Ethereum you beauty
Wow, Ethereum, we are now over £180.
I do hope a bunch of you are invested, I got it at £10 for half mine and £80 for the rest. Some have predicted it will take Bitcoin's market cap by the end of the year, some by the end of June, with this crazy world of crypto it could even be the end of this week.
What is driving this growth? Well a number of factors:
- Price speculation, we have to always acknowledge this with any growing cryptocurrency
- Bitcoin scaling issues driving a switch to Ethereum for investors, developers and business
- Superior functionality, an area where I am out of my depth with, but essentially what I understand is that it is a whole lot more for developers to work with when developing Ethereum projects
- Chinese exchanges coming on board
As an investor, I am always looking for entry and exit points. Holding forever is not a strategy of mine. I originally had a price target of $250 this year, sorry my price targets are always in $. I changed that recently to $350 but I think this could be reached within 1-2 months. If we do then I will likely continue to hold with a new price target of $500. I think if Ethereum continues to grow a price target of $1,000 could be within reach next year.
One of the challengers we will face with pricing will be the number of investors who got in early, sat on huge profits and are looking to cash in. This could create some instability.
A couple of things I am considering:
- Liquidating a small amount of ETH profit to increase my positions in Iconomi, Stratis and Monero
- Coming out of Bitcoin altogether in the short term. Yes this probably sounds quite controversial. I've some worries about Bitcoin that it is becoming the MySpace of Crypto and I don't want to be caught holding the bag. This might contradict previous posts and thoughts. While BTC could hit $5k this year, I think it could be quite a volatile and risky journey. If it does, it would represent a slightly above 100% movement from current position, not bad, but I think there are better opportunities out there. Monero for instance, I think this could easily outperform Bitcoin this year.
I'll keep you posted on this.