Cryptocurrencies Break the $200 Billion Level As Bitcoin Continues To Hit New All-Time Highs
Cryptocurrencies as a sector just passed the $200 billion level.
At the start of 2017, the total valuation was only $18 billion meaning the cryptos have risen tenfold in less than a year.
Bitcoin has been a big part of it. In June, bitcoin hit an all-time low versus the other cryptocurrencies of just 37% dominance. As of today, it is at nearly 62%.
Bitcoin hit a new all-time high of $7,500 in the last day and half.
The question everyone's asking is, “How high will it go?”
I can say that two separate people contacted me wanting to buy $1 million in bitcoin this week. My first question to them was, “Where were you a few years ago?”
But we are really seeing the more conservative investors feeling compelled right now to purchase bitcoin. This is a big shift. And one that I’ve mentioned quite a few times. It has just been in the last few months that every stock broker or financial person I’ve known in my life have all been trying to contact me about getting in.
The insane thing about bitcoin is that even though we are up well more than 200,000% off our initial recommendation in 2011 at $3, there is still lots of potential upside.
Take this graphic from The Visual Capitalist to get an idea of how small cryptos still are in the grand scheme of things.
Everything seems to be going bitcoin’s way lately.
Even Alwaleed bin Talal, the Saudi Prince who called bitcoin a fraud last week was just arrested on fraud charges in Saudi Arabia!
Talk about instant karma.
Of course, the government anywhere “arresting” people is usually just a political power struggle. Whoever holds the ring of power can just “arrest” whoever they like and try to make it look legitimate.
But, if it appears bin Talal is the target of powerful people in his government who will likely confiscate his $17 billion net worth, bin Talal would be very sad to know that if he had just held a fairly large portion of his holdings in bitcoin, then no one could seize it.
Ah well, couldn’t have happened to a better guy, really.
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The times they are a changin’ and I hope you’ll be a part of this evolution.
Potent data for us all to digest! Thanks again for all this information, great education, namaste :)
Should be interesting to see how the other alt-coins react.
1 trillion dollar target coming!
Bitcoin is taking a hit now after touching 202 billion mcap for cryptos in total and BTC having a 62,5% market share.
I think we will see a healthy correction downwards to 7000 and then up towards 8-10,000 before the forkening, which Bitcoin core and bitcoin cash will come out stronger from and segwit2x loses.
Some claim that Segwit2x is a corporate takeover scheeme. I'm not sure, but I want core to prevail in these times, because there is too much confusion and FUD with these continious forks. Clever heads say they are good, necessary and natural evolution. That could be true, but at this point we need mainstream adaption and making things easy for mom'n pops.
We need to have consensus on Bitcoin. And people should feel safe that wherever they are holding Bitcoin, if that is exchanges, private wallets etc. We need to move forward and make this space safer and better for everyone. Stop arguing amongst ourselves, and remember who's the enemy - the governments, the banks, the corporates.
Even if there is nothing to worry about and it's all just growing pains..a lot of people are worried. And the confusion makes people sceptic and not buying. They feel safer with uncle centralized bank.
Personally I don't love the volatility in Bitcoin. I hate days like this when it's down almost 4%, and every time it's up 10% I'm afraid it's not going to last long.
In some ways I like my Botz, Robo and XLK's better..with their steady 0,1-1% daily return, which is a nice 50-60% yearly and ALOT of money. 5-600% however makes me nervous, and I'll breathe out once Bitcoin lands on a higher volume where it can't have these big swings.
Very good point about the instant Karma.
Bitcoin has much further to run. We are not even close to the end of this. There is so much money about to enter into the cryptocurrency space it is going to make people's heads spin. Someone wanting to buy $1M worth of Bitcoin...and he/she isnt alone. There are billions of dollars that are going to work into bitcoin....and other currencies.
We will think $7,000 was a cheap price for BTC in a few months.
The heavy hitters are only starting to enter this sector. Time for them to do their thing and raise a ton of cash to invest in here.
It will fly.
This party is just getting started.
Poor fellow.. Now he will regret through out his life for not saving his wealth in Bitcoin.
Bitcoin at $120 Billion and so many people think it is all dark web, I made a post making fun of them:-) https://steemit.com/bitcoin/@jaquith/anyone-see-any-bitcoin-here
Am I the only one who is astounded by the massive amounts of money made up of derivatives? It seems absolutely CRAZY that that much money is made of derivatives and debt! Which of course, isn't even real money, but with VERY real consequences.
Bitcoin and other currencies are really rising. Am sure bitcoin will hit $100, 000 in a couple of years to come
People have seen a way of making quick and easier way tl make profit. That is why they want to buy.