Was the recent crypto crash bound to happen? Or was it engineered? Is the bull market over for good? Or is the market gaining momentum, preparing for big movements? Your guess is as good as ours, but Moonrock Capital’s Simon Dedic is of the opinion that weak hands got their foot caught in a " Citeste mai mult
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap. Once again, they fell for a rich man’s trick.
Before we explore the case further, let’s make sure we’re on the same page by consulting Investopedia’s description of what happens in a " Citeste mai mult
To increase demand and get stock prices to rise, institutions might push prices lower so that the markets look bearish. This causes novice investors to sell stock. Once the stock drops, investors jump back into the market, and the stock prices rise with the increase in demand.
A mere month ago, Bitcoin was going through a long consolidation period and Ethereum was booming. The “răsturnând” narrative returned and all eyes were on the upcoming hard fork “London,” which will make ETH a deflationary asset. Then, the crypto crash happened. And of course, NewsBTC reported it:
În urmă cu o săptămână, Ethereum mergea la cote maxime după ce a atins un nou maxim istoric de 4.4k USD. De atunci, ETH a fost prins într-un trend descendent, lucrurile s-au înrăutățit mult din cauza prăbușirii criptografice. La un moment dat, la apogeul vânzării în panică, prețul Ethereumului a scăzut până la 1.9 mii USD înainte de a reveni. Aceasta este o pierdere de 57% față de maximul său istoric.
The situation doesn’t look as hopeless at the moment. Ethereum is on an uptrend and each " Citeste mai mult
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin costs $2.813 at the time of writing.
The market looks healthy, even if it took a beating over the weekend. Both cryptocurrencies are slowly gaining traction at comparable speed. The ride feels stable now, and we all know what that means… surprises ahead. Coindesk has Steven McClurg, CIO at Valkyrie Investments, predicting what these surprises might be:
“Due to the law of large numbers, it takes many more users today than it did a year ago to increase activity on the bitcoin network to the point it drives the price higher,” said McClurg. “ETH is getting traction due to ETH 2.0 and those staking their assets to the network in anticipation of proof-of-stake, taking out supply as demand comes in.”
Is he right? So far, stats and charts don’t show it. In fact, the trends are at the exact same level as when our sister site Bitcoinist called off the flippening:
Ethereum has still around 40% of Bitcoin’s market cap. And the percentage is exactly the same if we compare the active nodes. It already surpassed BTC in everything that has to do with transactions, from quantity to fees generated. And ETH is not even close in Google search interest and active addresses.
If we did, we’re still in there. So, we don’t yet have the necessary perspective to make a call. Certain indicators point that way, though. For example, this crypto enthusiast seems to have identified a historical pattern:
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear traps only catch amateurs. This has nothing to do with a diamond-handed person such as yourself. Still, it’s nice to know where we’re standing. Or, at least, to theorize about it.
So, $BTC to 100K and $ETH to 9K? Definitvely possible for us.
