Bitcoin Breaks Above $68,000, Where Does It Go From Here?

Bitcoin touched $68,571 for its new ATH! :rocket:

Timely topic. I sent this article to my close family on 7Nov21, asking them to watch the price action of BTC in the next two weeks. It seems to me that a lot of other people had the same idea.

And on a similar note it is not just BTC that is heading north either. After watching this recent interview with Raoul Pal, we readjusted our ETH holdings upwards by a third.

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This guy sounds very smart. Probably more than just the accent.

Lol why do I also think this way :joy:

I think we test $70K soon. The following image has been making rounds on Twitter, or something similar, comparing the 4 year cycles ending in 2013, 2017 and supposedly 2021.

That’s math for you.

Can it touch to the $1,00000 price?

Bitcoin retains its tag of biggest crypto by market cap. But will Bitcoin be able to fend itself off the formidable challenge mounted by altcoins? If Bitcoin was the biggest news-making crypto of 2021, altcoins like Dogecoin, Shiba Inu and Ether too grabbed a lion’s share. How can the list of cryptos by market cap shape up in 2022? Let’s find out.Created in 2009, the crypto king, also known as the “granddaddy of cryptocurrency”, has come a long way in the last 12 years. Bitcoin’s march to the mainstream has picked up speed of late with the crypto getting accepted as a legal tender in countries like El Salvador and Hungary. However, the crypto world is getting crowded with each passing day and given the rise of technologically more advanced cryptos, the road ahead for bitcoin may not be that smooth.
Altcoins like stable coins, memes, and NFTs, are garnering more and more attention for being less volatile, cheaper to acquire or for consuming less energy.

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Hi @JohnSmithK

I have a different interpretation on the crypto-verse than you. I have only been investing in crypto since May 2020, but for many people, that is already a long time. I do not look at the Alts as in competition with Bitcoin, but rather as accelerators of a phenomenon that was not commercialized until less than a decade ago. Cryptography preceded Bitcoin by a long way, but we will look back on 31Oct2008 as a milestone in history that created Web3 and all that it represents.

I lived through the internet boom of the late 1990s as an end user of its products. Companies like Netscape disappeared at the monopolistic hands of Microsoft but Yahoo led the way to literally hundreds of other companies that went on to create today’s Microsoft, Facebook, Apple, Tesla, Google (Alphabet). I draw a direct comparison between the outcomes following Web1 (mass adoption of the internet and the standardization of TCP/IP as a dominant transport protocol that replaced many predecessors of bespoke systems prior to year 2000) and the rapidly expanding “metaverse” that is in front of us today.

I expect Bitcoin to remain at the pinnacle of the pack representing a store of value, whilst ETH becomes the most prominent “transport mechanism” using ERC20 token protocol, morphing into a future version of same, but with the likes of XRP, TRON and other Alts currently using their own protocols rapidly being able to do what “internetworking protocol” did for ubiquity of the internet in the late 1990s.

ETH may “flippen” BTC, but the point is that they are not in competition for a limited supply of funds. The entire crypto-verse has just exceeded $3Tn in market capitalisation and when I first bought into crypto tokens a short 18 months ago the market cap was $400Bn. That is a 7.5 times market size increase and represents about 1% of total global markets. There is room for all, and if you follow the history of businesses based on the facilitating technology of broadband access for fixed computers and the 2G, 3G, 4G and 5G evolution for mobile data communications to its modern day array of types of business that share a pie thousands of times the size of the market in 1990s, you will conclude there is room for all, not in competition, where BTC as the prime mover is unique and will likely remain so, whereas ETH and other Alts providing protocol-specific interoperability between tokens using the same protocols. Then each of these “protocol-specific networks” will co-exist by the growing number of interoperability start ups that will eventually link all protocols with each other.

For banking, think DeFi, then think borrowing and lending at real rates not suppressed rates that result from mass currency printing by most countries
For entertainment, think Gamification
For all other markets that you can possibly imagine, think "stuff that I have not yet understood that probably exists in crypto but if it doesn’t, it will soon. Examples for decentralized utility power, for example, would be POWR or EWT. But they may be pipped to the post by Tesla if it is allowed to do this as a monopoly with its solar roof tiles, powerwalls and 2 Teslas in the driveway of every middle class house in America.

This lightbulb moment happened for me back in May2020, and I have never stopped imagining that the world of the future will be 100% crypto. It will reach to every aspect of our lives. And the fact that a blockchain, properly engineered, is both completely private and at the same time also completely public will make our world a nicer place to live, is just the icing on the cake.