Bitcoins - about to hit $5,000 per coin today!

[Griffith]

https://ambcrypto.com/why-ethereum-is-still-in-the-buy-zone/

Why Ethereum is still in the ‘buy-zone’

At the current price level, Ethereum is trading at the $1800 level and it is being absorbed by HODLers who don’t sell within 2-4 years or in the short term. The asset’s total value in the ETH 2.0 deposit contract just reached an all-time high of 3,551,682 ETH. The increase in reserves signals the increasing liquidity and volatility in Ethereum’s price.

At the current price level, Ethereum is trading at the $1800 level and it is being absorbed by HODLers who don’t sell within 2-4 years or in the short term. The asset’s total value in the ETH 2.0 deposit contract just reached an all-time high of 3,551,682 ETH. The increase in reserves signals the increasing liquidity and volatility in Ethereum’s price.

Why the next supply shock will start an altcoin bull run

If Bitcoin traded sideways, it would offer Ethereum and large market cap altcoins to trend and rally. Ethereum has traditionally led the altcoin rally, so the increased volatility is a positive sign. Ethereum reserves on exchanges increased from week 1 in march, and have dropped now. The ETH 2.0 deposit contract is gaining traction and there is an increase in the number of active traders on the ETH network.

Something similar happened to Bitcoin in November 2020. Around this time, Bitcoin’s price went from 10k to 60k, that is 6x, if Ethereum’s price responded in a similar manner traders can expect at least over 3x price hike. At the current price level, Ethereum may continue to remain undervalued.

Ethereum is headed towards a massive supply shock and it may hit within the next 12 months, meaning that the impact on price will be long-term. Few important data points that directly influence the supply are 10-20% Ethereum’s supply is locked in staking, of the circulating supply $10-$20 Billion is burned in EIP 1559 every year.

Additionally, the drop in issuance of ETH would lead to a drop of 4.5% in the supply. This coupled with other drops, may shock Ethereum’s supply creating an increased demand for the asset on spot exchanges. This shortage of supply narrative is in-line with Bitcoin’s bullish narrative this market cycle.

Besides, the two assets are correlated strongly, 86% precisely. This is the highest correlation that Ethereum has with any other asset and this is playing an instrumental role in shaping up the drop in supply and driving the price rally higher.

Undervalued or not, currently ETH is in the buy zone, even at the $1800 level when it is valued in light of the upcoming supply shock and expected to increase in value in the following weeks.

[Griffith]

https://dailyhodl.com/2021/03/20/deutsche-bank-says-bitcoin-too-big-to-ignore-after-shattering-1000000000000-market-cap/

Deutsche Bank Says Bitcoin Too Big To Ignore After Shattering $1,000,000,000,000 Market Cap

Researchers at Deutsche Bank say Bitcoin’s rise above the $1 trillion mark proves the leading cryptocurrency is here to stay – at least for the foreseeable future.

In a new report on the future of payments, the banking giant says it expects BTC to remain “ultra volatile” amid high levels of speculation.

“In the short term, Bitcoin is here to stay and its value will remain volatile… We estimate that less than 30% of transactional activity in Bitcoin is related to payment for goods and services, with the rest largely used as a financial investment.”

The report says Bitcoin “should continue to rise” based in part on its adoption among institutional investors.

“At the beginning of 2017, Bitcoin prices were below $1,000 per coin. In December of the same year, Bitcoin reached nearly $20,000. Then came the fall and by February 2018, the price had dropped to $7,000. In a year only, prices surged from $4,900 in March 2020 to hit a new high of $60,000 last Saturday. One of the most important factors driving Bitcoin’s increased demand was the entrance of hedge funds and other institutional investors.”

The report also cites the acceptance of crypto assets among Millennials as a main factor that could trigger a tipping point in the global adoption of BTC.

“Future generations may usher in mass adoption. The older people we surveyed had fears about cryptocurrencies, found them harder to understand, believed they create volatile financial bubbles (like the dotcom bust), and saw them as low-liquidity financial instruments. A third of those surveyed had no idea how cryptocurrencies work, and 40% had only a partial understanding.

By contrast, around a third of millennials believed that cryptocurrencies are replacing cash and credit/debit cards according to our exclusive survey of over 4,700 people in the United States, the United Kingdom, Germany, France, Italy, Spain and South Korea.”

[Griffith]

What are your views on Polkadot (DOT)?

[Bindare_Dundat]

What are your views on Polkadot (DOT)?

Stick to bitcoin. Its the king. Without it , ethereum and ada and the rest wouldn't be here or would be in the gutter. Ethereum only moves because of bitcoin, Ada is doing nothing but tanking and polkadot is in the same boat.

Sorry obsidian,  I hate shitting on Eth but it's mired in problems.

All these,  nft, defi, blah blah blah shitncoins are just that, shit. Only good for idiots like Mark Cuban and other billionaire morons to buy crap and brag about how wealthy they are throwing their money at garbage trading cards and "art"

[obsidian]

Stick to bitcoin. Its the king. Without it , ethereum and ada and the rest wouldn't be here or would be in the gutter. Ethereum only moves because of bitcoin, Ada is doing nothing but tanking and polkadot is in the same boat.

Sorry obsidian,  I hate shitting on Eth but it's mired in problems.

All these,  nft, defi, blah blah blah shitncoins are just that, shit. Only good for idiots like Mark Cuban and other billionaire morons to buy crap and brag about how wealthy they are throwing their money at garbage trading cards and "art"

If Gibs sold his 50 BTC on January 1st and bought Dogecoin he would now have the equivalent of 660.63829787 BTC! Instead he still has 50 BTC because he hodled it.

He is playing it safe by just hodling BTC. Of course the same thing applies for me. If I did not hodl my ETH and sold all to Dogecoin in January I would have also seen a dramatic increase in my portfolio. The problem is it is easy to see this in hindsight but when you are in the moment you just can't know how things will pan out. If I had a time machine and knew future prices I would have been a trillionaire by now lol! I guess we all would be.

Ethereum Open Price:
Jan 01, 2021   737.71
Mar 14, 2021   1,908.64
Increase: 158.724973228%

Bitcoin Open Price:
Jan 01, 2017   963.66
Mar 14, 2017   1,232.16
Increase: 27.8625241268%

Cardano Open Price:
Jan 01, 2021   0.1814   
Mar 14, 2021   1.0815
Increase: 496.1962513782%

Dogecoin Open Price:
Jan 01, 2021   0.0047
Mar 14, 2021   0.0621
Increase: 1221.2765957447%

[obsidian]

Stick to bitcoin. Its the king. Without it , ethereum and ada and the rest wouldn't be here or would be in the gutter. Ethereum only moves because of bitcoin, Ada is doing nothing but tanking and polkadot is in the same boat.

Sorry obsidian,  I hate shitting on Eth but it's mired in problems.

All these,  nft, defi, blah blah blah shitncoins are just that, shit. Only good for idiots like Mark Cuban and other billionaire morons to buy crap and brag about how wealthy they are throwing their money at garbage trading cards and "art"

Those problems will be fixed. And it will have advantages over Bitcoin. The fundamentals for Ethereum look good. There's been times where the fundamentals for Bitcoin looked great but the price did not reflect it.

The world is a big place and Bitcoin is not the only game in town. Bitcoin is a store of value and that's that. The derivatives market is a lot bigger than the gold market. There's a lot more to tap into via DEFI. Ethereum, Cardano, Polkadot and others have a lot of potential. Ethereum has outperformed Bitcoin for it's entire existence. In 2017 when Bitcoin was where Ethereum is now it traded sideways for months and by this time in 2017 had not yet broken $2,000.

And with gas fee burning Ethereum would actually become deflationary. Every time a transaction occurs it would burn ETH. So over time it would add up and the supply would dry up. So Ethereum could also become a store of value. Hell I would argue it already is. 1 ETH is worth more than 1 OZ of gold. People that bought gold actually lost wealth because it did not keep up with inflation. Look at where the price of gold was 9 years ago vs now.

Here's the 2017 BTC / 2021 ETH price history:

Ethereum Open Price 2021:
Jan 01, 2021   737.71
Feb 01, 2021   1,314.86
Mar 01, 2021   1,417.15
Mar 14, 2021   1,908.64

Bitcoin Open Price 2017:
Jan 01, 2017   963.66
Feb 01, 2017   970.94
Mar 01, 2017   1,180.04
Mar 14, 2017   1,232.16
Apr 01, 2017   1,080.61
May 01, 2017   1,421.03
Jun 01, 2017   2,404.03
Jul 01, 2017   2,436.40
Aug 01, 2017   2,727.13
Sep 01, 2017   4,901.42
Oct 01, 2017   4,395.81   
Nov 01, 2017   6,440.97
Dec 01, 2017   10,198.60
Dec 17, 2017   19,475.80

https://finance.yahoo.com/quote/BTC-USD/history?period1=1483228800&period2=1514764800&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true

https://finance.yahoo.com/quote/ETH-USD/history?p=ETH-USD

[obsidian]

[Bindare_Dundat]

I dont trust him as far as I can throw that guy.

[Griffith]

Polkadot Open price:
Jan 01, 2021 9.29
Mar 21, 2021   37.36
Increase: 402%

I only hold just over 1% DOT in my portfolio though.

[obsidian]

This guy makes a few good points talking about the fundamentals of ETH. For ETH to go to 10K it would need an inflow of +/- $950 billion. That would give it a market cap of $1.15 trillion. Of course that would require the crypto space to grow by a few trillion dollars because not all of it would go to ETH. It sounds crazy but look how far we've come already in 2020 / 2021.

[obsidian]

Polkadot Open price:
Jan 01, 2021 9.29
Mar 21, 2021   37.36
Increase: 402%

I only hold just over 1% DOT in my portfolio though.

Yes Polkadot and Cardano both performed stellar in 2021. Cardano has gone up an insane amount the past 1 year even exceeding Dogecoin. Look how much Terra is up in 1 year. An astounding 15,609%!!

People get caught up in Bitcoin's price and that's almost all the media is talking about. Most people that don't know much about cryptos think Bitcoin is the only crypto. The reality is if you have $10,000 and not super wealthy and want to grow your wealth Bitcoin at this point is not the fastest horse in the race. For it to 10x from here it would need an influx of $10 trillion! The smaller market caps could 10x a lot easier. Smaller amounts of money will move them by larger amounts.

[Griffith]

Here's Charles Hoskinson's take on the future of Cardano, he's trying to work with African governments to use ADA:

https://zycrypto.com/millions-of-africans-to-benefit-from-cardanos-expanding-ecosystem/

Millions of Africans to benefit from Cardano’s expanding ecosystem

Cardano is making more headlines as it scores points in getting allies in Africa. So far, Africa has been largely untouched by most blockchain-based tech companies, but Cardano seems to have identified quite an opportunity in the continent. The news was broken by IOHK CEO, Charles Hoskinson, in a short YouTube video.

According to Hoskinson, Cardano is working with various African governments to develop digital entities that will open the gates for millions of people to benefit from the expanding Cardano ecosystem.

Forming New Markets

Going on, Charles opines that this move will greatly contribute to helping millions of Africans that have had no prior access to digital resources and services in setting up with these long-awaited growth opportunities. These benefits will include the creation of digital identities that can be linked to rich metadata, digital wallets, and payment systems.

Granted, this is likely to result in the emergence of a new larger market based out of the digital age. Charles estimated the new market in Africa to total around $5 trillion, something that makes this a high priority for the Cardano ecosystem as a whole.

Africa is Not Poor

Charles Hoskinson doesn’t believe that Africa is a poor continent as mostly portrayed on the global stage. According to him, it’s the lack of proper resource utilization that has stunted its growth.

With a new, more advanced system, the African economy will get the chance to prevent bad decisions and curb mismanagement. This way, the real wealth in Africa can be accessible to all since there will be more accountability.

Lessons From China

In Charles’ opinion, Africa’s current economic status is a parallel to China’s a few decades ago when most people on Wall Street thought of China as a poor country.

Once China put in place measures to facilitate smooth wealth utilization, the country’s economy sprung out and has achieved steady growth for decades. China is now one of the largest economies in the world.

[obsidian]

This guy makes a good point about Charles Hoskinson hyping up Cardano but where are the DAPPS?!

[obsidian]

Here's Charles Hoskinson's take on the future of Cardano, he's trying to work with African governments to use ADA:

https://zycrypto.com/millions-of-africans-to-benefit-from-cardanos-expanding-ecosystem/

Millions of Africans to benefit from Cardano’s expanding ecosystem

Cardano is making more headlines as it scores points in getting allies in Africa. So far, Africa has been largely untouched by most blockchain-based tech companies, but Cardano seems to have identified quite an opportunity in the continent. The news was broken by IOHK CEO, Charles Hoskinson, in a short YouTube video.

According to Hoskinson, Cardano is working with various African governments to develop digital entities that will open the gates for millions of people to benefit from the expanding Cardano ecosystem.

Forming New Markets

Going on, Charles opines that this move will greatly contribute to helping millions of Africans that have had no prior access to digital resources and services in setting up with these long-awaited growth opportunities. These benefits will include the creation of digital identities that can be linked to rich metadata, digital wallets, and payment systems.

Granted, this is likely to result in the emergence of a new larger market based out of the digital age. Charles estimated the new market in Africa to total around $5 trillion, something that makes this a high priority for the Cardano ecosystem as a whole.

Africa is Not Poor

Charles Hoskinson doesn’t believe that Africa is a poor continent as mostly portrayed on the global stage. According to him, it’s the lack of proper resource utilization that has stunted its growth.

With a new, more advanced system, the African economy will get the chance to prevent bad decisions and curb mismanagement. This way, the real wealth in Africa can be accessible to all since there will be more accountability.

Lessons From China

In Charles’ opinion, Africa’s current economic status is a parallel to China’s a few decades ago when most people on Wall Street thought of China as a poor country.

Once China put in place measures to facilitate smooth wealth utilization, the country’s economy sprung out and has achieved steady growth for decades. China is now one of the largest economies in the world.

Yeah well we know how corrupt those African nations are. Not sure if this is a good or bad thing. But kudos to him for working with them. I hold Cardano and thought about converting more ETH to ADA. But I also remember holding ADA back in 2018 when it completely crashed to the bottom. It is not immune to pump and dumps either. I guess all cryptos are at risk of pump and dumps. Even stocks have this issue. Amazon stock had major 30% price corrections also back in the day.

[Bindare_Dundat]

This guy makes a few good points talking about the fundamentals of ETH. For ETH to go to 10K it would need an inflow of +/- $950 billion. That would give it a market cap of $1.15 trillion. Of course that would require the crypto space to grow by a few trillion dollars because not all of it would go to ETH. It sounds crazy but look how far we've come already in 2020 / 2021.

I cant watch this right now but judging from what you wrote calls for 20k ethereum this year are never going to.materialize. neither will 10k.

[obsidian]

I cant watch this right now but judging from what you wrote calls for 20k ethereum this year are never going to.materialize. neither will 10k.

Go look at Bitcoin's price history in 2017.

It traded below $2,000 for almost half the year. Even in July 2017 it dipped below $2,000. Then in November - December it went from $6,000 - $19,253.

Many people would agree 2017 was a wild bull run. Well 2021 could very well exceed that. Sure BTC has a smaller supply so for Ethereum to match that would require a much bigger market cap. I am not going to say it is impossible judging by the past history of crypto. And the dollar is now different than it was in 2017. A lot more of it has been printed. Will ETH hit 10k or 20k before the end of the year? I don't know. Nobody knows. Is it impossible? No.

[Mayday]

This guy makes a few good points talking about the fundamentals of ETH. For ETH to go to 10K it would need an inflow of +/- $950 billion. That would give it a market cap of $1.15 trillion. Of course that would require the crypto space to grow by a few trillion dollars because not all of it would go to ETH. It sounds crazy but look how far we've come already in 2020 / 2021.

100B inflow would probably generate a market cap of 1T.

Market cap is last sale price x coins. It doesn’t reflect total capital investment, therefore less capital is required to jack the price. With such low market participation in a short time frame we probably only need 100B if that to jack the price of ETH to 10k+. It will also dump just as fast when money flows out.

The other one is scarcity vs price. The majority believe scarcity drives price, the more scarce something is, the higher the price. Supply/demand.

My argument is the market participants determine the value at any given point in time. At some price point they will also determine it no longer becomes more valuable regardless of scarcity which sets a ceiling on the asset market cap.

Models using scarcity as the primary driver will break at some point. There are always sellers in a market and there is a reason assets classes max out. Diamond supply is held back in order to control price but that is a reaction to the market deciding the peak value of diamonds. If they made them more scarce it wouldn’t drive up the price, people would simply buy less.

The market sets the price ceilings. Hence markets can overheat and the bulk of participants stop buying and it’s only a small last few who pump it up, then the market corrects to where the majority are happy to buy.

[Mayday]

For ETH:
330k x 0.031 is 10k
220k x 0.05 is 10k
The bet is the ratio increases as per previous years.


Meanwhile, I watched my first bitboy clip on YouTube and that dude has NFI. He is a prime example of not understanding scarcity and price.

Bitcoin is not running out. Owning a full Bitcoin is limited opportunity but there are 100M satoshis per coin (21,000,000,000,000,000 supply) which is 21 Quadrillion Satoshi supply. Price ceiling will be set when the market determines ultimately what 1 BTC is worth but we will always be able to buy Bitcoin in satoshi sizes. Price then increases by the money supply.

So onto my post above about scarcity vs price, at some point the market decides the price ceiling for 1 BTC. We can consider the largest market caps in existence and calculate price.

BTC 1T          —-> 60k
Silver 1.4T.     —> 84k
Apple 2T         —> 120k
Forex —> 6T per day
Gold 10T          —> 600k
Dow Jones 24T. —> 1.44M
Bond market 100T —> 6M
Real estate 100T. —> 6M

Silver, gold, forex, bond markets are the most likely to bleed capital into Crypto.

[El Diablo Blanco]

You guys do know that Russia controls Etherium

[Gitur]

bitcoin will definitely sky rocket again but so will eth and other cryptos. Its just a matter of time.

The issue is people go into the investment telling themselves they will wait it out as a long term investment but end up having no patience whatsoever and keep moving shit around.

most of these people dont have alot in the bank and are anxious to make a profit. imo dont play with more than you are willing to lose, too much stress. just invest and hold.

[epic is back]

pump pump pump

then dump

[gib]

With your belief in Bitcoin unicorn farts, you are much more like the milkman than me.

Dude, you can buy now, and enjoy a 10x return if BTC his 500K.

Or you could be like Mr Anabolic, and fight a futile resistance, and miss out on a 10x return (as he did by refusing to buy at 5K...). *In fact he actually was even defiantly refusing to buy at $300. Imagine, you have it all handed to you on a place. Your are part of a community that gives you a heads up on an opportunity. And you live in a 1st world with access to money where you can actually still secure your future. Instead you piss it away, talking about unicorn farts, while your opportunity slips away to Billions of other hungry humans who will soon scramble for piece of BTC en mass.

[Griffith]

Dude, you can buy now, and enjoy a 10x return if BTC his 500K.

Or you could be like Mr Anabolic, and fight a futile resistance, and miss out on a 10x return (as he did by refusing to buy at 5K...). *In fact he actually was even defiantly refusing to buy at $300. Imagine, you have it all handed to you on a place. Your are part of a community that gives you a heads up on an opportunity. And you live in a 1st world with access to money where you can actually still secure your future. Instead you piss it away, talking about unicorn farts, while your opportunity slips away to Billions of other hungry humans who will soon scramble for piece of BTC en mass.

If it does reach that amount, what timeframe do you see BTC hitting 500k?

[Bindare_Dundat]

If it does reach that amount, what timeframe do you see BTC hitting 500k?

Next week.


Joking obviously. 

I'm going to go out on a limb and say we won't even hot 100k this year so if that gives you a better time frame.

[Mayday]

If it does reach that amount, what timeframe do you see BTC hitting 500k?

500k will assume multiple peaks as no way will that happen in a single move without a major correction. Timeframe for multiple peaks is year end or start of 2022.

If we have a single peak it’ll most likely be over by end of June.