Cryptocurrencies are Certainly Becoming Hip

Bitcoin began its march back to the top of the pile after a nervous couple of weeks. A strong upward movement took it back to its previous highs approaching the all-important, psychological, $5000 level. It is trading way above the 21 EMA, the very strong support here, holding throughout this latest rally.

With interest in bitcoin increasing on a daily basis, and confident stories in the press, and on the internet, painting a favorable picture for this, and other cryptocurrencies, the $5000 point may well be breached this week. All of the indicators are strongly positive. The 14 ADX showed a brief wobble last week but is now strongly positive again as is our pulse signal, which is showing as bullish. The divergence indicator, too, is also showing a positive upward trend, with no sign of reversing.

Bitcoin’s performance is a massive temptation for anybody, of course, and Alex Hern, who posted in The Guardian yesterday, the story about cryptocurrency being the new celebrity, “must have” accessory.

Because of the massive popularity and PR that cryptocurrencies are gaining, companies raise funds through ICOs (initial coin offerings) and become an attraction to celebrities as well.

Some celebrities invest large amounts of their own cash in crypto, hoping to make a killing in the market and boost their wealth.

One of the people which Hern cites in his article is Wu-Tang Clan’s Ghostface Killah. For those not familiar with the group, they started out in 1992, and hail from Staten Island, New York. They have had a string of hit hip-hop records, and have amassed a fortune for the various members of the band who collaborate, on an ad hoc basis to create their music. They have a syndicated clothing, video games, and all of the usual money-spinning merchandise associated with big-name musical acts. Ghostface Killah (a.k.a. Dennis Coles), one of the most prominent rappers in the group, is the first to venture out into cryptocurrencies though.

Coles has started Cream Capital as a cryptocurrency firm and is trying to raise $30 million in order to fund a network of ATMs which are based on the blockchain. In addition, he wants to use a cryptocurrency, pegged to the US dollar, as well as an exchange which can deal with both currencies.

Confident that he is au fait with the technology behind the blockchain and its role in the future he says, referencing his group, “Wu-Tang is for the children and the children will use the blockchain.”

Coles, though, is not alone in venturing into the crypto territory. Paris Hilton, the hotel heiress, socialite, and reality TV star, has turned her attention to LydianCoins ICO. LydianCoins intends to be a data marketing cloud for blockchain, based on artificial intelligence principles.

Also jumping onto the crypto bandwagon is the boxer, Floyd Mayweather. He has been involved with Stox.coms ICO. this is a “Bancor-based open source prediction market platform that is built on the digital currency Ethereum”, as the crypto industry news site Coin Telegraph quotes.

Cryptocurrencies are certainly becoming hip, they seem to be the ones to watch at the moment and it remains to be seen whether this is something which will gain traction, or fall by the wayside as just another fashion trend. For the moment though, the trend looks very much upwards…

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.