Bitcoin prices in U. S. dollars and other paper currencies have seen dramatic upward moves lately or even throughout all of this quarter — if not the entire year 2017. Bitcoin prices have been only in the Green, except for a brief period in late March and June respectively.
Most other Crypto currencies on top of Bitcoin itself, including Litecoin (LTC), Dash (DASH), Ethereum (ETH), Monero (XMR), or Potcoin (POT) as well as Bitcoin Cash (BCH) which started only on August 01, are in a similarly exciting price situation in dollar terms.
A series of Bitcoin all-time highs have been set during the last few days and weeks alone — most of them to be broken by even higher ones right away or within just a day or so.
The overall Crypto coin marketcap has been rising dramatically as a result, with only he top-10 Crypto coins alone now accounting for a total of more than $256bn.
This explosive increase has more than tripled the total Crypto coin market capitalization within just the past six months. Still, the Crypto coin asset class is only a tiny fraction of other asset classes so far and are dwarfed by bond, stock, and commodities markets; even the gold market, which is rather small itself, is still many multiples of the overall Crypto market right now.
Only a few million people worldwide own Crypto coins at present, meaning that Crypto coin prices are set to go dramatically higher if only just 1% of the global population started owning Bitcoin and other Crypto coins or using them in day-to-day transactions.
Exactly that's what is quite likely to occur now. Even though Bitcoin itself has seen rather slow adoption over the few years of its existence so far, changes in U. S. income tax regulations are set to pave the way for easier adoption. These changes are set to grant a more favourable tax treatment to Crypto coins, providing a $600 tax-free threshold and giving Bitcoin and Alt coins the same treatment as foreign currencies. Rumors of large sellers considering Bitcoin acceptance, with eBay, Amazon, and a few others among them are already spreading. Overstock has paved the way with their pioneering decision to start accepting Bitcoin payments years ago, and have been the first sizable vendor to do so.
A correction is underway.
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I agree, it's time for one, around the 9900 level if not sooner. Doesn't change the fact of the latest all-time highs being what they are though: posted on all the charts...
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