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Markets die on Euphoria

Over the last 6 months, the market cap of all cryptocurrencies has doubled, and Bitcoin has risen more than 300% from its low in the fall of 2022. It’s market cap surpasses $1.3Tn so it can be considered the eighth wonder after the #magnificent7. It’s all time high was reached on November 2021 at $68.9k, so it’s just 5% away from a new all time high. Japan’s Nikkei index is trading at all time highs as well, after 35 years and a lot of money printing, and U.S. equity indexes are at, or close to, all time highs, alongside US National debt. Paraphrasing sir John Templeton, are we entering a phase of euphoria? If so, Is it logical to be in this phase after the Fed has risen rates at the most aggressive pace in history?

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