In a recent article he wrote for Banyan Hill Publishing, crypto trader and expert Ian King points one reason he’s still bullish on cryptocurrencies is that bitcoin was just beginning. And, although bitcoin is down drastically down in price, the future is long and bright. View more on Ian King at Stock Twits for more updates.
Bitcoin is only the first practical application of the blockchain technology Satoshi Nakamoto pioneered. Bitcoin’s price went up 1,485% in 2017, which is spectacular. That’s a ten-bagger investment, in just one year. However, Etherium went up 12,822% in the same year. Vitalik Buterin created Etherium in 2013 when he was just 19 years old. However, he stood on the shoulders of Satashi Nakamoto and figured out a way to create a blockchain platform which could host business contracts. Ether already underlies 1,000 different projects.
Entrepreneurs are continuing to innovate ways to use blockchain to solve real world problems. However, thanks to the recent mania, there is currently more investor demand for the opportunity to buy into these startups than there are companies to buy into. Also, many of the crypto investors are new to the financial markets. Although the stock market is surging dramatically, the millennial generation sees stocks as stodgy and old-fashioned compared to crypto assets. And its 20% gain is nothing compared to one thousand or twelve thousand percent profits. Read more on talkmarkets.com for more info.
This is adding up to a wave of speculation and price rises unlike anything seen before in history, even the Dutch Tulip mania. It’s creating a new type of startup company, what King terms the “cryptocorn.” On Wall Street, a startup company with a market cap of $1 billion or more is termed a “unicorn” because they are as rare as mythical beasts. Cryptocorns are the crypto asset version of a unicorn. One year ago, only bitcoin had a total market value over $1 billion. Now there are 41 of them.
Even after bitcoin’s price in 2017 went up by 1,495%, its share of the total cryptocurrency market went from 90% to 33%. Etherium, Litecoin, Ripple and Bitcoin Cash are now all rivals to bitcoin’s dominance of the crypto world. They’re known collectively as “altcoins.” They’re a combination of venture capital and small companies going public on a stock exchange through an initial public offering (IPO). But altcoin companies do it through an Initial Coin Offering. In 2014, there were 64 of these altcoins, according to CoinMarketCap.com. Now there are 1,398. Just in 2017, the market capitalization went up 25,000%. For more information, visit:https://iankingguru.com/