🥛 Is ETH officially back from the dead? 💀

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GM. This is Milk Road, the newsletter that delivers crypto insights like your cat delivers dead mice.

(It’s how we show love.)

Here’s what we got for you today:

✍️ $ETH is moving like a memecoin
✍️ We’re not ‘back’ (but that’s a good thing)
🍪 eToro just pulled off a successful IPO

Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

$ETH IS MOVING LIKE A MEMECOIN

That headline isn’t one of those “kind of, but not really” analogies.

It’s legit: over the last 7 days, Ethereum has been moving like a memecoin.

Source: CoinGecko

Seeing $ETH pull these sorts of short-term returns is kinda like if your elderly neighbor challenged you to a quarter-mile dash – and damn near beat you!

Here’s what makes $ETH’s recent move so impressive…

1/ The larger the asset, the harder it is to move

Ethereum is the second largest crypto asset out there with a market cap of ~$313B.

This means for it to move, say, 5% in a day – it will need ~$15B to be added to its market cap in a 24hr period – that’s, er *counts finger* a lot.

(And right now $ETH has moved an average of 6% per day for the last 7 days!)

2/ This is why memecoins’ returns are usually higher than major tokens

Fartcoin has a market cap of ~$1.4B right now. If it were to go up by $1B – that would equate to a ~71% increase in $FARTCOIN’s price.

If Ethereum’s market cap were to go up by $1B, it would equate to a 0.32% increase in $ETH’s price.

Same increase in market cap ($1B) – a ~220x difference in price action (71% vs. 0.32%)!

3/ Ethereum is up one whole Solana right now

Solana’s current total value is ~$93B…

Over the last 7 days, Ethereum has added ~$93B to its market cap and moved ~43%...

Meaning Ethereum added the equivalent of Solana’s ENTIRE market cap over the last week!

The problem with all of the above is:

Long-term, Ethereum is still in a world of hurt (even now, it’s down ~23% this year!)

Hell, the entire digital asset space isn’t as ‘back’ as crypto Twitter would have you believe.

Want to learn why? Keep scrolling to the next article…

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GOOD NEWS: WE’RE NOT ‘BACK’ 💪

Sounds weird to call this good news, but hear me out…

Hope has flooded back into the market with the Fear & Greed Index sitting in ‘Greed’
Over the past two weeks, roughly $500B has been added to the total crypto market cap
Every single token in the Top 10 cryptocurrencies by market cap is up over the last week

Which is great to see! But it can’t last forever.

When investors get drunk on good news and positive vibes, the market tends to step in and sober everyone up with a nice dose of stagnation, or even a pullback.

Now, that may still happen – but the good news is:

If it DOESN'T, the market still has room to keep climbing.

Here’s where we’re at…

1/ Bitcoin is ripping, but search interest is at bear market levels

Translation: retail isn’t here yet.

Source: @misterrcrypto

2/ Most of the Top 100 tokens are still underbought

The chart below tracks the total crypto market cap (blue), along with how many of the Top 100 tokens are above their average trailing price over the past 100 days (red).

Confused? Same. Here’s a simple way of reading the chart:

Red line above blue = crypto prices have room to fall

Red line below blue = crypto prices have room to run (← we are here 🙋♂️)