BTC was about to hit a nine-day winning streak — but couldn't, as its recent price momentum appeared to have slowed down at least temporarily.
This was maybe due to the exploit that Axie Infinity’s Ronin Network suffered. It was a $625 million hack, which is probably the largest exploit in DeFi history!
But the dip has been bought up as bitcoin remained above $47,000, a sign of great strength amidst the news of the hack. Even AXS, the governance token for the Axie Universe held up quite strongly. This builds faith in retail investors that the fundamentally sound projects such as Plastiks, Decantraland, and Sandbox that are linked to the NFT marketplace will likely show strength as well. Plastiks serves as the bridge between plastic producers and recyclers, where you can tokenize your recovery data for monetization. Decentraland allows you to buy and sell digital real estate, while exploring, interacting and playing games within their virtual world. And, Sandbox provides a virtual environment where you can build, own, and monetize your gaming experiences! Such projects will very likely thrive as BTC trends up.
Further, the 8 consecutive green days seen on the BTC chart are interesting because in the past decade, Bitcoin has had an 8-day win streak only 16 times. And most of those streaks were back in the very early days. In addition, each such streak has led to massive rallies, so we might see a six-figure BTC by the end of the year! Fingers crossed
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/u/peterhoegir
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