Record $5,000 Bitcoin Price Triggers $13 Billion Market Sell-Off

Record $5,000 Bitcoin Price Triggers $13 Billion Market Sell-Off

Record $5,000 Bitcoin Price Triggers $13 Billion Market Sell-Off

The bitcoin price touched $5,000 this morning, ushering in a historic moment for the cryptocurrency ecosystem. Unfortunately, this achievement also triggered off a comprehensive market sell-off. Almost every major cryptocurrency–including ethereum, Ripple, and IOTA–experienced significant price decreases.

Record $5,000 Bitcoin Price Triggers $13 Billion Market Sell-Off

Chart from CoinMarketCap

The sell-off led to a significant crypto market cap pullback. At the height of the rally, the total value of all cryptocurrencies reached $179.7 billion–a new all-time high. However, nearly $13 billion of that has evaporated in the past 12 hours, bringing the current market cap to about $167 billion.

Chart from CoinMarketCap

Bitcoin Price Hits $5,000, then Dives

The bitcoin price crossed the $5,000 threshold on several exchanges during the early morning hours of September 2, raising the global average price to an all-time high of $4,975. Unfortunately, the bitcoin price did not sustain that level for long. By 3:30 UTC, the bitcoin price had fallen to $4,800. Within another three hours, it had plunged to $4,625. Bitcoin rallied back to $4,775, but the upward momentum did not continue. By the time of writing, the bitcoin price had dropped to $4,630, which translates to a $76.6 billion market cap.

Bitcoin Price Chart from CoinMarketCap

Ethereum Price Rally Stalls

The bitcoin sell-off led to a widespread market pullback, and the ethereum price was not immune. For most of September 1, the ethereum price hovered at about $390. But once bitcoin began to fall, ethereum followed. The ethereum price plunged as low as $352 at 6:00 UTC and currently sits at $357. This reduced ethereum’s market cap to $33.7 billion–a 24-hour decline of 8%.

Ethereum Price Chart from CoinMarketCap

Litecoin Price Reaches $92 for New ATH

The altcoin markets turned red following the bitcoin sell-off, and only three top 25 cryptocurrencies made positive movement for the day.

After inching back to $600 yesterday, the bitcoin cash price dropped to $591. The Ripple price mirrored ethereum’s plight, dropping 8% to $0.231.

Altcoin Price Chart from CoinMarketCap

Litecoin was one of the rare coins with a 24-hour price increase. The litecoin price increased 6% to $80. During the past day, only bitcoin boasted a trading volume greater than litecoin’s $1.7 billion.

However, what this statistic conceals is the fact that the litecoin price had actually risen to a new all-time high of $92 this morning, meaning that it has dropped $12 from its daily peak. Litecoin now has a market cap greater than $4.2 billion.

Litecoin Price Chart from CoinMarketCap

The NEM price fell 5% but maintained a slight market cap edge on Dash, which returned a 6% decline. The Monero price, meanwhile, fell 8%, forcing its market cap below $2 billion. Tenth-ranked IOTA had the worst performance of any top 10 coin, plunging 20% to $0.678.

IOTA Price Chart from CoinMarketCap

Aside from litecoin, only two top 25 cryptocurrencies increased in value over the past 24 hours. Ethereum classic, now ranked 9th, grew 3% to $20 as part of its latter-week rally. NEO, which recently dropped out of the top 10 following a steep decline, managed to defy the wider markets and rise 5% to $33.

Bitcoin Dominance Stable for Week

Bitcoin’s slice of the total crypto market cap ended the week at 45.8%, which is just slightly below where it began. Ethereum’s share had swelled during the middle of the week but had tapered to 20.1% by Saturday. Litecoin recorded the week’s most significant gains, rising from 1.7% on August 26 to 2.5% on September 2.

Market Cap Distribution Chart from CoinMarketCap

As the distribution currently stands, bitcoin cash and Ripple account for 5.9% and 5.3%, respectively. The remaining ~20% is divided between the other 1,000 or so coins and assets tracked by CoinMarketCap

 

Author: Josiah Wilmoth on 02/09/2017

Posted by David Ogden Entrepreneur

David https://markethive.com/david-ogden

How Much $100 Investment in Bitcoin A Year Ago Worth Now?

How Much $100 Investment in Bitcoin A Year Ago Worth Now?

  How Much $100 Investment in Bitcoin A Year Ago Worth Now?

Bitcoin price managed to rise above the $5,000 mark

in trading today, fulfilling the expectations and predictions of a number of Bitcoin faithful. However, it has also led to widespread concerns that a bubble is forming that will eventually crater the portfolios of many investors. The massive rise is difficult to grasp, without considering what the value of what an investment would be had it been purchased last year.

Consider an average investor who purchased $100 of Bitcoin in September 2016 when Bitcoin was selling for $572. Had they managed to hold the currency through all the ups and downs of the last year, they would be sitting on $850 with today’s $5,000 price point. This fantastic level of value growth in a short time has led to wide speculation that Bitcoin is in a bubble. Consider Bloomberg’s analysis via Twitter:

Bubble talk

While it is clear from the chart that the Bitcoin price has skyrocketed in recent months, pundits disagree with the bubble analysis. Industry leaders who are otherwise notoriously bearish have seen substantial growth potential for Bitcoin. The argument is that Bitcoin was substantially undervalued until this recent run-up, and that the only thing that had limited its growth potential was increasing mainstream adoption.

New Satoshi Cycle?

However, as news of returns spread, adoption will certainly increase, leading to greater levels of investment and growth. This cycle of adoption and growth leading to greater adoption and growth (termed a Satoshi Cycle) may well drive prices far higher in the near term. Further, limited supply has fueled speculation of massive valuations, some topping out at $1 mln per Bitcoin. Whether these predictions prove true, the cries of bubble and the incentive to buy and hold for the respective camps will increase concurrently.

Cryptocurrency Hedge Funds Drive New Satoshi Cycles
 

 

The number of hedge funds with investments in cryptocurrencies

has jumped massively in recent months. Reports of as many as 70 new hedge funds with cryptocurrency positions has led to an investor rush. This number has continued to grow, increasing the availability for institutional-level investment in Bitcoin and other cryptocurrencies. A recent report by Quartz.com indicates that this trend is continuing, as investors seek better returns from hedge funds, as the recent returns from these funds have been lower than the indexed S&P 500.

Hedge fund = price growth

The increase in hedge fund participation has coincided with a substantial increase in Bitcoin price, edging close to $5,000 in recent trading. This jump, predicted by many industry insiders, has been led by increasing mainstream participation in Bitcoin and other cryptocurrencies. The article made it clear that the increasing investor participation will fuel greater price increase,

stating:

“It’s this wall of money that’s about to hit the markets,” says Kelly of BKCM. “That makes me think we are in the early innings of this rally.”

The move from growth to acceptance to greater growth (termed a ‘Satoshi cycle’) has led many to see Bitcoin driving to new heights in the coming year.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

David https://markethive.com/david-ogden

Lawyer at Firm Advising Winklevoss Twins Tapped as SEC’s ETF Regulator

Lawyer at Firm Advising Winklevoss Twins Tapped as SEC’s ETF Regulator

 

Dalia Blass of the Ropes & Gray law firm has been tapped

to head the SEC’s Division of Investment Management which regulates, and approves or disapproves, exchange traded funds (ETFs). Blass’ firm, Ropes & Gray, represents the Winklevoss twins in their efforts to create a Bitcoin ETF.

The SEC famously rejected two Bitcoin ETF proposals earlier this year, citing largely unregulated markets. They did leave themselves an out, however. The Commission indicated that in the event that a regulated futures market for Bitcoin were developed, they might reconsider. Not long ago, the Commodity Futures Trading Commission (CFTC) gave LedgerX permission to create such a futures market. The SEC agreed to hear an appeal from the Winklevoss twins earlier this year, but few watchers expected the twins to receive a different answer. With Blass at the helm and regulated futures markets being developed, however, this could change.

What is an ETF?

An “exchange traded fund” sounds like something arcane that would only be of interest to high-flying Wall Street types, but it’s actually relatively simple. An ETF tracks the value of an underlying asset or class of assets and is required to buy and sell the underlying asset as shares of the ETF are bought and sold. ETFs are a convenient way to expose oneself to certain assets that may be difficult to own. For instance, most people don’t have a huge tank in the backyard to store oil or natural gas. If somebody wants to invest in oil and gas but doesn’t want to own and store the actual commodity itself, they can purchase shares of an oil and gas ETF.

Entirely new class of Bitcoin investors

A Bitcoin ETF could open Bitcoin investing to an entirely new class: institutional investors. It is currently difficult for institutions to invest in Bitcoin. Various mutual funds, hedge funds and pension funds have specific rules about the types of assets they are allowed to own. Institutions are typically allowed to own ETFs, but may not be allowed to own the underlying asset. Bitcoin is difficult to store, requiring both absolute security and adequate backups. Many interested investors are either unwilling or unable to buy and store Bitcoin, but would like exposure to the asset itself. An ETF is quite useful for this purpose.

It’s also extremely challenging to hold actual Bitcoin in tax-advantaged accounts such as IRAs. A Bitcoin ETF would make that much easier since ETFs can be bought and sold just like regular stocks. At the present time, the only way (for most people) to gain exposure to Bitcoin in a tax-advantaged account is to buy shares of the Bitcoin Investment Trust, listed as GBTC. However, because of high demand and limited supply, GBTC shares trade at a huge premium. Until this morning, the premium was a little over 100 percent. Each GBTC share is “backed” by about 0.09 Bitcoin, yet the shares trade at prices far more than the underlying Bitcoin value. Indeed, following the news about Blass and a critical article by investor Andrew Left caused shares of GBTC to tumble by 25 percent.

Sitcom Silicon Valley’s Pied Piper is Now Real Thing Thanks to Blockchain

HBO’s popular sitcom, based on a startup trying to make it big

in Silicon Valley, under the same name, has seen its made-up product become a reality with the power of Blockchain technology and cryptocurrencies. Pied Piper, which has a phony website that looks a lot better than some real companies, is supposedly a compression technology that, in the real world, does not exist, or until recently had no scope for being a reality. Now, the boom in Blockchain technology and the expansion of its uses has seen the idea of Pied Piper become a reality.

What is Pied Piper?

In the series, Pied Piper is a compression software company that stores your data across a network of devices, giving you instant access to your data even though that data is not physically stored on the device you’re using. In essence, space is saved because the data is spread across a larger network of devices, yet the same data is secured privately with access only granted to the user with the correct access to it. While that sounded pretty far fetched and unattainable in 2014 when the show started, the boom of cryptocurrencies and its associated Blockchain technology has now seen a number of companies following that very business model.

A real world Pied Piper

There are actually a few companies who can claim the title of being the ‘real world Pied Piper’ for example, Storj – a decentralized cloud storage network, as well as Sia – a similar cloud storage based on the Blockchain. Essentially, by utilizing the Blockchain, as a global network of computers that is recording transactions, or even pieces of information on a public ledger, data can be stored on the Blockchain. The information is thus split, encrypted and distributed on the Blockchain across a network of decentralized computers. The data is kept safe thanks to private encryption keys but is still readily available and easily accessible.

Blockchain bringing science fiction into reality

Blockchain technology has been doing a lot of this recently, solving seemingly unsolvable technology problems, while at the same time disrupting traditional models of business and society. As still a relatively new technology and one that has only recently been explored on a mass scale, Blockchain technology seems to keep providing answers, even going into space.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

David https://markethive.com/david-ogden

Bitcoin Price Nears $5,000; YTD Growth Exceeds 400%

Bitcoin Price Nears $5,000; YTD Growth Exceeds 400%

Bitcoin Price Nears $5,000; YTD Growth Exceeds 400%

2017 has been a breakout year for bitcoin and the cryptocurrency ecosystem as a whole. Now, as the bitcoin price approaches $5,000, it’s an excellent time to look back at the trials and triumphs that have contributed to this 400% YTD rally.

Global Adoption & the Road to $5,000

Bitcoin rang in the new year by crossing $1,000 for the first time since the 2013 melt-up, and the Financial Times promptly called it a pyramid scheme that would soon collapse to zero. The bitcoin price held at this level for the next three months, leading critics like Gizmodo writer Michael Nunez to complain that it “refuses to just die already.”

Of course, bitcoin obituaries like these ignored bitcoin’s increasing global expansion. There was once a time when bitcoin risked becoming a Western phenomenon, excluding the majority of the world’s population. Today, that could not be further from the truth. Bitcoin adoption has exploded in Asia, and the highest-volume cryptocurrency exchange is located in South Korea. Bitcoin has also made inroads into emerging markets such as Africa and India.

This year has also seen Japan embrace bitcoin more rapidly than perhaps any other nation. Toward the beginning of the year, Japan terminated its crippling 8% bitcoin consumption tax, and before long major retailers were accepting bitcoin payments. By the end of the year, analysts predict that as many as 300,000 Japanese businesses will accept bitcoin.

By late April, the crypto market advance had begun to pick up steam, leading to a market cap explosion in May and June. On May 20, the bitcoin price broke through $2,000. Less than a month later, it crossed $3,000 on several exchanges for the first time.

Bitcoin Price Nears $5,000; YTD Growth Exceeds 400%

YTD Bitcoin Price Chart from CoinMarketCap

Despite this bull run, bitcoin almost lost its status as the largest cryptocurrency by market cap. About this time, ethereum came within $10 billion of bitcoin’s market cap, making it seem inevitable that there would be a “Flippening” between the two cryptocurrencies. MarketWatch columnist Brett Arends, meanwhile, wrote that both cryptocurrencies were “complete garbage.” However, the Flippening never came. The markets took a bearish turn following the June 26 “Monday Massacre,” and bitcoin consolidated its position as the dominant cryptocurrency.

Eventually, the markets recovered. After falling as low as $1,900 during mid-July, the bitcoin price reversed course toward the end of the month, initiating the record rally that has carried bitcoin to the brink of $5,000.
 

Bitcoin Overcomes UAHF and PBoC Squeeze

The most astonishing aspect of the bitcoin price’s 2017 performance is not its 400% climb, but rather the trials it overcame to get there. Aside from the incessant claims by mainstream media analysts that bitcoin is a bubble, bitcoin faced adverse events that threatened its future. One of these was increasing regulation. Bitcoin has faced regulation since shortly after its inception, but its 2017 bull run has intensified government interest in cryptocurrency. As early as January, the People’s Bank of China (PBoc)–China’s central bank–began putting a regulatory squeeze on bitcoin exchanges in response to “abnormal [bitcoin] price fluctuations.” Exchanges shut their doors as the PBoC began conducting on-site inspections. However, the PBoC ultimately allowed Chinese bitcoin exchanges to continue their operations, albeit with strict supervision.

More recently, bitcoin survived the contentious bitcoin cash hard fork that split the bitcoin network into two different blockchains. Rather than lead the bitcoin price into decline, the hard fork actually appeared to build confidence in bitcoin’s ability to survive a serious community divide, and bitcoin soared more than 75% in the month that followed.

Scaling With SegWit

The bitcoin cash hard fork was caused by the debate about the best way to scale the bitcoin network. Bitcoin cash proponents, claiming to follow Satoshi’s vision, believed that raising the block size was the best way to ensure bitcoin remained a viable P2P transaction vehicle rather than just a settlement layer. Bitcoin Core, however, adopted Segregated Witness (SegWit), a scaling and transaction malleability fix that also facilitates the creation of Lightning Networks. SegWit was activated earlier this month, which should soon cause bitcoin transaction fees–which reached above $8 this month–to finally decrease to more acceptable levels.

SegWit2x and the Road Ahead

Of course, SegWit activation did not put the scaling debate to rest. Earlier this year, a group of prominent bitcoin companies and personalities signed the New York Agreement (NYA), which proposed a hard fork to the bitcoin protocol. SegWit2x, as the proposal is known, called for a block size increase in addition to SegWit activation. The proposal received near-universal support from miners, but Bitcoin Core developers have vociferously opposed it. Relations between Core and SegWit2x supporters have worsened over the intervening months, and several companies have reversed their NYA support. Despite Core opposition, SegWit2x proponents say they will proceed with the hard fork in November, creating a potentially-chaotic situation in which two blockchains will fight to be the “real bitcoin”.

Nevertheless, investors remain bullish on bitcoin, and the bitcoin price’s triumphant march toward $5,000 continue

 

Author: Josiah Wilmoth on 01/09/2017

 

Posted by David Ogden Entrepreneur

David Ogden Cryptocurrency Entrepreneur

David https://markethive.com/david-ogden

Banks are finally preparing to use cryptocurrency to move money between them

Banks are finally preparing to use cryptocurrency to move money between them

The world’s biggest banks aren’t immune from cryptocurrency euphoria,

with a range of projects underway to explore how traditional financial firms can benefit from the innovation. Swiss banking giant UBS and 10 other companies say that they plan to use the technical idea behind bitcoin—a distributed ledger called a blockchain—for their own digital currency (paywall). This could show the way for the world’s biggest central banks to do the same. Banks like Barclays and HSBC are the latest to join the “utility settlement coin” project, started by UBS and Clearmatics Technologies in 2015. The idea is to develop a new, streamlined payment mechanism for institutional purposes. According to CoinDesk, it could potentially replace clearinghouses and other back-office plumbing that sits between buyers and sellers of assets.

Alex Batlin, who heads BNY Mellon’s blockchain projects, led work on utility settlement coin at UBS at its inception. For him, it’s an example of blockchain technology’s promise to remake finance. “Blockchain is a really good, resilient system,” he said in an interview earlier this summer. “The interesting thing about bitcoin is since its inception, no one’s cracked it. Yet it’s completely in the open.” BNY Mellon is also involved in the utility settlement coin project. The hope is that the UBS group will come up with something faster, cheaper, and more reliable than existing systems. Each settlement coin would represent fiat currency like euros and dollars on a one-to-one basis, and would thus be 100% backed by collateral at the domestic central bank, according to UBS. The idea is that exchanging the digital currency as payment for assets will be a more efficient means of exchange.

Because the digital coins will be backed by cash at a central bank, which cannot default (they can always print money if they have to), the crypto tokens are free from credit risk. UBS says transfers and ownership could be settled instantly—the promise of blockchain technology. There are still questions, like whether the technology could handle the volume necessary for the scale of institutional markets run by big banks. Central banks from Beijing to Washington have a similar idea, and are investigating whether they can issue their own digital currencies. While bitcoin was developed to disintermediate such centralized monetary authorities, the Bank of England believes it could use the technical ideas behind it to impose more control over its currency and provide new ways to stimulate the economy. Far from making mainstream finance obsolete, right now blockchain and cryptoassets appear to be one of the industry’s preferred new inventions.

The Bank of England published research last year (pdf) suggesting that a digital currency issued by a central bank could bolster financial stability, boost economic growth, and generally make monetary policy more efficient. A model for this is emerging in the private sector: The project involving UBS and other financial firms is far from complete—a limited launch could take place at the end of next year—but the momentum behind it suggests that cryptocurrencies are entering the mainstream.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

David https://markethive.com/david-ogden

LibraryChain? US Government Grants $100k for New Blockchain Research

The U.S. government has awarded a $100,000 grant

to a group of researchers looking to apply blockchain to public library systems. The Institute of Museum and Library Services was founded in the mid-'90s, with the aim of providing federal support to libraries and museums. Public records show that officials with the agency are funding a new effort at the San Jose State University Research Foundation, which seeks to conduct preliminary research into how blockchain tech could help libraries manage digital rights, as well better assist their communities. The work being conducted isn't exactly technical, however – rather, the funding will go to the planning of a forum event – buoyed by survey data and additional efforts – that would culminate with a topic on the applicability of blockchain to the library system.

As the grant document states:

"The proposed National Forum would bring together 20-30 technical experts in libraries, blockchain technology, and urban planning to discuss ways that blockchain technology can advance library services to support city or community goals. The resulting commentary from a project blog, national forum, and conference and the survey data will be evaluated and included in the project's final report, which will be available online."

Still, it's the latest instance in which an element of the U.S. government has moved to fund research into the tech and its possible applications. Whether recent legislative developments in Arizona come into play also remains to be seen. As previously reported by CoinDesk, lawmakers passed a bill this year recognizing blockchain signatures and smart contracts under state law.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

David https://markethive.com/david-ogden

Bitcoin’s nearly five-fold climb in 2017 looks very similar to tech bubble surge

Bitcoin's nearly five-fold climb in 2017 looks very similar to tech bubble surge

Bitcoin's nearly five-fold climb in 2017 looks very similar to tech bubble surge

David Ader, chief macro strategist at Informa Financial Intelligence, shows how bitcoin's gains resemble that of the Nasdaq Telecommunications Index before the tech bubble burst.

Bitcoin has gained nearly 400 percent this year, helped by increased interest from institutional investors.

However, digital currency expert Chris Burniske points out the market value of bitcoin is still a fraction of what stocks were during the dot-com boom.

Vidoe blob:https://www.cnbc.com/e53fec4c-f5c1-4568-b72a-67d362f70882

When charted, bitcoin's rapid gains resemble how stocks surged into the tech bubble before collapsing.
 

David Ader, chief macro strategist at Informa Financial Intelligence, matched a graph of the Nasdaq Telecommunications Index at its peak in 2000 to bitcoin's five-year run to all-time highs.

"This is the price chart for an overly frothy market, in my opinion. I just don't see anything quite as comparable to this in bubblelicious terms," said Ader, a former top-rated bond market strategist.
 

Bitcoin climbed more than 3.7 percent Thursday to a record of $4,802.74, up nearly five times in price this year and about 67 percent higher for August, according to CoinDesk.

Bitcoin's nearly five-fold climb in 2017 looks very similar to tech bubble surge

"I think it's going to come to a sorry ending," Ader said. "I don't know anybody who's actually used a bitcoin for any purpose legal or otherwise. This looks like an overly frothy market and frothy markets lose their froth."

Ader said he used the Nasdaq telecom index since many of those stocks led the Nasdaq composite's overall gains during the tech bubble. The Nasdaq telecom index shot up more than 700 percent from 1995 to 2000, before collapsing 90 percent in the next two years. The index remains about 75 percent below its record high.

Bitcoin's meteoric surge this year comes as many on Wall Street are becoming more interested in the digital currency and the blockchain technology behind it. New digital asset investment funds are rolling out and the Chicago Board Options Exchange is planning to launch bitcoin futures.

Many investors also bought bitcoin this month after it survived a relatively uneventful split on Aug. 1 into bitcoin and bitcoin cash, an alternative version supported by only a few developers. Bitcoin cash is up about 180 percent from its Aug. 1 low, to Thursday's price of $588, according to CoinMarketCap.

However, bitcoin could split again this fall because there's another upgrade proposal, and others have warned that the speculative forces behind bitcoin could quickly turn against it.

Here are a few of the alarm bells sounded this summer:

The Elliott Wave Newsletter predicted bitcoin's surge from 6 cents in 2010, but in July said bitcoin's surge has surpassed the tulip mania of roughly 400 years ago and is now showing signs of nearing a sharp downturn.

Later in July, widely followed Bank of America Merrill Lynch commodity and derivatives strategist Francisco Blanch concluded in a sweeping report that bitcoin still faces many challenges to becoming a globally accepted currency.

Then about a week later, a New York University finance professor, Aswath Damodaran, said in a blog post that bitcoin may just be a "dangerous pricing game."

By percent change, analysis from Bespoke Investment Group shows how bitcoin's surge has already well surpassed that of any major stock market bubble.

Bitcoin's nearly five-fold climb in 2017 looks very similar to tech bubble surge

Source: Bespoke Investment Group

That said, some well-respected names on Wall Street have also issued positive reports on the digital currency.

In early July, Thomas Lee became the first major Wall Street strategist to issue a report on bitcoin. A former JPMorgan strategist who co-founded Fundstrat, Lee said bitcoin could reach $20,000 to $55,000 by 2022. On Aug. 18, he established a mid-2018 target of $6,000 for bitcoin.

According to a mid-July Forbes report, investing legend Bill Miller put 1 percent of his net worth into bitcoin in 2014, and the digital currency is one of the top holdings in Miller's $120 million hedge fund.

Stock analyst Ronnie Moas of Standpoint Research published a report in late July predicting bitcoin would rise nearly 80 percent to $5,000 in 2018. He then raised that target in mid-August to $7,500.

Lee and Moas both reason that bitcoin can climb to those levels if even a fraction of the trillions of dollars in gold or other traditional investments move into the digital currency.

Bitcoin has a market value of about $78 billion, and digital currencies overall are worth $170 billion, according to CoinMarketCap.

That makes the value of all digital currencies less than 5 percent of the more than $4 trillion inflation-adjusted value of stocks during the tech and telecom boom, said Chris Burniske, author of the upcoming book, "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond.
 

"If people think this is the 'big bubble,' then they don't have an appreciation for how big the idea of cryptoassets really is," he said.

Many digital currency enthusiasts agree there is speculation in the digital currency. But they note that, just like the dot-com bubble, companies that were able to utilize the underlying technology then became global giants.

 

Evelyn Cheng
Writer

 

Posted by David Ogden Entrepreneur

David https://markethive.com/david-ogden