Hey everyone, we took a little break from talking about Cryptocurrency because of my Finance Fridays Roadmap Update and Why do Doctors Buy Big Houses? posts. This is going to be a short post about “Where is Bitcoin Today?” This should be a short post.
Where is Bitcoin Today?
Remember in my last post Cryptocurrency Volatility where Bitcoin had a small crash because of China Regulations.
So in my post I speculated that Bitcoin was being way undervalued because of this scare as it dropped to nearly $3000/unit. Using my Goldilocks Method™, I felt that Bitcoin was worth at least $4000/unit.
So where is it today 10-13-2017?
Bitcoin more than recovered, it’s now trading at ~$5500/unit. You may remember from my prior post that on September 22nd it was trading at around $3600/unit.
Well, obviously, no one knows for sure. However, now that China has kind of been forced to exit the Bitcoin market, other players have entered the fray to take over. From my understanding, Japan has now evolved into the largest Bitcoin market, now larger than the United States.
Additionally, there are rumors that “bigger players” in the United States may finally be ready to begin investing in Bitcoin.
Then there are even rumors that Amazon is considering excepting cryptocurrency. Which would obviously be a huge deal.
Remember what I said..?
Investing in cryptocurrency is straight up gambling!
The smallest rumors can set off an explosion of buying or selling.
What about Ethereum?
Well, so far Ethereum has kind of followed Bitcoin as a trend, but what happened this time?
Like Bitcoin, Ethereum has somewhat recovered. My Goldilocks Method™ estimated Ethereum’s true price is somewhere around $300 (for now) and it’s trading a little above that. However, unlike Bitcoin, it did not surge to new heights.
My guess for this discrepancy is that the new rumors of potential big time investors in Bitcoin and possibility of Amazon accepting Bitcoin, don’t really have much to do with Ethereum. Those two rumors seem to be pretty specific to Bitcoin.
So what then?
Well, if you were gambling I hope you bought when Bitcoin or Ethereum was low, or maybe you just held on it.
I also find it interesting that coinbase has decided to show 3 different cryptos on its main page: Bitcoin, Ethereum, and Litecoin
I haven’t really talked about Litecoin, because I haven’t really looked into it.
It is currently trading it $58/unit. However, just as recent as March 2017, it was trading at $4/unit (the point I chose to show). It had seen a prior blip back in October of 2013 to around $40, and then a slow descent to $4. Then all of the sudden there was a surge to $80 before coming back down to earth at around its price now.
It’s interesting so I’ll look into it for next week. I just found it interesting that Coinbase thinks its important enough to be considered with Bitcoin and Ethereum, maybe because of its past surge(s).
Bitcoin recovered and surged forward amidst crazy rumors.
Ethereum recovered but did not surge.
Litecoin is interesting.
Cryptocurrency is still straight up gambling. But speculation is fun.
Agree? Disagree? Questions, Comments and Suggestions are welcome.
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