FeaturedMarketsBitcoin finally broke past $7,000

What next? We think it's finally heading to US$100,000!
Chong SiongMay 18, 20193 min

Since we last wrote on bitcoin’s price bottoming out in December 2018 at around US$3,000, we have not been openly covered Bitcoin’s continuous ascend to the public. We have however told our close confidants to start buying around US$3,300-US$3,900 – which has worked out really well for them.

So, what’s next?

There’s no secret sauce to trading cryptocurrencies – just tonnes and tonnes of patience, and for logic to prevail. As of now, we are training our eyes on Bitcoin to break past US$10,000 and all hell “might” break loose. Considering Bitcoin has hit all-time highs in dominance (against the whole cryptocurrency market), it might be wise to diversify some holdings to altcoins.

Bitcoin’s dominance (over total market cap) at all time highs

Road will not be straight for altcoins 

Although we have come quite far since the crazed days of ICOs (now we have IEOs), the public are starting to realize that many projects (some have raised billions of dollars) have not delivered on their promises. On the other hand, there are projects which delivered their promises. We believe that 2019 (and beyond) will see more money pouring into these projects’ tokens, and should these projects need to raise funds, they can easily do so… just see Bitfinex’s latest IEO.

There will be a need, moving forward for incubation of better projects, which will be good for the industry as a whole. This will propel the industry away from the notion that ICOs are scams – because let’s face it, they mostly were.

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