As the world starts to recognize Bitcoin as a store of value (and people get excited about the impending ETF announcement), it has reached a new All Time High of $1240 per BTC. An ounce of gold today is the same price. Today is a milestone like the day BTC hit USD parity in the earliest days of the currency.
Gold has been used for centuries as a means of exchange and store of value. The implicit recognition in the human psyche that the standard unit of measurement for gold has reached a price parity with a digital currency that is less than 10 years old is almost unfathomable. The sprint that technology is taking is evolution on fascinating scale, and we are here to simply buy the at the beginning of what is just another example of exponential growth in the technology space.
Right now BTC hodlers are winners – so where will we go from here? Up! At least for the next week while people hype themselves about the potential ETF. The top has unlimited potential at this point. We might even see $1500 coins by the end of the week.
Dash is burning up the charts, hitting a high of .0485BTC/dash on Poloniex. I absolutely do not recommend buying Dash, especially now, but it is fun to see a rise over 450% in a few weeks. If it does keep going up, I expect it will hit Auroracoin levels (of $70-$80/coin) and then come crashing down.
Zcash is on my radar for also pumping from .022 to .035 BTC/zcash. Apparently, there is a Zcoin, Zclassic, and Zcash that all have similar programmes and for some reason want to compete against each other. I find it extraordinarily hilarious.
The classic altcoins like LTC will continue to suffer while Bitcoin goes up, eventually turning their direction around when the new ATH attracts new blood into the bitcoin space. I admit failure in telling people to buy CANN and LTC. Especially when ETH, Dash, and POT were the correct choices. I have to wrap my brain around the new way that the public of our community is thinking about the altcoins. Right now, people actually view ETH as an alternative to BTC because of the block size issue. I’ve even seen people suggest that we fork BTC away from being PoW to PoS. Silly people.
My main concern is this latest development will attract the attention of regulators to our space. Since they mostly leave altcoins alone right now, I expect to see a few popular exchanges go defunct in the next year. Any sudden pressure can make an exchange topple. Be prepared to take coins off of exchanges (by having access to alternative wallets on your computer) at the first sign of danger.