GM. This is Milk Road, your friendly neighborhood ‘crypto information sponge’ (squeeze us out daily → get smarter about crypto).
Here’s what we got for you today:
- ✍️ Alts just entered price discovery
- ✍️ 2 weeks → $7B absorbed by this new chain
- 🎙️ The Milk Road Show: Why Hyperliquid Might Be the Most Undervalued Asset in Crypto Right Now w/ David Schamis
- 🍪 Fed minutes signaled more rate cuts
AgentSea is a private and safe chat interface that has 50+ AI models including ChatGPT, Claude, Grok, and Gemini in one place. Get started today for just $1/month.
Prices as of 2:00 PM ET, provided by CoinGecko.
ALTS HAVE OFFICIALLY ENTERED PRICE DISCOVERY 🤝
Remember about a month ago when we said the TOTAL3 (aka: the crypto market cap, minus $BTC and $ETH) was approaching the ‘starting line’ of a potential breakout?
Yeah, well – it just crossed it.
The TOTAL3 is officially in ‘price discovery’ mode on the weekly timeframe!
Sounds cool…but what does all of that actually mean?
Here’s the basic gist: when an asset or asset class breaks its previous all-time high, it enters price discovery (aka: price territory it’s never explored before).
- The 2018 bull market peak for the TOTAL3 was ~$358B – marking the new ‘starting line’ for future price discovery.
- In 2021, its market peak was roughly $1.13T – again, marking the new ‘starting line’ for any future price discovery.
And over the past year, the TOTAL3 bumped up against the previously set $1.13T price discovery ‘starting line’ a total of 6 times…
All before breaking it on its 7th attempt, when the weekly candle closed at $1.14T this past Sunday:
Hell yeah! So where to from here?
Well, if history repeats itself and TOTAL3 logs the same gains it did between the 2018 and 2021 peaks, we’re looking at a 215% gain from where we are today (~$1.13T), or roughly a 3x.
Here’s the zoomed out chart, covering all the data points we just ran through:
Now, here’s the catch…
As asset classes become more valuable, they require greater amounts of investment to move up in price.
Meaning a 3x from $1.13T over the next year is going to require a whole lot more momentum (dollars invested) than it did to move 3x from 2018’s peak of $358B.
So we’re not holding our breath on a full 3x.
Either way, the charts are telling us to expect further upside in TOTAL3 over the coming 6-12 months – and we’re more than happy with that.
(Let’s light this candle.)
BETTER THAN CHATGPT
Here’s how I use AI: ChatGPT for general tasks, Grok for timely research, and Gemini for images.
But what if you could use all 3 on one platform?
That’s where AgentSea comes in.
It's a private chat interface that covers over 50+ AI models, offering:
- End-to-end encryption
- Zero profiling of your AI chats
- A rapidly growing library of AI models
Still juggling multiple AI subscriptions? You only need one: AgentSea.
Get started today for just $1/month.
THIS NEW CHAIN ABSORBED $7B WORTH OF STABLES IN 2 WEEKS 😧
Everyone needs a friend that’s a full-on DeFi nerd.
(DeFi is a busy space, and knowing what to focus on is an art.)
For me – and I’m guessing most of the Milk Road team – that friend is Martin (aka: m0xt), our lead researcher over at Milk Road Crypto PRO.
And at 3:10 am this morning, Martin sent me this:
So what’s Plasma, and what changed his mind?
In short, Plasma is a layer 1 blockchain built for high volume, real-world stablecoin transfers – specifically: for Tether’s $USDT, where any/all $USDT transfers are free on Plasma.
(Think of it like the onchain Venmo. No fees / largely consumer focused.)
And Plasma has recently been grabbing headlines after it broke into the top 5 chains by stablecoin supply – just two weeks after it launched.
That’s nuts! But it makes sense.
‘Cause Plasma has been offering crazy incentives in an attempt to pull stablecoin supply onto its new chain.
(Hence Martin’s initial comment about it being ‘over-incentivized’.)
So what made him change his mind?
A combination of things…
- The Asian market loves $USDT and will likely jump at the chance to ditch the fees on Tron (which is where most $USDT tokens typically live)
- Plasma is backed by the Tether CEO and is likely going to get a bunch of support from them
- Plasma recently announced a borderless, Venmo-style, onchain consumer banking app called ‘Plasma One’ 👇
Massive market + big backers + a sleek consumer app, offering big value =
We’re not sure just yet, but Plasma certainly has our attention.
CRYPTO PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔
The current market is less ‘up only’ and more ‘up sometimes, sideways other times’.
(What gives?)
Time to check in with the cycle indicators.
ICYMI: crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.
These indicators are updated daily and available to Crypto PRO and All Access members on our website.
Not a Crypto PRO or All Access member? Well today is your lucky day!
🥳 To celebrate $ETHs recent rise, we’ve decided to give away Crypto PRO and All Access at a 20% discount for the next week!
CRYPTO PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
We’ve added a new research tool to this page. And honestly, it’s on us for not including it sooner. We use this one every single day.
Japan shock is a big market signal. What does this mean for asset markets?
“More rate cuts incoming”. The Fed meeting minutes dropped yesterday afternoon, signaling more rate cuts to come.
Gonna be hearing about this from my uncle. A new Chainalysis study estimates that more than $75B in criminally-linked crypto is currently identifiable onchain.
Uh oh, time is running out. Our secret, limited run Patience Cap goes dark (forever) in ~8hrs. If you like what you see, get it before it disappears.
Zero trading fees. Up to 5% APY on cash. Up to 4% cashback on your Crypto.com card. These are all the benefits you get with Crypto.com’s “Level Up” rewards program.**
**this is partner content.
RATE TODAY’S EDITION
What'd you think of today's edition?
MILKY MEMES 🤣
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
