the most recent days. So i'm really excited to see what's going to happen with amc this coming week, because i do believe that we are going to get a trickle effect from the stock market with these meme stocks going into cryptocurrency.

So make sure you guys watch the very end of the videos, like i said today, we're seeing an overall green day. Here are some of our big winners. Surprisingly, ethereum back at 2600 today or up 9.7 in the last 24 hours or in the last week, they're up 3.64. Now a lot of news that we're getting especially over on twitter, social media and a lot of different, in-depth articles that i'm reading is talking about.

Something called the flipping, so what is the flipping? The flipping refers to the possible future event when ethereum overtakes bitcoin to become the most valuable cryptocurrency in terms of market capitalization. Until recently, bitcoin has held the top spot without any serious competition since its creation in 2009. On february 24, 2017 bitcoin's market capitalization represented 86 of the total market cap of all cryptocurrencies. So what they're referring to right? There is actually going to be what we talk about a lot on this channel that that bitcoin dominance, which is currently at 42.

So if we go ahead and scroll up, we can take a look at three different metrics to see if the flipping would be imminent. So we have market cap trading volume and mining reward where we compare ethereum to bitcoin to see what the likelihood of the flipping happening is so ethereum is currently at 308 billion, while bitcoin is at 692 billion. The chance of flipping here is less than 50 still, because ethereum's market cap is almost half of what bitcoin is, but take a look at the trading volume. In the last 24 hours, ethereum's trading volume is almost near.

What bitcoin is at 30 billion dollars compared to 38 billion dollars so flipping at 78? So currently, the mining reward for ethereum in the last 24 hours is 73 million, while bitcoin is at 66 million. So the flipping chance on this is over 110 meaning in this criteria for the mining reward they have done better than bitcoin. I am very curious to hear what you guys think. Do you think a flipping could happening with ethereum to bitcoin? I personally do see a lot of potential in ethereum overtaking bitcoin in terms of market cap, but i do believe bitcoin is always going to be number one top dog just because it is still that og first cryptocurrency for me personally, i am still very bullish on Ethereum, even right now, while the overall one month is still looking red only because every time we've had those significant dips anywhere below two thousand dollars like we saw in the last month of may, we could go ahead, pick those discounts up and find our average cost Going down in order to still make profits during a bear, i don't even want to say, bear because no one knows what's going on right now, but definitely a downward trend.

At this moment now, going down, cardano is back at a dollar seventy cents or up seven point. Eighteen percent. Today, finance coins still trading sideways 348 dollars, xrp barely getting past that one dollar price target right now, and then we have dogecoin at 32 cents up 6.59 percent. We also have polka dot up 10 today, so they're at 22.

Today, unit swap is up 14 for the week up, six percent for the day and at 27 icp going down again getting close to a hundred dollars, uh one last time and still down 21 for the week and what you'll also notice is some stable coins, like Usd coin is going up on the uh market cap, so they're probably going to start contending with other cryptocurrencies like tether, which is standing at number three right now going down. We have one of my favorite cryptocurrencies v chain up 14 today, solana of 12.37 as well. Uh ave, which is up 14.65 and then, let's see if we got any big winners as well, so crypto.com, making a little bit of movement as well too kusama, 14.55 percent, a pancake swap up 10.34 percent. Uh cosmos is up eight percent thor chain, rune up 13 and just to make sure that we didn't miss a thing.

Let's go ahead and look at our 24 increases shiba inu having a little bit of a run up today at 19.5 percent. On this monday may 31st day and then chain link, let's go so chain links actually making a pretty uh decent movement as well too so chain link 30 93 cents. It was trading sideways at 25 for a while it went even lower than that when we saw bitcoin had that stumble about a week back. So it's really amazing to see a lot of these top cryptos that i often talk about on my channel.

That's added to my watch list finally, making some movements today so, unlike what a lot of bears were predicting sunday and monday to be absolutely brutal, with like bitcoin going to 15 000, like no we're seeing a lot of movements right now, bitcoin is trading a little Bit sideways but overall, the other all coins in this market is having a fairly green day right now, so definitely a lot of good news for the overall market, but what we really need to see in order to start getting some more traction is the price we Got to start seeing some resistance levels getting broken, bitcoin forty thousand dollars and the overall best case scenario. Resistance level to get shattered would be forty two thousand dollars like we've been stating on this channel for many many weeks now, ethereum it'd be great to see theorem go back to three thousand dollars and anything after that. I do believe we're gon na have a good higher optimistic chance to start moving over into the higher position territory. So what can we tell from what is going on in today's market right now, we'll notice that the change in hands are still happening, meaning short-term holders? What we're seeing right now with this purple line, they are getting rid of their bitcoin and most of these people selling their bitcoin, the ones that are paper-handing their trades are actually losing their money on short-term volatility, so they are not selling their crypto their bitcoin.

For a profit, a lot of these people are taking their losses right now, while long-term holders are accumulating and buying up the dip. So we're seeing that change in hands from paper hands to diamond handlers, which is overall, a great sign, a great foundation for the overall market, knowing that whenever we do start going into a bullish trend, we're gon na have a much stronger foundation instead of people who Sell at a loss right here now, on top of that we have minor accumulation, and this is people who mine, bitcoin and oftentimes. You may ask yourself: do people who mind bitcoin make a lot of money and what do they do with their bitcoin? They must be diehard enthusiasts, so this kind of goes back to the analogy with uh drug dealers. Okay, i don't like using this analogy, but it's just the one that makes sense.

So, if you're someone who is selling illegal drugs, are you often taking those? Do you know any top kingpin drug dealers in the video games and the tv shows that are getting uh high off their supply? Usually that is not the case. Usually, people who are selling the supply aren't the ones that are consuming it too, and we have to realize with miners they may not be the biggest enthusiast of bitcoin. They may just be running mining operations just for the sole intent of accumulating more money. So so, with miners deciding to accumulate more of their bitcoin during this time and not sell off any at this point, this is a pretty good sign, because naturally, miners are just in it.

You know to make more money if they are still holding their positions and not selling anywhere near the bottom right now. This is going to be overall bullish news as well. Now. One thing we did not mention yet on this channel was biden's proposal for his six trillion dollar budget to make the us economy more competitive, uh.

The reason why i didn't talk about this, because overall, this would be good news for cryptocurrencies, because every uh, whatever every election year, every time we have a new president. This is something that they publish in order to create as a statement, there is almost little to no chance at all that this is going to go through congress and pass at its current state at all. So a lot of this is what i would consider political theater. It's not real news and i did go through the entire budget, which was frankly a waste of time too.

So uh no need to do that. But generally the headlines like this that you see on the news and that other crypto uh news outlets pick up they're gon na try to point this in a direction where it's good for the overall crypto market. I believe this really has no play. It does scare a lot of people because inflation does point more people towards other forms of cryptocurrency uh, but you know in essence when inflation goes up, it still hurts everyone, regardless of what's going on so we're just going to mention that there biden did propose a Six trillion dollar budget to make us more competitive, not great news, nothing terrible either, just something that you should know about now in reference to the glass node supply trend play that i showed.

We can also see right here that the short short-term investors sold more than 1.2 million bitcoin at a loss, so generally people who enter this market most recently are selling their positions and they're not making a profit they're exiting while losing money in the market. Is this good news or bad news? Well, if you're holding bitcoin, this is still good news, because this is getting swooped up by additional big retail investors. A lot of whales coming in, and a lot of that is going to tell us that this is nowhere near the market top. This is nowhere near the end of this bull market cycle if whales are buying it up immediately, because they're still seeing this as a good deal now of whales who have been on top of the crypto market and who have a lot of influence in the overall Movement of where we could see things go.

We have to realize that if thirty thousand dollars for crypto right now was the absolute top and fifteen thousand dollars was more realistic, they would be loading up way more in those price ranges than seeing the 28 to 30. 000, a significant deal for them to swoop this up this quake. So a lot of this is still good bullish news scrolling down. You can see that point emphasized right here.

American bitcoin whales continue to buy the dip long-term bitcoin holders. Between 10 000 to 100, 000 bitcoin were observed to be buyers in the dip mopping up around 122 588 bitcoin. These buyers seem to be coming from the usa, as evidenced by a 3 000 bitcoin premium on one of the largest us crypto exchanges. And if we take a look at the otc or the over-the-counter transfers, we could see that it rose to a record high of 245 on a thursday, a 10-fold increase compared with a week ago.

So really good news right now and a lot of people who don't know things in the market. My biggest tip is, if you don't know, what's going on, follow the whales see what they're doing right now and if the whales are getting scaled scaled. If the whales were getting scared, that's when i'd be a little shaken up to, but it looks like the confidence in the overall market has not died down right now, and even this past weekend, where everyone expected this to be the 10th, a 15 000 bitcoin, we Saw nothing like that, so i'm gon na emphasize this time and time again right here, folks, man, nothing fundamentally has changed with these cryptocurrencies so overall in the crypto industry, we're still getting a lot of good news. It looks like elon musk is changing his stance on how he felt about bitcoin and the climate uh with him teaming up with michael saylor and announcing the bitcoin mining council.

If we were able to see bitcoin hitting 60 000 just a few months ago. I don't see a reason why we couldn't hit that again in the future and guys keep in mind we're only in june right now. We still got a lot of time. A lot of interesting plays to happen before the end of this year.

So don't think that because we've been hearing a lot of fud from other creators, influencers celebrities or you name it even a lot of these uh crypto news channels like let me hop on coin telegraph right here. So a lot of these institutions, i'm telling you everyone's getting paid by someone - everyone has their own agenda. We go in here worst month for bitcoin. Two bitcoin price indicators suggest that it hasn't bottomed out, like that's the editor's choice, they're gon na throw that in the hot story saying uh you know, 37 hundred is bitcoins crucial line in the sen.

It's all gon na be clickbait. It's all gon na be fun in order to get more people to click on their articles so that they can check out their ads and whatnot don't fall for it. And it's crazy, because if you do a little bit of digging and realize that a lot of these news outlets have pockets somewhere deep man, you know focus just on the fundamentals: focus on the overall project of crypto and you won't be stirred up as easily as Many of these institutions are trying to brainwash the people to be even just as an example you guys, like coin market cap. You would assume that this is just no agenda.

You know just giving us the news out here doing a good job, but if you do a little bit of research, you can also find that coin market cap was acquired by binance a little while ago. So uh do your own research right there. But if i go to any one of these cryptocurrencies i know i can buy bitcoin easily with any other exchange, but check this out. If i go to buy it's going to show binance.

If i go to any other cryptocurrency, it's going to show binance because they're owned by binance they're going to try to funnel that money. So you know a lot of these institutions a lot of these websites, a lot of these organizations. They all got strings. They all got their own little thing going on in the back end, so you know i just got to say i just got to educate my people, regardless of what you hear in the news, regardless of what people may say, regardless of what other people may tweet, Like elon musk, fundamentally, nothing has changed with these cryptos.

Okay, guys, i'm gon na end the video right there. Thank you all so much again for watching. I will be in miami in about less than like two days from now. So i've been extremely busy.

I'm gon na try my best to get some uploads out this past week or this coming week i mean and uh. If i don't, i apologize, i usually don't take a break like this from work. This is the first vacation that i've taken in a very long time and, as you know, with youtube and a line of work like this, it's really 24, 7.. So uh, it's been! It's been like years since i've taken a vacation like this that that that is still considered a work trip, i'm looking to have a lot of fun, relax get a little bit of sun in and i will keep you guys up to date.

Thank you all. So much again for watching don't forget to check out weeble down below in the description two free stocks, one valued up to eighteen hundred fifty dollars check out surf shark, if you guys have not yet already eighty three percent off and three months free and one last Thing don't forget to check out block five where you can get up to two hundred fifty dollars, depending on how much you deposit. Thank you all so much again for watching. Don't forget to follow me over on twitter and on instagram and until next time see y'all later peace out.

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