Earlier this morning the entire cryptocurrency market cap eclipsed the $60 billion mark for the first time ever.
That might sound like a large number but keep in mind that Facebook by itself currently sports a $430 billion dollar market cap. Apple sits almost double that with a market cap that is currently around $800 billion.
Also, keep in mind that those are just specific companies, with crypto we are talking about an entire sector here.
So, while $60 billion might sound like a large number on first glance, there is still lots of room to grow here...
The most recent surge in cyrptocurrencies has been lead by Ripple.
Ripple seeks to lower costs in business cross-border payments. Financial companies have shown particular interest in it's technology.
If paypal isn't worried yet, it should be. If not by Ripple, there are several possible competitors coming to eat it's lunch.
In fact it makes a lot of sense for Paypal to purchase it's recent partner Coinbase as soon as possible, but that is a topic for another day.
Even more surprising with the recent surge in crypto land is the fact that big daddy Bitcoin has now fallen to less than 50% of the entire crypto space market cap for the first time ever just a couple days ago.
You can read more about it here:
Who is doing all this buying?
Again we can see very clearly where much of the cyrptocurrency buying is coming from:
This was the breakdown of Bitcoin transacted in fiat from a couple days ago.
As we can see JPY again is leading the charge, but what has been surprising is that the USD has almost fallen to third place with a sudden surge in Chinese buying.
If we didn't already know, this only confirms even more that the massive demand we are currently seeing in the crypto space is coming mainly from Asia.
There doesn't seem to be any signs of it slowing either.
What's next?
A lot of people have been wondering that very thing. I hear the word "bubble" being thrown around quite a bit as well.
My personal opinion is that things are getting pretty heated in the space. That doesn't mean that it can't keep going up, but it might mean that we are due for a short term correction pretty soon.
However, I still feel like there is a massive trend change driving this thing and that trend change is still in it's beginning stages in my opinion. Which, if that is the case, means that the very best in the cryptocurrency space (cough cough steem) could still go a lot higher...
Take that for what it's worth and make sure you stick to your investment plans.
Stay safe out there my friends!
Sources:
https://finance.yahoo.com/quote/FB?p=FB
http://www.zerohedge.com/news/2017-05-20/bitcoin-soars-above-2000-first-time-ever#comments
Image Sources:
https://bitcoinio.com/bitcoin-breaks-all-time-highs-is-2000-possible/
Follow me: @jrcornel
I share this feeling. Slowly but accelerating and relentlessly crypto currencies are moving forward!
Times are exciting, fascinating - one can feel the big potential (especially also of Steem and Steemit). I am no clairvoyant, and of course there is always still some risk, but I cannot help being very optimistic at the moment. :)
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I share those thoughts as well! It's a great time to be alive :)
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I have a feeling we are going to be making these types of headlines for quite a while as crypto finally begins to break into the mainstream. By rights this should be a multi trillion dollar market at the minimum. The technology is literally world changing.
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Agreed, since it's all basically a form of currency, just look at the money in forex and that will be in Crypto at some point. I could see Crypto taking a breather at a 500 billion marketcap and again at 1 trillion. It would be going mostly mainstream at around 5 to 10 trillion.
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Yep, this is pretty much it. Whats hilarious is, its going to happen and so many people are going to be saying... "why the hell didn't I get into this scene" when they've had years, and people yelling from the roof tops about the technology and what it can do.
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Could be :)
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Yep, I only started getting into this around Jan this year, really "just in time" for the big alt coin rally. I so wish I could have gotten in big early last year, funny thing is people will probably be saying the same thing the beginning of every year for the next 5 years :) I keep telling people, you think your late to the game, but i promise them this is JUST the beginning!
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I agree, still just the beginning. I got in with Steem in November of last year, bought my first Bitcoin sub-$800 in December and continue to be wowed by both the momentum AND the potential for growth. Basically telling everyone I who will listen to look into it for themselves. There will be a time when people say, "Damn, you bought a Bitcoin for $2000!!!" Or, substitute one of many awesome alt-coins at current prices. It's an exciting time.
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Totally agree with this statement, still early days for sure.
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Wow..Mainstream at 5 Trillion !!!
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Thought for sure $2000 was a good retrace point....not yet...
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We will know for sure in a few days :)
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Waiting for the usual "The Bitcoin Surprise Move".
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I think today it will hit over $2100
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Exactly..not yet
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BUY CRYPTOES SEEL THE US DOLLAR
The dollar will begin its 18 year cycle with a 9 year downturn period to the eurocurrencies as it always has done. This will probably be very bullish for precious metals.
Check out this post for more on the cycles of weakening US dollar and the current state of the dollar.
https://steemit.com/dollar/@sjovmaiin/the-coming-fall-of-the-us-dollar
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With any hope, I have a holding in NUGT (leveraged mining etf) of about $1500. Kind of a gamble but I agree that precious metals are due for a run.
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And i had a dream btc is going $5000 before this year runs out,the dream is actualizing.
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支持！
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For blast off!
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Yep I agree. Blockchains have enormous potential. Which is only just now at the beginnings of being realized.
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I agree 100% the applications for block chain are infinite. Thankfully, it appears that Bitcoin won't be dethroned as the crypto emperor for a number of years...Litecoin is basically what silver is to gold. Really excited to see how the market continues to evolve.
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Its actually pretty amazing how strong first mover advantage is. Especially for litecoin as it doesn't bring anything particularly unique to the table.
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Yeah, yeah, yeah... XRP, XRP, XRP...
Don't expect its rise in price to be indicative of its actual value.
This market is insanely irrational.
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I agree!
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Yes it is. Asia is buying Ripple like crazy...
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Leave me. i will hack bitcoin :D
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I think what you may be trying to say is this:
https://jesse-livermore.com/the-complete-trader.html
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I would rather earn 1% off a 100 people's efforts than 100% of my own efforts. -John D. Rockefeller
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Oh, that's a great quote! I share his thoughts! Passive income is where it's at.
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i hope the bull continues to next year
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Run bull run! Booms are always followed by busts, just a matter of how long :)
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Checkout my most recent post! I outline some reasons as to why I think this bull is coming to a close.
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Hi @jrcornel
Perfect post.
Number one is the best.
Thanks for sharing.
Upvote and Resteem
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Thank you!
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You are welcome 😉😊
Good luck.!!
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Bitcoin is taking off and I'm buying $5-$10 worth every week. I feel some is better than none, but it's the other currencies that I am trying to pick up now as well. I feel they are going to start seeing increases in their value and market share as Fiat currency loses its value and above all, trust.
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I personally like to buy on dips, except there haven't been many as of late. FOMO is driving this thing now.
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bitcoin is to high now for you to make any money from $5-$10. I would recommend that you looking Ripple and Stellar and of course Steem! I been trading crypto and bitcoins for seven years and those three that I just mention have all my attention. Returns are insane I recommend patience when you first start and don't trade just buy and hold and your money will grow!
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Yeah I don't expect to blow up on Bitcoin but I figure a couple hundred worth is better than 0....I'm trying to find ways to mine without all the fancy setups...plus I've heard the horror stories about the electric bill....I'm finding all the faucets are basically scams.....
The three you've mentioned. Do you have links to then? How can I go about obtaining - just outright Fiat to crypto?
Thanks for the advice
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I would recommend using either Poloniex.com, which is a market place which you can trade and buy different coins. I usually deposit bitcoins into Poloniex and buy so on... in the exchange market. But up and coming is Bittrex.com and a lot of people are leaving Poloniex for Bittrex. And I can send you links to these three coins but I think its better if you look them up. Discovering them and fully understanding them is the best way to feel confortable investing in them.
Mining isn't really worth it for a home setup unless you're running a rig with like a min. of 6x GPU's (Video Cards) and each Video Card is going to be 220-250$ because they have to be state of the art because you want the must efficient working machine and that's not including a Motherboard that can handle 6x GPUs, processor and everything else. Plus all the learning you have to do before you even get started with that project. I would recommend looking into GenesisMining.com Where you can buy a mining contract and look up calculators to estimate what is the best option for you!
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Thanks mate
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Can fiat survive the crypto storm? That is the question.
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Fiat is already dead. I think what you're going to start seeing with crypto and gold/silver are massive correction from decades of suppression against the dollar.
If there was ever a time to purchase precious metals and other forms of money, it's now!
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Wow. Thank you. I am considering buying physical silver :) and to keep steeming for crypto ;)
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Paper money eventually returns to it's intrinsic value of zero - Voltaire
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Fiat is falling, it's only a matter of time bud. Trade the old for the new.
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I think we are really seeing this go mainstream...saw CNBC touting Bitcoin. That would not have happened a few years ago.
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That is neat! Thanks for posting this.
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Bitcoin at $2000!!! But What To Look Out For Now
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$2500?! ;)
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It is impressive how fast has been the growth of the cryptocurrency sector.
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Almost too fast?!
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Yes.. fast and furious :)
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Thanks for this post @jrcornel. It's amazing to be part of this new trans-formative blockchain technology and cryptocurrencies. There may be a pull back but in the long term trend it will be barely noticeable.
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Yes, I think so as well.
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gonna hit 100 Billion very soon
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At this rate, it could be next week ;)
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No worries for a bubble. 60 billion is nothing for a market cap.
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We could grow 13X and still not hit the market cap of Apple...
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I don't think people comprehend the concept of the bubble. We are talking about an emerging sector here with so many projects disrupting almost everything. It could hit a trillion and still be nowhere near a "bubble"
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Very true... they need to compare it more to things like... "the market cap of the entire financial and technology sectors" before we can really get an idea of what we might be dealing with here. ;)
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Completely agree, most people still know nothing about crypto or have even heard much about it.
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It's feeling bubblish for me too. At the same time, I don't think the rally is going to stop anytime soon. I think we will have some small pullbacks during the year, but i can see this going strong for another 6 months, and a BIG pullback around the beginning of the year as things settle down for a bit. I think it's still a great time to buy, and will be for the foreseeable future. Crypto trading is going to get nothing but much bigger!
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Those are very similar to my own thoughts as well.
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Resteemed. Thanks for the post.
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Thank you!
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you are welcome.
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The key words here are “ … there is room to grow … ” .
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Lots of it!
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Thanks for the info @jrcornel great post.
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Thanks!
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Will keep on rising I believe
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I do as well... dips along the way, but they should be bought.
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Long live BTC :)
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Congratulations @jrcornel!
Your post was mentioned in my hit parade in the following categories:
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Saddle up boys!
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I too think we are just at the beginning. The entire crypto market is a tiny fraction of the trillions in fiat, gold,bonds etc. If even 1 percent of that money were to enter the crypto market, i think the price per bitcoin would easily be $10000-$20000.
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Bulls finding way in the market!
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I was going to cash my steem in for a coffee, the thought I would to do it for a beer, then a bike. I might wait and pay my mortgage off! Haha
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Wawwww I like it
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Much further to go. Fiat currencies will be crushed.
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Perfect!!!
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Crytpocurrencies are just getting started. It is still like the wild west and we are all early to the party.
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its all pretty incredible, 10's of Billions of wealth created by the people's currencies.
I'm very impressed, thanks for the post
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Its a great time to be involved in the crypto-currency world.
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Very cool, Thanks for posting - Subbed!
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Wrong: 70B marketcap
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News is obsolete fast these days!
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I actually had people from my day job asking about Bitcoin earlier today. They were apparently hearing about it in their social circles and knew I had an idea about it (though they didn't care to listen over the last several years).
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Haha well they are usually the last to buy before a correction... although I think longer term the trend will remain higher. This technology appears to be here to stay and is only just now discovering it's many possible use cases.
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Resteemed. Great Article. Thanks for the post @jrcornel.
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So ripple sending ripples in crypto market. Great! I wonder why Indians are so behind in crypto world.....
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Am I missing something, or do you mean $70 billion? It was at $60 billion a little while back.
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Its time for a breather in the Crypto Markets. Retracement to the 1100's is due.
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Yes I agree. Cryptocurrencies have enormous potential.
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It just keeps going, its already on 70B
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Interesting pivot point. By students, I am asking for Bitcoin Pirates, hearty souls with some coin to invest in trading or mining on the cloud. Early adopters can get in on the lower level with a swim at:
http://bitcoin.316taxi.com
Others favor good news that there is a CASINO to play at,
http://casino.atlantaairport.taxi
The fact that Bitcoin is reaching record highs over $2100 and the snowball is growing, and it won't be stopped. You can get in control of your crypto or be ruined by the crypto tidal wave. Follow me on steemit.
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Good snapshot, overview. Glad to see our world is growing, getting validated.
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The sky is the limit!
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great news...
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Setup up bitcoin account to buy, but was at $1800 Aussie or $1500 us and now it's gone way higher. Funny that.
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Great post!
Market cap is over $70 billion now!
Thanks for sharing and Steem on :)
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