Bitcoin has had a great run in 2016 doubling in price from $430 US to a current $860 US. (Ether is trading at just over $7)
It has also set a new market cap all-time high of around $14.05B.
What makes the run so remarkable is that there was so little press coverage and hype.
IBR analysed Bitcoin social mentions data across the web from 2014, 2015 and 2016 using 2 of our sentiment analysis algorithms.
2016 showed a significant decrease in mentions of 42% vs 2015, and 37% for 2014.
This leads me to believe that there is still much more upside ahead for the price of Bitcoin.
Not until we see Bitcoin on the front cover and lead story of Barron’s, or your Uber driver tells you he is “really” a Bitcoin leveraged day trader, the bullish trend remains intact.
Be long and stay long Bitcoin and Ether – enjoy the crazy ride ahead.
Ether is trading at $7.87.