[2019-01-03] Bitcoin up 7% and Ethereum Surges 19%, Good 2019 Start For Crypto

[Lmaooo]

Over the last 48 hours, the Bitcoin price increased from $3,629 to $3,890, by more than seven percent.

The Ethereum price has also surged by 19 percent since January 2 from $143 to $160, recording a substantial increase in value prior to its highly anticipated Constantinople hard fork.

Not a Bad Year For Bitcoin

Bitcoin ended 2018 with an 80 percent drop in its price from its all-time high at $19,500. However, Jameson Lopp, the chief technical officer at Casa and a former BitGo executive, has said based on several metrics, it can be argued that Bitcoin has performed relatively well.

In terms of scalability, the growth of nodes, hash rate, influence in academics, and daily volume, Bitcoin recorded a significant improvement from early 2018. Lopp said:

    A couple things are clear: 2018 was the worst year for Bitcoin. Also, 2018 was the best year for Bitcoin. It just depends upon which metrics you’re focused.

The Casa executive noted that despite the fall in the price of Bitcoin, the number of reachable nodes has not fallen by a large margin, suggesting that individuals are using Bitcoin nodes for economic purposes and will not suspend them in the short-term.

CCN | https://www.ccn.com/bitcoin-up-7-and-ethereum-surges-19-good-2019-start-for-crypto/

[Irvinn]

Yes, I have already noticed that ethereum has risen well in the past few days in its value and significantly outperformed the growth of the price of the remaining coins, which enabled him again to take second place in terms of capitalization. It also indicates that this coin was too low in the price that it is now the most attractive for investment. Of course, the upcoming improvements in ethereum and the opportunity to get free Ethereum classic Vision (ETCV) coins, which will be separated from ethereum on January 11, also plays a big role here.

[bhadz]

Think of these pumps as a good start of the year. I still cant see a good motion for bitcoin until it goes out of $3,800. With ethereum it's connected to the upcoming fork and people keep on rushing to buy it. I'm not sure if they are into those other forks rather than the major fork which will not create new token. I really think that ETCV will just lead the investors who will FOMO into loss. Because its developers can easily dump that fork coin after the fork.

[gabbie2010]

The upcoming hardfork of ethereum is the rallying point in the pump in its price since the beginning of this year and also bitcoin had not done badly at least they all started the year on bullish good note and its an indication of positive outlook in days ahead while launching of bitcoin platform on bakkt and SEC ETF approval are good indicators too.

[Kemarit]

The upcoming hardfork of ethereum is the rallying point in the pump in its price since the beginning of this year and also bitcoin had not done badly at least they all started the year on bullish good note and its an indication of positive outlook in days ahead while launching of bitcoin platform on bakkt and SEC ETF approval are good indicators too.

That's true. The upcoming Ethereum hard fork has pulling Bitcoin, specially with this kind of news, Binance Announces Upcoming Ethereum Constantinople Hard Fork Support. So at least we have started this year at a good note and a good indicator that the rest of the year might be bullish as well. Bitcoin so far hasn't gone below $3000, which others have been prediction and trading sideways, which means that buyers are just waiting for the perfect time to get in so let's see how it will pan out at the end of the month. Let's see if we can break away from this bearish sentiments for good.

[Slow death]

Over the last 48 hours, the Bitcoin price increased from $3,629 to $3,890, by more than seven percent.

I see it something like "I'm struggling to stay at the $3800 level with a lot of effort and I will not be able to stay for a long time at this level, I can fall a lot at any time"

The Ethereum price has also surged by 19 percent since January 2 from $143 to $160, recording a substantial increase in value prior to its highly anticipated Constantinople hard fork.

must be rising because of the chitcoins, then will fall a lot, this is the problem of the crypto world "pump and dump"

[1Referee]

Bitcoin so far hasn't gone below $3000, which others have been prediction and trading sideways, which means that buyers are just waiting for the perfect time to get in so let's see how it will pan out at the end of the month. Let's see if we can break away from this bearish sentiments for good.

I think that buyers (or should I say window shoppers) are always waiting, regardless of the price. Today they plan to buy at $3500 and when we hit that price, they think it's better to wait for $3300, then $3000, etc.

It's safe to assume that most of the selling pressure we had to deal with came from ICO's holding large sums of Bitcoin or altcoins they convert to Bitcoin and then dump for USD. If Ethereum does well, there is less incentive for these entities to sell, and thus the selling pressure on Bitcoin's market decreases as well. It also incentivizes altcoin speculators to keep holding on to their Bitcoins, so it's positive in more ways than just one.

Keep accumulating Bitcoin people.

[onrise]

This is really the start required for the crypto investors as 2018 being a quite year where people did not got enough opportunity of making money or their invested amount could not rise as it has continued to fall itself. This is the year where everyone eye would be .

[Viscore]

We are now seeing a possible start of the bull run, it starts slowly of course but price refuse to go down again.
Total market value has increase, though overall at still over $100 billion, but a start for this year makes me project that we will be reach a trillion dollars by the end of year. Imagine this BAKKT to launch and how much money it will bring, plus ETF approval which is also big, so these things combine is good to start this year.

[greeklogos]

My metric says 2018 year ws a good one. Agree, 6k$ price, around which bitcoin was trading for a long time during the year, is also not bad result if to take in view that there were times when the price was 50$.

[Betwrong]

Until crypto assets reach a valuation of over $300 billion, it is not possible to conclusively state that the bear market of cryptocurrencies has come to an end.

I've heard so many times that the Market Cap means nothing that I almost started to believe it, and yet here we go again.

Seeing the quoted text, a proponent of the notion that Market Cap doesn't reflect true value would argue: "I can create a coin with 100 billion "circulating supply", sell a thousand coins to my friend at $2 each, and we would have plus $200 billion for the valuation of all crypto assets."

So, who is right?

[gentlemand]

I've heard so many times that the Market Cap means nothing that I almost started to believe it, and yet here we go again.

Seeing the quoted text, a proponent of the notion that Market Cap doesn't reflect true value would argue: "I can create a coin with 100 billion "circulating supply", sell a thousand coins to my friend at $2 each, and we would have plus $200 billion for the valuation of all crypto assets."

So, who is right?

I think it's an utterly hideous metric, but a bit like democracy it's the least hideous one available. All of the alternatives I've seen people try to espouse were really unwieldy.

As for ETH's rise, it's entirely down to the fork. Morons seem to buy pre fork, any fork, thinking either they'll get free coins or the world will explode with the wonderful new features. Then it collapses again once the fork is done. I don't think the emission reduction will make a real difference for quite a while.

[pixie85]

I've heard so many times that the Market Cap means nothing that I almost started to believe it, and yet here we go again.

Seeing the quoted text, a proponent of the notion that Market Cap doesn't reflect true value would argue: "I can create a coin with 100 billion "circulating supply", sell a thousand coins to my friend at $2 each, and we would have plus $200 billion for the valuation of all crypto assets."

So, who is right?

I think it's an utterly hideous metric, but a bit like democracy it's the least hideous one available. All of the alternatives I've seen people try to espouse were really unwieldy.

As for ETH's rise, it's entirely down to the fork. Morons seem to buy pre fork, any fork, thinking either they'll get free coins or the world will explode with the wonderful new features. Then it collapses again once the fork is done. I don't think the emission reduction will make a real difference for quite a while.

And usually it ends up bad for all the holders because idiots pump the coin and then dump it so much that a panic begins and takes the coin much below the price it had before the fork was announced. BCH is a good example. I like that ETH got above XRP thanks to this and I hope it doesn't crush too badly.

I also wonder if those who are buying now know that they won't be getting 2 different coins from it. This fork doesn't change much for holders, it's a system upgrade.

[gentlemand]

And usually it ends up bad for all the holders because idiots pump the coin and then dump it so much that a panic begins and takes the coin much below the price it had before the fork was announced. BCH is a good example. I like that ETH got above XRP thanks to this and I hope it doesn't crush too badly.

I also wonder if those who are buying now know that they won't be getting 2 different coins from it. This fork doesn't change much for holders, it's a system upgrade.

There's the reduction in mining reward from 3 to 2 ETH so it could be looked at as halving-esque. But I've never really bothered to check whether the effect on alts is in any way similar to Bitcoin's.

The wording of some of the exchanges - 'we are supporting this fork' - is a bit strange and might lead the hapless into thinking it's free coin time. I hope they enjoy their brief thrill before it's back to usual. You never know, maybe Craig Wright will branch out into ETH and make even more people despise him.

[BitHodler]

The wording of some of the exchanges - 'we are supporting this fork' - is a bit strange and might lead the hapless into thinking it's free coin time.

It's actually not that strange, because it might very well lead to a split backed by miners and above. Ethereum has various levels it needs consensus on, which means that all parties have to agree to everything in order to not split.

I would say that the odds are like 50% that we see some form of a split. I'm sure that the majority will stand behind the developers representing the current Ethereum, but free money is tempting enough to have it go through anyway.

We'll see how it goes, but Ethereum needs to pump harder to compensate for the loss in block rewards and lower the odds of a chain split even further.

[1Referee]

We'll see how it goes, but Ethereum needs to pump harder to compensate for the loss in block rewards and lower the odds of a chain split even further.

Pump harder? It almost doubled in value in a very short period of time. I'm certain that the cut in block reward is calculated in already. On top of that, the floating supply of Ethers that have been dumped by ICO's in the last 12 or so months is way more of a problem than the block rewards. There is just too much of it circulating.

If you look at where altcoins stand today, Bitcoin is the only one that is undervalued. Altcoin valuations are crazy high right now, especially when you look at XRP. All I can say that Ripple did well to fool everyone into thinking that XRP is somewhat of a stock mirroring the performance of the main company, or that institutions will use xRapid and pump XRP to $589, which is retared.

There is no shortage of fools in this market.

[gentlemand]

Altcoin valuations are crazy high right now, especially when you look at XRP. All I can say that Ripple did well to fool everyone into thinking that XRP is somewhat of a stock mirroring the performance of the main company, or that institutions will use xRapid and pump XRP to $589, which is retared.

There is no shortage of fools in this market.

This is what many may think including me. The prices show that enough people don't agree.

I've been so consistently astounded that XRP managed to get anywhere, let alone stay there, that it's a subject I simply can't be bothered to think about any more as it's forever beyond my comprehension. I'll leave 'em to it.