Episode Summary

Today On Crypto Breakdown Joe Dewitt looks at:

• Why this is a healthy pullback for Bitcoin
• Why Ethereum market sentiment is so strong
• The critical $ level for Dogecoin
• The main difference between Bitcoin and Dogecoin
• What altcoins are and their utilities

Questions? Ask at [email protected] and we will answer!

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Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody happy Friday. My name is Joe Dewitt, and this is the crypto breakdown starting off our day as usual, taking a look over at Bitcoin price. As we discussed yesterday, it fell below our crucial 58,000 support level, which puts us in a lower zone of that 58 to 43,000. Now this isn't something.

To worry about necessarily. Um, retracements like, this are very healthy. Uh, these types of pullbacks are expected before long runs Bitcoin price falling below 52,000, um, will bring some concern. But until then, this should be considered a very healthy drawback. Taking a look over at a theorem. It is looking great today.

Bounce off of that 3,900 support level, which was a previous all-time high yesterday. I discussed the possibility of falling down towards that 3,300 support and also the bullish case of bouncing past the support level and up towards all time highs. And it looks like we are taking a deep bullish route.

The theorem can continue to get that upward momentum and push past that 4,400 zone price should be able to revisit all time highs and absolutely no time. Um, overall market sentiment behind a theorem is very, very strong. NFTs are at an all time high and the adaptation of defy is growing. Definitely keep an eye out on Ethereum as they look to fully roll out to the Ethereum 2.0 and switch over to proof of stake, which will dramatically increase transaction time and transaction fees, lowering gas.

Which will be absolutely great for the community and the entire space. Now, taking a look over at dos coin, doge coin does look the least healthy out of the three. Those coins currently is heading down towards its target of 15 cents. This 15 cents support level would be, uh, I would consider the last straw falling below that 15 cent mark would not be a great scenario for dose coin though.

There is some time before we get there currently falling below the 50 day and 200 day moving average. Price sitting at about 23 cents. Um, there is no near support levels. The closest being this 16 cents and doge coin continues to get read volume on the daily. If this red volume continues to come in doge coin, we'll be looking at a little bit of a bear cycle for the next few weeks, although depending largely on.

Bitcoin and what it decides to do within the next few days, doge coin could reclaim price. Although, as I said, that's going to depend largely on Bitcoin and other blue chip projects. And today guys, for my special feature, I'm going to talk about the difference between Bitcoin and altcoins. So Bitcoin is considered the world's largest and first peer to peer decentralized blockchain network.

It was created for, um, decentralized peer-to-peer transactions right now with a market cap of about 1.3. And all coins would be considered. Any alternative coin that is not Bitcoin since Bitcoin is these value of storage for the entire, uh, decentralized finance market, the entire space of defy. Any other coin that is not Bitcoin would be considered an alt so popular, all coins consist of meme coins or shit coins, which could be anything from Eidos safe.

She, but you knew, uh, coins among that class two traditional layer ones inside chains like MADEC or BNB or Solano or chain-link. Uh, the main difference between the two would be Bitcoin is essentially the most fundamentally strong asset currently available. Crypto space. This is because it is the first cryptocurrency.

And because everything that it stands for is decentralization. So without the success of Bitcoin, you can't necessarily have the success of decentralization and other cryptos. So for other cryptos to do well, essentially Bitcoin needs to be hand-in-hand with market. So that being said, Bitcoin is a very, very large market indicator.

Is that. Those coin as Bitcoin price likes to move, all coins will follow. This is not always the case, although Bitcoin does lead to all coin market movement. Another great thing about all coins is they each offer different utility. So you can use these cryptos for different things that you wouldn't want to use.

Bitcoin for like light coin you could use for micro transactions because the block time is slower and transaction fees. Also, it allows people, alternative investments for people that don't necessarily want to buy Bitcoin in conclusion. It is just good to know that all coins are considered alternative coins to Bitcoin.

That's all the time we have today. Guys, thank you so much for tuning in. You can follow and subscribe to our podcasts and you can follow me on Twitter if you'd like, which will all be the description below

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