Well it’s been awhile since I have made a posting and a lot has happened since last year. Unless you have been living under a rock, the biggest news is probably Bitcoin hitting its ATH (all-time-high) once again on January 4th, and actually setting new highs on the China exchanges. As is typical for Bitcoin, such a sudden run-up results in a just as sudden “crash”, and as I write this BTC is hovering around $760 US dollars.
Personally I do not think we will see a prolonged downtrend back to $100 like we experienced in 2104, as we started from a much higher base than before. In 2013 you could buy BTC for under $100 much of the year, with a sudden peak of $277 in April of that year and a subsequent return to sub $100 range until the final run-up over $1000 in November 2013. For 2016, most of the year BTC was trading above $400 with a slow gradual climb beginning in May that took us to around $800 in December before the final push to the ATH. I think we will stay above $500, or very worse case a brief dip under than back up, and will stabilize again in the $700-$800 range before the slow uptrend resumes. I would expect things to pretty much stabilize again around May of this year.
Another change is Monero (XMR) is coming back strong after a prolonged absence from the minds of traders as it has become a competitor with Ethereum for market-share. ZCash (ZEC) while it was off to a strong start, has fell back a bit and looked to be settling in around $50 per ZEC. This is still a respectable price for such a new currency and I think ZCash has a bright future, but with the slow start and limited amount of coins available so far, it may take up to a year before it gets in the hands of enough people to be competitive. My advise if you have older hardware laying around (i.e. 7970’s, 380’s, etc.) is to mine and hold ZEC as I believe it will come back strong once the time is right. Plus the algorithm seems to favor the older hardware, while the more modern AMD RX series seems to do better with ETH and XMR mining.
There have been a lot of optimizations to the mining software used for ZCash,a s well as Ethereum and even Monero, so I am sure I will have a lot to write above in the near future. I have slowed down building mining rigs over the holidays, and I am thinking of building a couple of more now in the new year, so that may be a good base for a article as well.