Today is a historic day for the BitShares cryptocurrency. Over the past 24 hours, the price has risen near-continuously to 170% of its value just yesterday.
BitShares currently sits at 0.00006680 BTC. While BitShares have reached 0.0001 BTC in value in the past, the current price action is a huge feat considering this all-time-high value was between August and October of 2014. At the time, the price of BTC was around $400, 1/7th of what it reached today!
Compare the longer term BTS/BTC price to the BTS/USD price history and the movement on BTS is phenomenal:
This represents a rise from 4 cents 3 years ago, to the 19 cents it's at now, an increase of roughly 375% in USD value! Even if you bought BTS at the highest price it ever was and sat in despair whilst questioning your judgement for 3 years straight, you must be smiling now!
This is an exciting time for those of us who held BTS long term.
The question now is whether BTS be able to sustain such a high valuation? My opinion is this rocket hasn't run out of fuel yet. BTS's total market cap is around $500 M. Compare that to Ethereum, with a $24 B market cap. Does Ethereum inherently hold 48x the value of BitShares? Not a chance!
Of course it would be naive or perhaps even foolish to base a price target of one crypto off of a completely different crypto which has already made it big. Who knows what the future will hold for Bitshares? Rather than predict where it will go from here, we should all take the time to appreciate how well it is doing in the present!
It's a great news @geoffrey! Thank!
How much of this rally do you think is related to the release of PeerPlays, highlighting what can be done with Graphene technology? The start of this recent rally seemed to coincide with gains in Steem too, so I wonder if there is correlation between these sibling technologies?
There is definitely a correlation. I noticed just anecdotally over the past few months watching the markets.
I believe so!
Eos marketing spillover is a huge factor. You have no idea how much traction we are getting behind the scenes.
With EOS still in development, I could picture fervent supporters of the project investing in Bitshares and Steem as a proxy to demonstrate their excitement while they wait for its public release. Despite the limited BTC supply, it seems alt-coin prices aren't a zero-sum game. A rising tide lifts all boats.
I had a bit of a drama yesterday. Because i have traded Steem to bts for quite some time. And i had bought back an overweight Steem at 8 bts. Luckily a surge made me able to get back my bts in the 11-14 bts range.
It is anyone's guess what will happen next. But I think bts is going to outgrow steem also in the coming months.
This ain't over. It might pull back a bit, but bitshares is far more worth than many of the other top 20 cryptos.
I bought at about $0.04, but thankfully it was only about a month ago, not a few years ago. I barely even knew what Bitcoin was at that time, let alone Bitshares. I imagine all the press Bitshares gets on Steemit has a lot to do with its rise, plus the start of trading on Chinese exchanges. Gotta get me some Peerplays now!
Yeah it's amazing how long the price stayed low. But that gave those who found out about it through Steemit discussions plenty of time to research it and build up decent holdings over time.
Is Peerplays on exchanges yet? It can be dangerous to buy the day or even first week a coin hits an exchange, the prices are all over the place before they stabilize at a reasonable value.
Yep! 👍🏻
I think with that much supply (2 billion or something) and also the relative complexity of it, it's pretty natural it took so long to increase in price.
I don't think Peerplays is on exchanges yet. I saw something about how people can just now go redeem their Peerplays tokens through their site, so I'd imagine it will be on some exchanges soon.
Huge pump! What do think about Lisk though? https://steemd.com/cryptocurrency/@mar71n/lisk
I sold mine waaaay to soon. I am a bit sad now :( But you cheered me up with your upvote! I'd love to stay in touch!
Sure! I don't comment much, but I'll continue to upvote good content, including yours!
Thanks! Such things surprise me a lot. I am twice as happy to learn it wasn't a bot. :)
Great post. I love good posts.
Great post. Many benefits can be taken from the reading ... thanks @geoffrey
Thanks for this post! I am very interested in bts