Wednesday, December 27, 2017

Hunt for the next Bitcoin could dominate early part of 2018

When a new technology or innovation enters into an environment, quite often the first products that come from that technology rarely last as improvements to the original eventually make them obsolete.

Cryptocurrencies, and in particular Bitcoin, were the original products created for the Blockchain, and it took about eight years before they really began to take off.  However while Bitcoin still remains at the moment the best recognized and most traded crytocurrency, the fact that the total number of cryptos doubled in 2017 gives credence that expanded innovations in the technology are quickly starting to lessen Bitcoin's dominance, and bears the question in what is the next cryptocurrency that will emerge to compete with, dominate, and perhaps even replace Bitcoin at the top of the mountain?

If you thought bitcoin has been on a wild ride, check what happened last week with litecoin. 
The newer cryptocurrency, which is supposed to be a faster version of bitcoin with a larger supply of coins, increased from around $100 on Dec. 8 to more than $370 by Dec. 12, a gain of 270 percent. The price has come down, but even after a fall from the peak, litecoin is up more than 7,000 percent for 2017. 
It’s estimated there are now more than 1,000 different cryptocurrencies. Eventually more of them will find their way to Coinbase as customers demand a more diverse opportunity set to trade. You should expect to see more wild price swings as investors look for the next lottery ticket in cryptocurrencies. - Bloomberg
New cryptocurrencies were being created at more than one per day in 2017, and this should only mark the beginning of the rise and use of virtual currencies in the global financial system.  And as traders are becoming savvy enough to be able to day trade cryptos on an exchange the same way FX traders do sovereign currencies, then you will see many obscure and little known cryptos move by 1000's of percent throughout 2018 the same way Ripple, IOTA, and Dash did over the last month between November and December.


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