Speculation abounds on the cause of the recent Bitcoin rally

Crypto's latest run up began last Friday, October 25, after a significant drop in prices a few days earlier. Some prognosticators were worried about the return of the dark crypto winter at the end of 2018 and the beginning of 2019. Since the recent rise, prices have remained relatively stable, suggesting that this rally is not a flash. That being said, it is useful to take a look at the upward trends of the past and what that could mean for the market.

Read also: Bakkt announces a consumer application for Crypto

What goes down must rebound, right?

As BTC fell by nearly $ 1,000 from October 22nd to 24th, some crypto-sages sat on their crates in the public square of Twitter, ready to announce the upcoming cryptocalypse. As we have seen recently, prices reinvigorated vigorously and stabilized around the market as a whole. The mega gathering in November and December 2017 was preceded by a rapid drop in market prices in a few days as well, prompting some to consider current conditions as a threat. consolidation signal similar to these times.

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End of October, price of the BTC on the markets.

Theories and speculations are not lacking to know where things are going to happen or why the dynamic movements of last week have occurred. Core bitcoin prices increased by $ 2,300 from $ 7,300 to $ 10,000 in the space of a few days, and other crypto-currencies in the higher market capitalization also recorded significant positive movements. and remain strong.

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A long-term vision of all crypto-currencies. Source: coinmarketcap.com

Past bull markets – similarities and differences

As zealous as the crypto game may be, the call of each bullish sign of the beginning of hyperbitcoinization and each light dip, the markets tell a more stable and more sensible story from the macro point of view. Prices and market capitalization percentages of major crypto naturally follow more gradual, long-term contours. The diversity of the main assets at the top is widening in terms of capitalization, while the market as a whole is narrowing and focusing more on selected assets.

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Coinmarketcap.com

If the soaring of 2017 in the green was a very ambitious bet that was driving everyone to exhilarating driving, the recent spikes were a more seasoned bet, leaving many legions of altcoins unsuccessful. As for the speculated causes of the most recent uptrend, some explanations are favored – and many have been slaughtered with the same conviction.

This most recent rally could have been inspired by a wave of link printing, blockchain approval by the Chinese government, Bakkt's booming market, global economic calamity or any other factor or combination of factors.

Similarities between bullish trends have leaders, experts and economists who are trying to build strong bonds. For example, the Bitcoin rally in April 2018 was attributed to institutional interest and "decorrelation attempts" by experts, with similarities to speculation and current predictions focused on the global economic turmoil and the futures market. bitcoins. Last spring and summer, the core of bitcoin dropped to $ 10,000 in June, a sign of a bull market that has been attributed by many, again, to a combination of industry hubbub technologies such as as the revolutionary announcement of Libra, government economic policies and Facebook's futures markets.

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Changpeng Zhao, CEO of Binance, referred to the positive signals issued by the shares of the Chinese blockchain industry, tweeting October 28th:

These gains on the stock markets will soon be reflected in cryptography … We asked our employees to increase the capacity of the system, in the meantime.

Speculators may also be interested in the spread between the Chicago Mercantile Exchange (CME) futures chart that followed last week's spike. Trader @TheCryptomist predicted the gap would be filled before BTC returns to $ 12,000.

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The best performers and the future movements

In terms of price performance in the context of the last rally, barchart.com has a record of the last five days, with NEO, BCH and BTC leading the pack. NEO saw its price increase by almost 50%, BCH by more than 16% and BTC by 14% at the time of printing.

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Barchart.com

If the crypto market tells us anything, it is that no prediction or position is sacred, no matter how much the status of the speaker is touted, or whatever the statistical quality forecasts. Crypto speculation still runs the risk of being swept away by the ruthless stones of market reality. Nevertheless, even by zooming enough, even the volatility can take a quieter look. Sustained growth and sustained interest in crypto-space is a constant story for the moment.

What do you think of the recent movements of the cryptography market? Let us know in the comments section below.


Image credits: Shutterstock, fair use.


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Tags in this story

2017 Bull run, Altcoins, Bakkt, BCH, Binance, Bitcoin, Bitcoin money, Bitcoin Core, Bitcoin futures, Blockchain, Escape, Bull run, Crypto, Crypto Winter, Cryptocurrencies, Cryptocurrency, Government, Balance, Market , Price, Spike

Graham Smith

Graham Smith is an American expatriate living in Japan and the founder of Voluntary Japan, an initiative dedicated to spreading the philosophies of non-schooling, individual ownership and economic freedom in the land of the rising sun.

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