Say what you want, but cryptos move higher on stronger dollar

Bitcoin stealthily moved over the $9,000 mark overnight, despite the continuing noise coming out by financial watchdogs.

While I still believe bitcoin is the blue chip of the cryptocurrencies, over the last month’s rise it has lagged other acceptable digital currencies in appreciation. Ripple soared 85% and ethereum is up almost 65% over the last two weeks, while litecoin and bitcoin trail with roughly 36% appreciation over the same time frame. Continue reading

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Bitcoin battles the Barbarians at the gate

What to make of the weekend carnage and recovery of bitcoin?

If I dare to make the comparison of bitcoin as the blue chip of cryptos, then I open myself up to criticism from the Initial Coin Offerings and block chain proponents. Continue reading

Bitcoin & other cryptos soar on North Korean hostilities

Asian investors have been driving the bitcoin price to all-time highs over the last few days on fears North Korea will provoke regional hostilities with its missile launch actions.

Bitcoin hit $4,705 overnight Wednesday morning with Japan and South Korea investors binge buying the cryptocurrency. For August the price has risen 70% despite the technical split within the crypto community over the handling of blockchain, which is the underlying code enabling the digital currency to function as it does. For 2017, bitcoin has soared roughly 450%.

Bitcoin cash, which is the new crypto that forked off of bitcoin in the beginning of this month, is trading around $575. The alternative version of bitcoin is still up about 170 percent from a debut low of $210 on Aug. 1.

Another digital currency, ethereum, climbed nearly 5 percent Tuesday, to around $364. Ethereum is up more than 4,400 percent this year and has gained nearly 79 percent this month.

Bitcoin still seems to be blue chip in crypto market

Here’s what stumps me. Why would you invest in a newer derivative of volatile newish alternative investment?

I have written extensively on bitcoin. I’ve told readers about its soaring run up in price and its less than equally roller coaster rides down. Pointed out it reaching $3,000 and the $500 drop in the span of 18 minutes soon after.

Also questioned the exchanges that seem to have outages as prices begin to fall.

However when I wrote of the other cryptocurrencies that have popped up in response to bitcoin, such as litecoin and ethereum I was a bit more skeptical. Some of these digital currencies are not currencies at all and are based off bitcoin pricing, but not 100% correlated.

You can see this in their pricing over the last 10 days, while bitcoin is in a range between 2,550 and $2,700, these alt coins are falling faster on a percentage basis.

I still have a somewhat conventional investing philosophy, stay in the best-known entity in the space. While bitcoin’s pedigree is somewhat questionable, it still has a far longer track record of trading than any of these other instruments.

Oh, and one other thing, ethereum has an instrument attached to it called “gas”, which you can purchase with the crypto to enhance your ethereum investment. Gas is something that vaporizes quickly and that may be what happens to your investment in these other digital instruments.