March 8, 2024

🥛 Bitcoin vs. Altcoins 🥊

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GM. This is Milk Road, the crypto newsletter that makes every day feel like a payday.

It’s Friday. BTC’s flirting with $69K. ETH is a blink away from $4K.

Life. Is. Good.

Here’s what we got for you today:

  • BTC vs. Altcoins 🥊

  • Introducing… “super-fungible tokens” 👀

  • Bitwise thinks ETH could hit $10K this year 🍪


During a bull run, lots of cryptocurrencies go up in price. 

It’s like that one episode from Oprah… “You get a price pump! You get a price pump! Everybody gets a price pump!”

But not all gains are created equally… Some jump 50%. Others soar 200%. 

That’s why it’s important to track how assets perform relative to each other. That’s where trading pairs come in.

They denominate the price of one cryptocurrency in the price of another cryptocurrency (vs. just U.S. dollars). 

And here’s how the top Altcoin/BTC pairings have performed over the last year:

Out of the Top 200 tokens… only 39 have outperformed BTC.

(*mimics Chris Tucker's voice*)“DAAAAAAAAAMN!” 

That’s a lot of red

The big takeaway: If you plan on buying a bunch of altcoins, it’s a good idea to measure your performance against blue chips – like BTC, ETH, etc. 

That way, you can see if all your active investing is providing any incremental gains compared to just holding the big-name tokens. 

Spoiler alert…. most investors are better off with the “set it and forget it” mentality. (AKA just buy blue chips and chill).


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You’ve heard of fungible tokens…

And non-fungible tokens (NFTs)…

Now say hello to super-fungible tokens. 

  • Sony filed a patent to create “super-fungible tokens” (SFT) for video games. 

  • SFTs = a bundle of NFTs that are tied to in-game assets. Think skins, weapons, etc. 

  • This makes it easier for users to transfer, sell, and trade their in-game assets. 

  • The SFTs are stored and tracked on a “distributed ledger”. AKA a blockchain. 

Here’s a quick diagram of how it works…

This is big. 

Gamers spend billions of dollars on in-game assets each year. (In 2020 alone, gamers spent ~$54B on skins, weapons, etc.).

And just to be clear – these skins don’t actually do anything in the game.

Just like wearing Jordans doesn’t make you dunk, and Lous Vuitton doesn’t make you more French.

They’re more like status symbols. Look good, feel good. 

But there’s a problem… gamers don’t actually “own” the assets they buy. 

Can’t sell them. Can’t trade them. Can’t transfer them to another game. Nada. 

NFTs and SFTs change that. In theory, you’d be able to… 

  • Sell or trade your in-game assets as NFTs, or you could bundle them together as an SFT (i.e. trade 1 skin + 1 gun for another set of skins/guns).

  • Take an item from one game and directly transfer/use it in another game that supports the SFT infrastructure. 

It’ll probably be a few years until we see this implemented in the wild, but it’s still pretty cool to see that gaming giants (like Sony) have NFTs and blockchain tech on their radar.


Properly filing crypto taxes can be a daunting task. Thankfully, various platforms have emerged to ease the pain of tax season and make filing your crypto taxes as easy as filing regular taxes. Check out Milk Road’s Tax Software guide here.

Bitwise is predicting ETH could run to $10K or higher this year. The main catalysts? The upcoming Dencun upgrade and excitement around spot ETF applications.

Bitcoin ETFs have accumulated $8.5B in net inflows since they launched less than 2 months ago. The funds are now consistently pacing within the top 20 most actively traded ETFs each day.

Daily trading volume on crypto exchanges (CEXs) has risen to $100B. Crypto investors haven’t been this CEX-ually active since 2021. 

Bitcoin’s “Kimchi Premium” hit a new 2-year high in South Korea. The rise in the “Kimchi Premium” (i.e. the gap between BTC prices on South Korean crypto exchanges and global exchanges) is a bullish sign that retail investors are getting back into the market.

Kamino has scheduled its token airdrop for April. The Solana-based DeFi protocol will take a snapshot of eligible users on March 31.

Binance launched a new platform (called Next) that will let users bet on future token listings. If successful, these users would earn rewards in the form of bonus vouchers for futures trading or trading fee rebates.






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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.