I felt I had to share this ominous looking chart of today's Total Market Capitalization on https://coinmarketcap.com.
With Bitcoin surging ahead to all time highs over the past few weeks, the rest of the market has been left behind, and as a whole only just passed its previous all time high over the weekend.
I think it's clear now from how this line has broken out that we are going to see a parabolic move up over the next few weeks, judging by what happened after the last all time high and correction from June - August.
How much of this will be Bitcoin is hard to tell. At the moment the Bitcoin dominance is 58.2%, so being two thirds of the market it could single-handedly produce this kind of spike. If we add the billions that will be created out of thin air with the Bitcoin Segwit 2x coin, this could well be enough on it own.
Looking at the same chart for Total Market Capitalization (Excluding Bitcoin) we can see that the alts as a whole are still flat, and well off their all time highs.
How long this will last for is hard to tell. A breakout must be coming soon, but we may well not see this chart hit new highs until after the fork in mid November. Until then we could just slowly creep higher before the final moonshot, which looks to be the consensus opinion of a lot of analysts, and one that I am leaning towards.
Either way it looks like it's going to be a wild ride for the next month, so buckle up, stay calm and please don't do anything stupid! 🚀
This is not investment advice, and is intended for educational purposes only.
All of the focus is on the BTC which I think will kill many of the small coins. But in the long run, it will balance out.
I don't know very much about crypto, but just see trends.
Just after the fork will be a great time to go shopping!
I don't have any coins. :( Should have bought some a long time ago when I had an expendable income. All I have is steem. Maybe that will spike up to 1,000$$$ wishful thinking.
You should power up all your blog posts man, you'll build your Steem much faster that way. You know you can set it up automatically for when you make any new posts.
Powering up everything helps you snowball, it's like compound interest.
I'm sure you can afford some coins, maybe you could take some inspiration from this guy... 😂
http://uk.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10?r=US&IR=T
I always forget to do that. Thanks for the advice.
Is there a site like eBay that uses BitCoin?
There might be, but honestly I've not done enough research to know. Are you thinking of having a clear out? 😉 I'm already at bare bones myself, I've got nothing left to sell! I'm a minimalist, I live very simply and own very little.
I lived out of a suitcase for 3 years which made me lose everything. So I don' have any furniture, but I do have a kitchen stache that could fill 3 kitchens. It makes sense that I'm a food blogger, cooking show host, and amateur food photographer.
I'd really love to share one of my blog posts with you, it's kind of just my own take on life and money, but I hope you like it! 😊
https://steemit.com/money/@adamantine/how-to-save-money-and-build-wealth
The banks are already closed. Ill have to do that tomorrow.
I think a lot of focus is on BTC right now. The news come out of the CME that they will have a Bitcoin Future up by Q4 I think makes a lot of people rush in not wanting to miss the pop. Whether it does or not remains to be seen but overall I don't think other cryptos are far behind in catching up.
Thanks for your input, I read your article on the impacts of a CME futures listing, and I was aware that this was on the cards but I didn't fully understand the implications, really informative post, thank you!
Always glad to help! I come from a professional trading background in futures so these topics get me excited :)
Thats really interesting , I think @zfx-official is completely right, all the focus is on bitcoin right now, as pointed by @tony10 in his post:
PS: the image was stolen from tony's post, please check him out.
The gobal money supply (narrow money) is estimated at ~$36.8 trillion:
http://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/
How much of that is going to be represented by bitcoin?
Consider, cryptocurrency already represents nearly 0.5% of this value, and is going up. Here are projected values as bitcoin is utilized within the global money supply:
0.57% => $10,000 / BTC
0.86% => $15,000 / BTC
1.71% => $30,000 / BTC
2.85% => $50,000 / BTC
5.70% => $100k / BTC
10% => $175k / BTC
20%=> $350k / BTC
Thanks for those statistics, that really helps put it into perspective! I've seen that visual capitalist picture before. The way I visualise it though is Bitcoin taking a percentage of every market, rather than just the money market. People invest in real estate, stocks, precious metals, bonds, cash etc. as a store of wealth or a way to speculate. I think cryptocurrency is now, and will in the future continue to take a share of each of those markets, because it's so versatile as an asset class. You can see this right now in how Bitcoin is starting to be used in real estate transactions, as well as how ICOs are transforming the VC space.
I agree - I picked the narrow money supply since that is tangible use for Bitcoin today. Further down the link, you can see the derivatives market that eclipses the money supply ($1.2quadrillion).
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