Ethereum Breaks $500 For First Time In Cross-Crypto Frenzy

Ethereum is now worth more in USD than ever before as enthusiasm spreads beyond Bitcoin.

Ethereum has reached $500 for the first time on the strength of future plans and Indian markets opening up trading. Data from cross-exchange resource Coinmarketcap shows ETH currently trading around $525 at press time, topping new highs of $400 seen just six days ago.

The moves echo those of Bitcoin, which has added proportionately similar gains in a similar timeframe, and increased by $1000 in the past 24 hours alone. Co-founder Vitalik Buterin had unveiled the ecosystem’s roadmap at a Taiwan conference last week, eyeing Casper and other technical advances intended to address some of Ethereum’s current issues.

In addition, major Indian exchange app Zebpay added Ethereum trading as a direct response to user demand. In a blog post Monday, it revealed it would also add Litecoin, Ripple and Bitcoin Cash to its books.

Having begun the year at just $8, Ethereum is one of the miracles of 2017’s cryptocurrency explosion. Ethereum Classic, Litecoin, Monero and Dash also posted new all-time highs in USD today.

Source: Coin Telegraph




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Increasing Adoption Demonstrated by Huge Trading Weekend for Bitcoin, Soaring Prices Market-Wide

Cryptocurrency trading volumes reached nearly half of Nasdaq’s average on Sunday, showing increasing adoption.

In a sign that adoption is massively increasing, trading numbers from last weekend indicate that the volume of cryptocurrency trades exceeds that of many US equities trading markets. The volume of Bitcoin traded on this past Sunday alone was more than $5 bln – more than the IEX, the Chicago Stock Exchange, as well as many others.

Two weeks ago, a similar volume spike was caused by the sudden (and brief) reversal of fortunes between Bitcoin (BTC) and Bitcoin Cash (BCH), as the cancellation of the scaling proposal SegWit2X led to a massive pump of the latter. Prices for BCH rose to a stunning $2,500, and many speculated that the community had begun shifting loyalties.  As the BCH price pump continued, BTC lost 25% of its value, dropping to $5,500.

Yet the reversal was reversed again, as Bitcoin came roaring back and Bitcoin Cash slumped. The price of Bitcoin quickly returned to its previous level, then consolidated at an all-time high before pushing through $9,000 and threatening the carefully-watched $10,000 level this weekend.

Adoption growing

Devotees to either cryptocurrency will argue that the other is a ‘fraud,’ echoing the words of anti-crypto incumbents. However, a more emotionally removed view of the situation should be encouraging for all. Such huge volumes of trading show that demand for and participation in crypto markets is increasing.

Though the end of SegWit2X may have brought some BCH buyers out of the woodwork, it appears that many of the market movers are less convinced. Nevertheless, the substantial price bump has brought the altcoin into the spotlight, increasing adoption. For example, Ami Ben David Co-Founder of SPiCE VC said:

“We clearly see stronger support for Bitcoin as the original and decentralized coin, but at the same time, Bitcoin Cash has suddenly arrived in terms of adoption levels to the size of Ethereum, to the point where we have decided to add Bitcoin Cash as an investment option on our token sale and we expect other token issuers to follow suit.”

Rising tide

This week’s spike in the price of Bitcoin was met with equally impressive rallies in a number of altcoins, with Dash, Ethereum and Litecoin soaring to all-time highs as well. This is highly unusual, as Bitcoin’s bull runs usually suck money out of altcoins and causes a slump in their prices. The concurrent growth of Bitcoin and altcoins is a good sign: it indicates that outside money is flowing into digital currency.

Source: Coin Telegraph




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Bitcoin Eyes $15k in 2018, But Don’t Ditch Forks: Interview With Ronnie Moas

Investor Ronnie Moas shares his opinions on Bitcoin’s future, with a particular emphasis on the currency’s many forks.

‘Prolific’ stock picker Ronnie Moas has had success with Bitcoin price predictions this year. From $2000 to $5000 and $7500 – all of these have come true for the investor who was earlier than most in the financial realm to advocate for cryptocurrency propagation.

Now, with an increasingly large number of subscribers eager to get his insight on what’s next, Moas is delivering more surprising advice. Holding on to Bitcoin forks is among his recommendations for cryptocurrency success going forward, something which may well upset some of the more die-hard Bitcoin Core supporters.

In an interview with Cointelegraph, Moas shared more about his perspective on prices, forks and Wall Street’s entry into the market in the form of CME Group’s futures trading next month.

Cointelegraph: The investment community is still split regarding even Bitcoin's short-term price prospects. Where do you stand in regard to the next 6-12 months? How much optimism (or pessimism) is overkill?

Ronnie Moas: In the next 6-12 months I expect that Bitcoin will make a push towards $15,000 (and possibly $20,000). I look at the ‘Bitcoin price’ as Bitcoin plus Bitcoin Cash plus Bitcoin Gold… by that calculation we [have already] hit $10,000 … up from $2,570 when I recommended Bitcoin in early July.

This is not a bubble and it is not irrational exuberance. Bitcoin is currently trading 80%-90% below where I think it's going in the next five years.

If 1% of the $200 trillion currently in stocks, cash, gold and bonds [all overvalued] worldwide ends up in Bitcoin, then Bitcoin will hit $125,000. An argument can be made that Bitcoin will eventually catch gold at about $250,000-$500,000 per coin. At what exact point they cross depends on how many years it takes and where gold trades at the time.

CT: What is your approach to the Bitcoin Cash phenomenon and its future? How do you see future fork attempts playing out?

RM: I strongly advise people to hold on to the spin-off coins Bitcoin Gold … and especially Bitcoin Cash. I think people learned their lesson a couple of weeks ago when Bitcoin Cash jumped by 150% in 48 hours while Bitcoin corrected by 20%. I am a strong believer in diversification.

CT: How would you assess the impact of CME Group's Bitcoin futures debut next month?

RM: The move by the CME is significant in that it is a stamp of approval of sorts on Bitcoin and cryptocurrency which now has a [300] billion dollar valuation – that is more than Goldman Sachs, Starbucks and General Motors… combined!

Anyone who is looking for a bubble should not be looking towards the top 20 crypto names… they should be looking towards the stock market as most names are now trading at (or above) 20X earnings.

Not only does the CME stamp serve as an endorsement of sorts – it also brings us one step closer to getting an ETF on Wall Street.

Once that happens, institutional money will start pouring in and retail investors will now be able to invest in crypto without worrying about opening up accounts on foreign exchanges and worrying about how to protect their accounts – which most people have difficulty figuring out how to do. In my opinion the floodgates will open in 2018.

CT: Which other cryptocurrencies are you a fan of based on technical robustness?

RM: I prefer for people to sign up for my service if they want my recommendations outside of Bitcoin. I have quite a few and I don't really like to give out my recommendations for free because then my subscribers get upset. Some names that I recommended doing well for my clients include but are not limited to Litecoin, Bitcoin Cash, Dash, Monero and Stellar Lumens.

Source: Coin Telegraph




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