Image Source: Unsplash

Let’s touch base on crypto, shall we? We'll begin with the biggest of the big, Bitcoin, which didn’t exist when Barack Obama first entered the White House and is now “worth” about $2 trillion. It has had a sensational recovery since April 7, but the cold fact of the matter is that its price isn’t any different than it was in December 2024. Six months of an extremely pro-crypto administration, and zilch.

There was a time, of course, that Bitcoin did nothing but go up. It would pause from time to time for a little while, but in successive waves, it lurched from its initial value of a penny to a dollar, to a hundred dollars, to a thousand, to ten thousand, then to a hundred thousand.

Its unabashed glory days ended with the mania of 2021, and while no one could argue that Bitcoin hasn’t been successful, the quadruple-digit percentage gains are way back in the rear-view mirror.

The best thing the HODLers could hope for at this point would be a resolute, no-looking-back push above $112,000. So far, with half a year spent trying to do just that, it has sputtered every time.

The much smaller DOGE coin is doing far worse. It peaked around May 2021, precisely in time with Elon’s hosting of Saturday Night Live. When Elon was slated to save $2 trillion in government spending, DOGE had another huge lift (I guess they figured that because the effort was called DOGE it would be good for the coin), but that has clearly flopped just as supremely as the cost-cutting itself did.

As for Ethereum, the speculation that the broken trendline would hold back the coin has been rock solid. Far less rock solid was my supposition that the QQQ would ape this behavior and likewise be held back. Nope. QQQ has muscled right on ahead to lifetime highs, leaving ETH in its trendline-restricted existence.

More By This Author:

July ETF Update
Goldilocks And The Bears
Mid-Year Index Review