Unlike many other things that enter the stage with a bang only to disappear, blockchain is here to stay. Opposite to when it first appeared with Bitcoin a decade ago, currently, it seems like blockchain is the next big thing that will shape the manner money is spent.
Sometimes it makes sense for investors to use the past information to help stay in the game a bit longer. Therefore, today in this post, we are going to look at similarities between the dotcom bubble since 1973 and Bitcoin since 2011.
Will Bitcoin cross its all-time high ever again?
According to the quarterly charts, the Bitcoin price trend mirrors that of the NASDAQ index of the 1990s, but there is a catch. The manner in which NASDAQ traded in 2000 is similar to a one-year performance for Bitcoin over NASDAQ’s 14 years, with the difference being that bitcoin is fourteen times faster than how NASDAQ did it.
Reason being, today’s technology is much far ahead as the information travels faster with the diverse social media platforms and the high-speed internet connections. One thing that makes all financial bubbles universal is the fact that human fear and greed never changes.
For that reason, NASDAQ took long enough to rise 1,700% to its all-time high while Bitcoin managed a similar return in merely a few months. Similarly, NASDAQ took around 30 months to fall 78%, whereas Bitcoin lost 70% in a month or so.
Hard to compare the two.🧐 pic.twitter.com/5qpw72fooY
— dave the wave (@davthewave) November 8, 2018
The point of concern is that it took NASDAQ another 14 years to post its new high in 2016 and 161.8% in 2018 which is after 16 years. The chart shows a similar trend for NASDAQ and Bitcoin which leaves most of us with the question as to whether we’ll have to wait for another 14 years to see bitcoin register its all-time high again.
We more likely will see Bitcoin’s high again sooner than the charts can predict
Time is a factor, and it may stand out to be the difference of not waiting for another 14 years for Bitcoin to hit its all-time high again. Things have changed now, and Bitcoin looks more stable than NASDAQ. Secondly, it’s a matter of time before Bitcoin exchange-traded funds (ETFs) kick off and it will spark Bitcoin’s price increase.
Predictions are good and can come true or don’t even come anywhere near. As an investor, you can ignore the noise and ride out the storm, but one thing to remember is that companies which made NASDAQ eventually they did get out of the business. Therefore, taking it as an example and relating it to the crypto today, some might have emerged and probably others will appear and will be successful as some slowly but steadily will decrease in their value and will become irrelevant.
Picking them out currently is nearly impossible, but the lesson is there to be learned. As for Bitcoin, there is every reason to believe that we won’t have to wait for 14 years for it to hit its high again and surpass the 20k mark. One thing to be optimistic about is that it will rise, but when and how is hard to tell.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Why Bitcoin Price Remains Stable Before the Expected Hike
The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.
The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.
Why this week’s closing price matters
Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.
If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…
Stanford Lecturer praises XRP over Bitcoin
The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.
Does guest lecturer go anti-Bitcoin?
In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.
According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.
However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.
The claims caused Dr. Athey to respond publicly via Twitter, stating…
Bitcoin Chasing Green — First Positive Month Since July In Sight
The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved
The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.
What does the future hold for BTC?
As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.
The recently-emerging bullish trend took it beyond this, and while the price…
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