Thanks for the upvote on my comment, was a nice surprise :)
In any case seems the market is back now and very unlikely we will ever see it go below 65 billion again.
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Thanks for the upvote on my comment, was a nice surprise :)
In any case seems the market is back now and very unlikely we will ever see it go below 65 billion again.
I agree the market is on a minor recovery however be prepared for continued volatility and aggressive pull back by institutional money. This market is being manipulated by big money at the moment hence why we see the entire market move as one regardless of Bitcoins price increase. We see inflation in price and buying across the board regardless of the fundamentals of the coin itself which makes me believe this "industry" is being pumped on purpose and by design.
Inflation in price is across the board although there is a reason that the projects within the Top 100 in market cap have much more potential and are getting much more money pumped back into them compared to the rest - because they have much better fundamentals
There is no proof that the market is being manipulated by big money. It may be likely but you say it as if it is a fact.
As much as I want to believe fundamentals are driving this industry as a whole right now, I can't. 80+ billion dollars entered the market in March/April 2017. 10 Billion dollars sloshed back in on Friday alone. This money is not coming from you and I as the last time I checked my $20 I have saved would not scratch the surface. Have a look at DGB today. Absolutely no reason for its growth in native price and/or market cap. Being pumped very deliberately over a 12 to 24+ hour period and as I write it is still going. Auto bots and moving buy/sell walls everywhere. This type of money is coming from a controlled group. The bog boys who want this financial market to survive and they are making big money along the way. They do this by creating 'activity' and 'attention' in the market which will bring new capital. They have the money to do so and that is what we are seeing. We have had a relatively quiet 45 days so this might be a sign that we will see some serious injections in the coming months leading into what I suspect a crazy September. I am not complaining...let it rise as I am on that wave.
I agree there is a ton of manipulation and no way for me to prove that institutional money is not going to create a huge pull back.
That being said there's enough people like you and me (and investors who have a few hundred k) who will basically never let the market cap of certain projects fall below a certain level because we believe so strongly in them. I think that this will create an effective price floor and my best guess is that this price floor is around 65 billion.
It's all speculation either way and I think it's important to be critical like you are. Nice discussion!
Yes, all speculation as it is out of our hands. Approx 65 billion does seem to be the current floor and it was tested last month (low of 62 billion). We do see institutional money come in and out and this influence will subside to a degree as the market cap for the sector grows to significant levels and becomes more diversified. For now it is very volatile and all we can do is play the smart long game. Lets hope we see a second major wave in the coming months and we push past that 115 billion ATH. I am just waiting patiently for August 2019 as that is the month I will make some new life decisions.
What happens in August 2019? WIll you make a post about those life decisions?
Let me know if you do so I can read, upvote and comment on it!
I do have a lot planned. Everything from building pyramids to building my own decentralised administration systems on the blockchain to remove the power from government and to make them irrelevant. I will write about these things at some stage in the future. Appreciate the interest.