2018-9-14 08:29 |
It seems as though anytime anyone refers to the cryptocurrency sector as being dead or having reached its full financial potential, the market makes an impressive run to prove the naysayers wrong. For example, since September 12, the price of BTC has risen from a dwindling $6,261, to a more confidence instilling $6,551 (at press time).
BTC 5-Day Performance Chart (Courtesy of Tradingview.com)
The triggers for this latest run are yet to be determined but it seems as though many prominent bulls and analysts, including Mike Novogratz, believe that Bitcoin may have hit its “price bottom” for the year, and that things can only move in an upward direction from here on out.
Using Bloomberg’s Galaxy Crypto Index data, Novogratz explained how Bitcoin had technically reached its comparable low of 2017, and that the currency was now in a zone of ‘financial acceleration’ which will most likely cause the premier crypto asset to break out once again.
What Caused the Recent BTC Sell-Off?While this might be pure speculation, a plausible theory has emerged on the internet that aims to explain the massive Crypto meltdown that took place nearly a fortnight back. According to the research and findings of various independent alt-coin enthusiasts and Redditors, it appears as though a crypto whale who had been HODLing Bitcoin since 2011 sold a massive portion of his/her 111,114 BTC over the past 10 days.
The wallet of this unidentified individual seems to have been active since 2010 and it is reported that the person was in possession of over $2Bln in crypto assets (primarily BTC).
Final TakeFor the time being, business as usual seems to have been restored within the cryptocurrency space— with most of the major alt-coins witnessing massive gains over the course of the past 24 hours.
However, how long this latest positive movement lasts is anybody’s guess.
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