Since we first gave our thoughts on Bitcoin just 4 months ago, Bitcoin has moved upward from our coverage price of $860 to $1588 (80% gain) without resistance and much hype in the press as we anticipated.
The almost doubling in price has occurred despite a few major setbacks like the SEC ruling against the proposed Winklevoss ETF and the Chinese government crackdown on owning and trading Bitcoins. (The SEC announced in April that it would take a second look at a bitcoin ETF by reviewing its ruling in the Winklevoss brothers’ application. No timetable has been released on when that may happen)
The continued and expanding global movement towards “legalizing” marijuana and cryptocurrency markets are here to stay. Make no mistake about it.
Bitcoin’s market cap is now north of $23 billion whilst Ethereum the second-most prominent cryptocurrency struck a new all-time high trading at $85 supporting a market cap of $7 billion.
What does all this mean and where will prices head?
Bitcoin and Ethereum are both on track and could easily support another doubling in price for 2017 taking Bitcoin to $3000 and Ether to $200. (We do like the prospects over the long term for Ethereum much better – More on this in an upcoming post)