Bitcoin has continued to rally over the past few days as concerns over the "Cashening" subside. The high negative correlation between Bitcoin & Bitcoin Cash have reduced, meaning it now makes sense to own both if you are so inclined. I continue to hold Bitcoin as I believe we are about to enter another bull stretch as stated in one of my previous videos. I bought into Bitcoin at an average buy-price of $6000 and at this point consider it a certain buy at any level below $6,600. Moderate buy at levels below $7,500, but not if you aren't comfortable with the investment (e.g: I wouldn't do that personally even though I see strong potential for going higher).
Ethereum is still a strong holding due to high transaction volume and widespread use (relative to other cryptocurrencies). My primary reason for investing in Ethereum initially was because I felt it was grossly underappreciated against Bitcoin and that the Bitcoin "war" between Bitcoin and Bitcoin 2X would be the catalyst that lead to higher capital inflows for Ethereum as investors fled. However, when the hard fork was called off, I continued to hold for value reasons. Interestingly enough, Ethereum didn't do too well when Bitcoin Cash was spiking, but is now "taking off." As mentioned in prior videos, will hold til $400+.
Many people have asked me about Dash. I continue to stay away, but not for same reasons many people are. Dash has similar valuation to Litecoin, but a 3rd or less of its transactions. In addition, I've seen several times that the DAO structure with treasury has actually destroyed value rather than create it, so I am skeptical about its future. Litecoin has better community support, more transaction volume, and less controversy. As such, I do not consider Dash an attractive investment at this time.
I am bullish on altcoins as a whole; I suspect they will do well just as they did in the better half of August. Still prefer focusing on mid to large cap altcoins rather than always looking for "10 baggers." Obviously goes without saying that all of this assumes no major unexpected catalysts. I would love to hear your thoughts as usual. Thank you for watching.
thanks for the post! what is your opinion on utility tokens for longterm investment. I think, given the fact that the crypto world is still unregulated and governments have not messed too much with it, that tokens which do not really depend on the stability of bitcoin are a much safer investment, assuming that you pick wisely and choose a few companies with a great product, team and idea...i mean they use the blockchain technology but dont have that much to do with bitcoin etc and if for some reason the big currencies should vanish, you would still have the tokens, because they are integrated in a companies structure and business model. i hope it makes sense what i am trying to say, english is not my native language. Bets wishes, Embu! :)
I'm cautious about utility tokens simply due to regulations from governments around the world always targeting them first via ICOs. ICOs are first to be regulated as securities and it is not a huge stretch for regulatory agencies around the world to start claiming ERC20 tokens are securities as well. That is one of the main concerns I have with Ethereum as well: It is much more likely to see government intervention than Bitcoin is. However, the fact that these tokens provide stake in a business equates them more to equities, which I've always liked as they produce more easily measured value. In the long-term, main concern for utility tokens remains regulation in my opinion.
Best,
CI
thanks for your reply. i suppose you live in the US? i think thats true, because in the states the government is already up to date with crypto and ICOs. In germany its all a bit slower...i'm wondering when they will wake up and see the potencial of crypto and the threat to their power, haha. I think something big has to happen before the germans start to understand the scale of it...it's always like that i guess,, altho we are not known for being slow with technology in general, at least not engineering and cars xD
Nice article keep it up . Eth all the way :)
Thanks baki.
What is your opinion about zcash? Personally I think it has huge potential, they did some great improvements over the last few weeks..
I like and enjoyed your post.
I like and enjoyed your post ! Keep publishing interesting and informative articles.
If you wish, you can check my posts @kingru
Keep steeming. Cheers !!!
Follow me @kingru
Agree about profitable and informative article. I think if the BCH price is too high now, that's fine, I do not think the BTC can resist the new rally in BCH without changing its own DAA
Cryptocurrencies become very unpredictable. It is has very big profit as well as also very risky.
alts will rise but some will fail, some are cons
great post, thanks for sharing.
Thanks for reading ramzukhan.
I like and enjoyed your post.
Am seeing bitcoin ending the year at $8,500+,am not sure if we will see gains in the other alts.
I think BTC resisted the BCH rise over the weekend because the block difficulty of BCH spiked, making it less profitable to mine. Otherwise the BTC chain would have never had the hashpower needed to keep going... Ironicaly BCH Difficulty Adjustment Algorithm "saved" BTC. The DAA has evolved on BCH since nov 13th hardfork and it wont be that way anymore. If BCH price rise too much it's ok, but I'm not sure BTC can resist a new rally to BCH without a change in its own DAA via a hardfork, it's too slow to adapt atm
Bitcoin will become a luxury coin for rich people.
why is that? you can buy smal portions of a coin...it's not a rich club where u can only get access too if you have the big money :)
Agree with you; it is the same as people who point to rising prices because of 'fixed supply'; when you can trade infinitesimal fractions of a coin, the supply is effectively infinite, isn't it?
the supply is limited. but the coins are infinitely divideable, therefore an infinite amount of people can have a piece, yes :)
The idea of Ethereum was advanced at the end of 2013 by Vitalik Buterin, a Russian-Canadian computer scientist aged 19 at the time. The platform, launched on July 30, 2015, has enjoyed a boom in popularity since March 2017, becoming today the second largest cryptocurrency in circulation. The monetary part of Ethereum's strict sense is for the moment largely inspired by bitcoin; but what makes this platform so interesting is the door it opens for the smart contract concept
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My favorite alt coins as of now are REC, LTC, and STM. I will continue to accumulate for the long haul. I'm a bit skeptical on BTC's continued run, though I'm sure it will keep going there is too much downside. BCH seems to be the better buy as of now.
What about Ripple(XRP)? What are your thoughts on it?
Ripple is the banker coin. If you look into it, it's backed by a bunch of central bankers including ben bernanke. If there's a crypto that will be centrally planned, it is Ripple. I stand against it as a matter of morals. It could become popular, however, many have the same opinion as me regarding it.
Very good post.
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