CryptoCentral News - 2nd August 2017
It’s 2nd of August and instead of a doomsday event like what uninformed naysayers have predicted, the market is even more bullish today with Bitcoin Cash priced at 500 USD.
Bitcoin dipped a little from it’s near 3,000 dollars mark to about 2,700 dollars, but if you had held on to BTC correctly before the fork, the total amount you have from BTC and BCC would equate to a profit overall. BCC can’t be sold yet at this point but overall we might see a slight drop when it does. However, if the lesson on Ethereum and Ethereum Classic taught us anything, we probably see both coins trading on as usual as if nothing ever happened.
There’s a debate that Bitcoin Cash is not free money and that Bitcoin prices will be divided, however to the average Joe who had Bitcoin yesterday and Bitcoin Cash today, it does feel like free money to them.
Politics and technical data aside, what does this mean for the average investor? What are the likely scenarios ahead of us PBF, Post Bitcoin Fork?
Bitcoin now holds 50 billion in market cap putting it waaaay ahead of any competition. Ethereum, comes close second but like I said before, Ethereum have their own agenda and is not in direct competition with Bitcoin. Litecoin as a currency equivalent comes close second at only just 2 billion in market cap.
The total sum is a drop in the ocean if you look at the world as a whole and how many players are not in the cryptocurrency market yet. So far I have not heard anyone quitting cryptocurrency and saying that they would never buy a single coin ever again. On the flip side, I hear many new people coming into the market with fresh injection of cash. Young people, working class Millennials who understands that their paltry pay cheque is never going to afford them a comfortable living lifestyle today is betting their “retirement funds” in cryptocurrency.
Even if you think that there’s a hole in the crypto pail, there is more water being poured in then it is flowing out. And while cryptocurrency cannot be compared directly to gold or silver because there’s nothing tangible about it, it belongs in the same league of free market as gold and silver. When the current financial market topples – and it’s predicted to within this decade – people will rely on gold, silver and cryptocurrency as a means to trade.
If you haven’t bought any Bitcoin yet, I don’t suggest you rush headlong into it today to purchase a few coins. The price is still relatively higher, but I’m hopeful that the price will see a dip this week to about the 2.5k mark or lower. But this is just my speculation and should not be taken as a stern advice. As you know by now, the crypto market has a way of acting out of wack at times.
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