Bloomberg/Lily Katz/05-30-17
Bitcoin’s astronomical rally has cryptocurrency bulls feeling vindicated. Not so fast, skeptics say.
The digital currency’s more than 100 percent surge in the past two months looks eerily familiar, argue the bears, pointing to November 2013, when the price quintupled in short order to top $1,000 for the first time. By Valentine’s Day it was worth around half that, and spent the better part of the next two years languishing below $500.
…There are an estimated 700 rivals, according to Ron Quaranta, chairman of the Wall Street Blockchain Alliance.
