Bitcoin At All-Time High - Is It Time To Cash Our For Some Armani Or Burberry Suits?
On Monday 22nd May 2017, the Bitcoin Price made a brand new all-time high on Coinbase
by reaching $2298. At the time of writing the BTC price is around $2275 which brings
the Bitcoin Market Cap at the stagerring figure of $36 Billion.
Is it now time to take some money out of the bitcoin market and treat yourself to some luxury goods?
In June 2016, the bitcoin price was around $780, which is about £600.
Therefore, last year one bitcoin could buy you a very sleek slim fit Armani suit.
Now fast forward to today, June 2017 is around the corner and at $2275,
which is about £1750, you could still buy yourself a slim fit suit but this time
from the Burberry house ( by the way, both brands are excellent ).
Now you have got to wonder... what kind of suit, one bitcoin will allow you to buy in June 2018 ?
Bitcoin is definitely the King Kong of the Crypto "Jungle" Space but it is closely followed
by Ethereum who recently also made some new all-time high.
Ethereum price reached $190 on the Bitfinex Exchange before consolidating to the $150 area.
Ethereum has been getting very good press and media coverage, mainly due to the backing of
The Enterprise Ethereum Alliance and his blue chip companies. The current Ethereum trend is so bullish that many financial pundits forecast an Ethereum market cap that could be bigger that the Bitcoin Market cap.
Other cryptocurrencies to keep an eye on are:
- Litecoin, which has made some solid gains since it has been added to Coinbase
- Ripple XRP and Stellar Lumens are rising steadily and they will play a big role in cross-border transfers
- STEEM is up over 10%, STEEMIT social news network keeps on growing.
As you probably know, I mainly trade cryptocurrencies on the eToro platform.
I have recently cash-out some of my Bitcoin holdings and opened a new LONG position on Ethereum.
I am planning on adding more positions in the near future.
If you wish to follow and copy and my trades for free, simply click on my bitcoin trading website https://www.jonosolo.com/how-to-buy-bitcoin and follow the instructions.