2018 set to be the year of the Altcoins!
Bitcoin is set to have another banner year, at least according to Tom Lee, but it's the altcoins that are really going to outperform.
Specifically, he's talking about the top 50 altcoins by market cap.
He predicts bitcoin will hit $20k by middle of this year and then be double that by the end of the year.
Which means, we are looking at a price of around $40k for bitcoin within the next 12 months. Which makes buying right now, today, a great opportunity!
However, it might be even better for midcap cryptocurrencies.
Check out the video:
Top 50 altcoins by market cap to significantly outperform, but doesn't that include... steem?
Yes, yes it does.
Steem is currently #37, right behind Dogecoin.
(Source: https://coinmarketcap.com/)
Which, while we are on the topic, I see no reason in the world why steem should be behind dogecoin and bitshares in terms of market cap, but that is a topic of another day.
According to Lee, he thinks that the many of the midcap coins will go up several multiples of the gains seen in bitcoin. Gains of 3x to 4x etc are possible for many of these midcap coins.
**Which, if that was applied to steem, would put steem in the $20 dollar per coin realm!
**
Yes please.
One Caveat:
Keep in mind that these comments by Tom Lee were made yesterday before the news about South Korea potentially banning cryptocurrency trading was released. Though if I know Tom Lee at all, I would bet that news doesn't change his thesis a whole heck of a lot.
(Especially considering there are major question marks as to how likely an outright ban is to actually happen)
Tom's bullish thesis is mostly based on millennials finally having money to invest. They don't trust the stock market and they don't really view gold in the same light that baby boomers do.
For those reasons, Lee thinks a small portion of their investable money will find it's way into bitcoin and other digital currencies over the coming months/years.
If just 5% of the gold market makes it's way into bitcoin, that puts a $50k dollar value on bitcoin, and that is just 5%.
But wait, there's more...
Also, when you look out at the pent up demand for cryptocurrencies, you see a lot of money trying to come in that is not really able to do so.
Many exchanges are currently not accepting new customers.
Current exchanges have very low limits on what can be purchased and withdrawn each day.
Many exchanges have high fees.
Over the coming months, better infrastructure will be coming and also the increased competition in the space should ultimately breed better products for customers.
Combining all of that and it is very plausible that we see another massive influx of cash over the coming year.
Hold on to your hats ladies and gentleman 2018 could be a fun ride for cryptocurrency investors.
Stay informed my friends.
Image Sources:
https://qoinbook.com/news/say-goodbye-2017-2018-hold-bitcoin/
https://sethdavid.com/creating-massive-demand-services-targets/
Follow me: @jrcornel
If you look at the chart of almost all altcoins, then you can see they have slided from the peak from Aug 2017 and bottomed and then started to rise mildly from Dec 2017 and now the platform is fully set for altcoin rally and not to forget last year almost 50% of the bitcoin rally happened from the squaring off of the positions from the altcoin segment, becoz all those hard fork made a craze among the people.
History repeats itself, I dont know why there is strong intuition in me saying that the first half of 2018 is going to be fully for altcoins and altcoins will at least make 3X from here and some of the altcoins can even go up to 10X and later in the second half we will see Bitcoin surge.
Thank you @jrcornel ...its a nice article written by you and Have a great day.
I think your intuition are correct. Correction is about to get over soon.
Correction over.
Top Cryptocurrencies Pending Price Target and their due dates
https://steemit.com/cryptocurrencies/@salahuddin2004/top-cryptocurrencies-pending-price-target-and-their-due-dates
While I think Lee may be correct, I have a difficult time taking any talking head on CNBC seriously. They don't always seem to be the most informed on the tech, demographics, etc. so I sort of just see people spouting half-baked opinions.
Today, there is a tiny gate into crypto currencies.
I hope all of the small people take advantage of this. Even a couple hundred from a CC purchase of an alt coin will be a great boon to them.
When there becomes an actual door into cryptos, there are a ton of investors that would love to move into this space. The cash inflow will be unreal.
The bitcoin is a bubble people will still be yelling its a bubble, but when comparing 2017 (a childs balloon) compared to 2018 (a hot air balloon) and 2019 (the super-city-dwarfing-hindenberg) we will look back at old "its a bubble" graphics and laugh.
Great point. Those are my thoughts as well. It's extremely difficult and not user friendly to try and get money into crypto right now. What happens when it actually gets "easy" to buy cryptocurrencies?
Not sure if it will ever get a lot easier. The technology makes is very difficult. In addition, the addresses in wallets are hard to remember, a diffrent address for each coin, mostly diffrent wallets for several coins as most wallets don't support all coins... Not sure if this is the kind of effort the "ordinary" people would like to put in to it.
If somehow it got made easier, there would have to be some kind of person or company involved to make some changes. This would probably mean more costs which will hurt the decentralized part... Not sure but these are my thought... just putting it out there...
Steem for Steemians ! Next meeting at $ 10.70
X3 or X4 would be a major slowdown in % gains compared to last year.
True. Though it takes less dollars to move steem from $.07 to $2, then it will take to move steem from $4 to $20.
Not going to take long at all when the smt becomes a reality. Steem will pass EOS and several others easily, because it will be ready-to-go with several projects already waiting to implement.
It's going to be a huge year for Steem, assuming smt deployment is near.
I couldn't agree more. I have been fundamentally analysing a multitude of coins from the top 120 coins by market cap and have found a number that appear to have a very bright future ahead.
When looking at the potential of coins, I do all of the typcial things - check out the problem that the cryptocurrency solves, the value of the market it is within, the team behind it and more. But, with more and more newbies coming in to cryptos, I found that one thing which is important is to identify what type of person would want to invest a coin, for example:
a coin that has a solid use case for an upper class market may receive more of an initial investment.
A coin that is of specific value, for example a coin that solves a big problem in the biomedical pharmaceuticals industry may get the attention of large companies who want to use it, thus it may get a larger initial investment.
Either way, choosing coins that actually solve a problem is always the best way to go!
Great comment. I agree with you. Figuring out what problem is being solved is where any DD should start.
Thank you. Agreed! I always look for it in a coin. I am going to be doing a post about a different cryptocurrency every day, and I will be looking at coins with these traits - if you are interested!
think Steem will be massive!
Yes it is, that's why I'm gonna go shopping during the red tags !
It's a saleeeee!
Nice post, you have get 100 % upvote from @steemupvotebot, follow us for upvotes, updates and technology related news.
To, @jrcornel
Wouldn't it be, 8(100)=X....
I couldn't concur more. I have been on a very basic level breaking down a large number of coins from the main 120 coins by advertise top and have discovered a number that seem to have a brilliant future ahead.
When taking a gander at the capability of coins, I do the greater part of the typcial things - look at the issue that the cryptographic money settles,
the estimation of the market it is inside, the group behind it and that's only the tip of the iceberg. Be that as it may, with an ever increasing number of amateurs coming in to cryptos, I found that one thing which is vital is to distinguish what sort of individual would need to contribute a coin, for instance
a coin that has a strong utilize case for a high society market may get a greater amount of an underlying speculation.
A coin that is of particular esteem, for instance a coin that takes care of a major issue in the biomedical pharmaceuticals industry may get the consideration of huge organizations who need to utilize it, accordingly it might get a bigger starting speculation.
In any case, picking coins that really tackle an issue is dependably the most ideal approach.....