Bitcoin got much attention in the past few months due to its rocket price increase, people begin to invest like crazy to gain maximum profit through it within short period of time, but opportunities doesn’t knocks every time.
At the end of 2017 people were expecting to see bitcoin on $25K in the first week of Jan, 2018, but unfortunately it doesn’t happen, rather than this it goes down drastically and begin to oscillate between $13K and $14K.
What Happened?
Almost everyone is aware about the economics of demand and supply, the demand should rise in order to increase the price with constant supply.
So what actually happened here is just “Manipulation”
Manipulation by whom?
According to the Bloomberg figure around 1,000 people owned 40% of the total bitcoins.
This shows that the a huge amount of bitcoin is in control of a group of people which are early adopters and usually called “Whales”.
These whales are holding thousands of bitcoins in their wallets, and no one knows.
What they are actually doing?
Whales are manipulating the market by their moves, they cash-out from the market to increase the supply of bitcoin and then buy it again at the lower price.
These whales are ruling the market of not only bitcoin but also all other markets of altcoins.
Why too late for another pump?
Bitcoin dominance was decreased a lot in the past couple of months due to the increase in emerging coins with latest technologies and they are gaining the popularity among the investors (e.g XRP, ETH).
The attention of investors have been moved towards these coins through which they can earn more quickly because they are more volatile than bitcoin.
Well always hope for the best, Bitcoin’s price will rise again in future but this time the growth will not that rapid as it was in 2017.
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That's a really informative article, I got shocked to know that only 1000 people hold 40% of total bitcoin thats huge amount they must driving lambos :P
Thanks for the appreciation, and yes its a bitter truth, hard to digest. :D