The cryptocurrency world has been growing in recognition over the past few years with last year being the best for most of the cryptocurrencies. There is a large number of big time investors now flocking towards the blockchain and cryptocurrency industry. Even the likes of people such as the former CFTC chairman Gary Gensler are getting on board, with him saying that he’ll be teaching students at MIT a course which would specifically talk about the potential that blockchain technology has in the world.
With news like this, more and more new funds are popping up. 2017 tax season has just ended and here is a look at what is happening when it comes to the valuation of different cryptocurrencies in light of it.
Bitcoin / US Dollar
After a very strange beginning to the year which saw Bitcoin spiral down by more than 40 percent from its all time highs in December, it seems that Bitcoin might finally have started to consolidate. It has been around the $9,200 mark since the 2017 tax season has ended. The expected range that is being speculated that the cryptocurrency will be in and around is a wide range of $6k to $12k, meaning it is still expected to be highly volatile.
Ethereum / US Dollar
Ethereum has been seeing a good rise much like the general trend of being on the rise in the world of cryptocurrencies after the 2017 tax season. In terms of buying into Ethereum, entry opportunities are very limited because the comparison between risk and reward is not particularly favorable right now.
The price is up by 6 percent and in the range of $680, it is expected to keep on rising. When it hits the $750 mark, there can be resistance expected and it might result in either a major price correction or with Ethereum consolidating in that range.
Bitcoin Cash / US Dollar
Bitcoin cash is performing as well as it can be expected from the hard forked cryptocurrency. It has been seeing immense growth and post 2017 tax season, the trend is that Bitcoin cash is indeed rising. Bitcoin cash has seen an increase of 80 percent crossing $1,300 without any problems and is currently at $1,539 and expected to cross $1,600 sometime soon.
The only possible issue is that Bitcoin cash has been on the rise but the forked cryptocurrency has a history when it comes to sharp gains – the vertical gains are also matched by sharp declines in the value of the cryptocurrency. So when it comes to trading, the stop loss should be kept at a reasonable level instead of going all out with greed.
2018 has been a strange year for cryptocurrencies so far but what seemed like a burst of the bubble earlier on in the year is turning out to be nothing more than the cryptocurrencies following their volatile nature.
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