On March 6, 2017, NIA officially announced Ethereum at $18.50 as its new #1 favorite cryptocurrency suggestion. Ethereum today has just hit a new all-time high of $150.35 for a gain of 712.7% in only 2 1/2 months! Ethereum since NIA’s suggestion on March 6th has gained 12X more than Bitcoin!
When NIA suggested Ethereum on March 6th, Bitcoin had a market cap of $20.61 billion. Bitcoin’s market cap was 5.63X higher than the market cap of Alternative Cryptocurrencies like Ethereum, which were worth only $3.66 billion.
NIA predicted on March 6th that the market cap of Alternative Cryptocurrencies like Ethereum would soon surpass the market cap of Bitcoin. NIA’s prediction has already come true in just 2 1/2 months! Today, Alternative Cryptocurrencies reached a new record high market cap of $39.45 billion vs. Bitcoin’s latest market cap of only $32.97 billion!
Bitcoin on March 6th had a Cryptocurrency Market Share of 84.91%, but just 2 1/2 months later it has already fallen dramatically to a new record low of only 45.53% – due to Ethereum exploding in value!
Bitcoin broke $2,000 this weekend and reached a new all-time high of $2,073.50 up 290% since NIA officially suggested Bitcoin on May 30, 2016 at $531.56!
Since July 5, 2013, the price of Bitcoin has now gained by 2,890% vs. weekly Bitcoin transactions rising only 773%.
Based on the latest number of weekly Bitcoin transactions, NIA estimates that Bitcoin has a fair value today of only $864.41. Clearly, Bitcoin has become a major bubble – but there is no telling how much larger the bubble will grow before it bursts.
When NIA suggested Bitcoin nearly one year ago, it was trading for $54 below fair value. Today, Bitcoin is trading for $1,209 above fair value. Bitcoin’s current difference from its fair value is now 4 1/2 standard deviations above average.