Bitcoin and Ethereum Price Surge: Are Cryptocurrencies Becoming the New Reality?
On the heels of global market jitters over the Bitcoin split and assorted hacks and robberies, some refreshing news arrived from renowned market analyst Ronnie Moas, who recently released the first two parts of his 122-page report on Bitcoin and cryptocurrencies, with the remainder of the report to be released in coming days.
“In my view, the genie is out of the bottle, and cryptocurrencies will continue to rise and take market share away from stocks, other precious metals, bonds, and currencies,” Moas, founder of Standpoint Research, said in the report.
Mr. Moas went one step further than merely talking about it, and has invested his own money in a diversified portfolio of 10 of the top currencies including Bitcoin, Ethereum, Litecoin, Ethereum Classic, Monero, and Dash.
According to Moas, Bitcoin has the potential to almost double in value, from the current $2700 range, to $5000 in 2018. He also expects Ethereum and Litecoin to double their values in this period.
Predicting the movements of markets and the valuations of any stock or currency has always been a hazardous pursuit, however in addition to the confidence expressed by Mr. Moas towards the progress of these individual currencies, two other significant facts emerge from his statements.
The first is that cryptocurrencies have moved to the point of no return, “the genie is out of the bottle,’ as he puts it. This represents a significant leap in credibility for cryptocurrencies in general, given that they have been observed as curiosities and side issues by the mainstream media to date. By moving into territory held by traditional precious metals and stocks, cryptocurrencies build a credibility that is instrumental in finally establishing consistent stability.
Secondly, Mr. Moas is emphatic about describing the currencies in the context of other major market leaders like Amazon.com, Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), Tesla Inc (NASDAQ:TSLA), Facebook Inc (NASDAQ:FB), Netflix, Inc. (NASDAQ:NFLX) and Alphabet Inc (NASDAQ:GOOGL, NASDAQ:GOOG). This is a gallery of companies whose products, management and business approach are continually on the leading edge, and are light years away from those listed on the Dow Jones Industrial Average.
August 1 may be seen as a day of maturation for the cryptocurrency market. The Bitcoin hard fork happened, and this will force further improvements upon mining procedures, times, and fees. In its first day on the job, Bitcoin Cash doubled in value, offering a nice dividend to holders of Bitcoin. Whether this is a bump typical of traditional IPOs remains to be seen.