While Bitcoin has eased off today after its inching closer to the $4000 price point yesterday, ETH continues to rebound with values at $152 as of press time.
Many traders are jumping on board Ethereum trains to get an entry point before it rises further later in the year. However, others may be more reluctant to sign on to Bitcoin, even though they may get the same juice and an even better entry point, as Bitcoin seems to be temporarily depressed.
Want more on Bitcoin futures? Check out a new report from Weiss Ratings, a reputable predictor of cryptocurrency patterns.
The Weiss Ratings crypto coin ratings model looks at:
- Products and services
- Adoption and implementation
Looking at Bitcoin specifically, Weiss points out the following benefits – transparency, ease of transfer and ease of use.
More in the Weiss ratings report talks about the cryptocurrency environment. The consensus is that while some larger cryptocurrency offerings like Ripple are poised to take off, some other altcoins will die by the wayside. Weiss seems bearish on offerings like Litecoin, and notably, on both sides of the Bitcoin Cash hard fork. At the same time, Craig Steven Wright is throwing his weight behind Bitcoin SV, and other big names are supporting Bitcoin ABC. But according to Weiss Ratings, Bitcoin Cash will be a loser, where Ripple and Ethereum will be likely to continue to grow and evolve.
This interesting report provides part of a backdrop for questions about what’s going to happen with cryptocurrencies in the months to come.
One idea is that we’re headed for a future BTC boom – articles like this one at Bitcoin Exchange Guide suggest we’re going to see Bitcoin at $20,000 USD in the near future – in which case, get your foot in the door!
If you’re looking to get involved in cryptocurrency, all of this is good background information. Tread lightly with altcoins, experts say, and note the volatility in that market. To the extent that many of these analysts see Bitcoin as a major bellwether for blockchain use, they’re suggesting that in the long term, Bitcoin stands the best chance of advancing and coalescing in financial markets, and that would translate to huge price spikes.
For example, and not to beat a dead horse because we’ve been talking about this for weeks, but in February when the SEC rules on Bitcoin ETFs, you could see quite a bit of action just in three days or one week. That’s the juice traders are looking for, so keep your eyes peeled.