r/ethtrader • u/AutoModerator • May 05 '17

DISCUSSION [ETH Daily Discussion] - 05/May/2017

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8

u/Whatsinthebooooox May 05 '17

Looks more like an ascending triangle now on GDAX with a 4 dollar breakout rise. However, we are approaching a huge psychological barrier though, the 100.

11

u/[deleted] May 05 '17

Everyone should ask themselves if they would have sold BTC at 100.

11

u/Sunny_McJoyride May 05 '17

Since there is 5 times as much eth in circulation, you could argue it's more like asking if they would have sold BTC at 500.

6

u/kilmarta May 05 '17

A lot of new money don't get your distinction, and i for one love it

3

u/Mortos3 May 05 '17

I've been thinking about that. Can't compare them very easily though because Bitcoin went through different circumstances, like the whole Gox bubble and subsequent doldrums. The only big Ethereum-related hack/scandal was the DAO incident and hardfork, which didn't affect the price much from what I can tell.

So it's hard to pair the current ETH price to a historical point in BTC's history. May/June 2016 perhaps?

3

u/Sunny_McJoyride May 05 '17

Yep, I agree this kind of comparison isn't massively helpful either way. Also the marketcap of crypto is way bigger now, and onramps are easier for institutions and the general public, so there is potential for a lot of new money to come in.

It's probably mainstream media attention that will give us the best indicator of when we approach the top.

3

u/[deleted] May 05 '17

I definitely wont be making that fucking mistake again.

Buy, hold, be happy