Don’t Worry About the Fall; Bitcoin, Ethereum Prices Still Have M…

Bitcoin Prices Will Recover 

The first thing any buyer needs to learn about the cryptocurrency market is that you can’t spook easily. This is not, after all, an industry for the lighthearted. Whether you’re a true believer in the promise of cryptocurrencies, or you’re more in it for the speculative bet that Bitcoin stock and ETH stock are on the rise, the market is one prone to volatility and rapid shifts in fortune. The most recent Chinese blocking of initial coin offerings (ICOs) sent prices into a tailspin, bringing Bitcoin prices down from near $5,000 to just above $3,200. But, as we’ve seen time and time again, BTC is resilient.

Despite cryptocurrencies weathering a few bad spells now and again, they’ve proven that they can, and often do, bounce back. From Bitcoin (BTC) and Ethereum (ETH) to all the many other coin options available, the industry has proven that it can only be slowed, not shut down.

Looking at the Bitcoin prices and the Bitcoin price chart, the decline from $5,000 is obviously not something that enthusiasts would like to see. But I think that, barring any more unforeseen and unexpected bad news, BTC could easily crest $4,500 by 2018, and probably edge closer to $5,000 by year’s end.

Data courtesy of CoinDesk.com

That doesn’t mean I’m not concerned about the China ICO block. The Bitcoin China back-and-forth is still very much a delicate game that the industry and the government are playing. The thing is, we all know why China doesn’t like the idea of cryptocurrencies entering its borders. The state is fixated on keeping its wealth within China, as demonstrated by the many regulations imposed on money transfers and currency conversions. Cryptocurrencies threaten that goal. The China ICO response, therefore, isn’t shocking.

Still, the market took a huge hit, as cordoning off over one-billion potential buyers from ICOs is hardly good for business. But you have to look at this in a long-game view.

If cryptocurrencies continue to gain prominence on the world stage, China will eventually be forced to engage with them in one manner or another. If you believe in Bitcoin prices long-term, then it only stands to reason that China will eventually have to alter its stance or else see its economy suffer. A shift towards Korean ICOs could also help spur the Chinese towards change.

Also Read:

Bitcoin Price Prediction 2018: Should You Invest in Bitcoin?

Ethereum Price Prediction 2018: $1,000 Is Our Ethereum Price Target

Which leaves me doubly bullish on Bitcoin prices—both in the short run and going forward. The short-term goal is its race to $5,000, while the long-term outlook involves a more general shift towards acceptance by governments across the globe.

Ethereum Prices More Upside Than Bitcoin?  

The thing about Bitcoin prices versus Ethereum prices is that right now, they’re basically tied at the hip. They follow very similar paths at the moment, and that’s because they aren’t really in competition…yet. Right now, they’re both banking on ETH stock and Bitcoin stock being popular, as what’s good for one is good for the other.

With cryptocurrencies being relatively new on the scene, these two are ostensibly in competition, but right now, most investors and buyers are looking for a proof-of-concept run rather than discerning which cryptocurrency is the “best.”

Data courtesy of CoinDesk.com

But again, with Ethereum prices, you have a short-term and a long-term view. In the immediate future, expect ETH prices to mirror those of Bitcoin. So I believe that the Ethereum price chart should have the coin at around $350.00 by December, possibly surpassing $400.00 by year’s end.

What’s more interesting when it comes to Ethereum is the long-term projection.

While I’m bullish on the cryptocurrency market as a whole, I’ve always been fascinated by Ethereum especially. In terms of coins that have the potential to dethrone BTC as king of the market, I believe that ETH is the only one around right now that even has a chance of accomplishing that.

ETH has a lot of the features that make BTC attractive, but a few extra add-ons that make it really compelling when you look towards the future. First is the fact that you have a real human behind the coin, Vitalik Buterin, who continues to come out and support the cryptocurrency. While that may seem like the antithesis of the decentralized nature of cryptocurrencies, unless you’re a purist, that really shouldn’t bother you.

You see, Buterin has some good ideas, like a shift from the current Bitcoin mining model to a more efficient system that could really set ETH apart from its competitors—including BTC.

If Buterin’s ideas can come to fruition and he continues to innovate, then it only stands to reason that one day, ETH will be considered the cryptocurrency of choice by consumers. Those are big ifs, but I believe that they are achievable. (Source: “Ethereum will match Visa in scale in a ‘couple of years’ says founder,” TechCrunch, September 18, 2017.)

Another thing that draws me to Ethereum is that the coin has yet to go full-mainstream. What I mean by that is you still have a good chunk of people who have never heard of ETH. Bitcoin, on the other hand, has pretty much entered the cultural lexicon.

While not necessarily a bad thing, what I don’t like is the number of people who are playing the Bitcoin prices on whims, speculation, and as day-traders.

While ETH certainly has its share of the aforementioned people, its lack of notoriety on a large scale helps insulate it from those dangers, and it’s why I like ETH going forward.

Analyst Take: 

Bitcoin prices and Ethereum prices are going to be fine, even after this precipitous drop.

Both are poised to make solid comebacks in 2017, while 2018 and beyond holds a lot of potential for two of the hottest buys in any market right now.