Current Price Action of Cryptocurrency not an ideal – Crypto Price Trends are UnpredictableFebruary 28, 2019
The price of Bitcoin moved higher with a 2% gain on Thursday, which meant that it was 3.5% off from Wednesday’s low.
Analysts have to state, “The latest rebound failing to stick on tells that demand is still a serious problem for cryptocurrency and no one is around to the rescue anytime soon.”
The price action of cryptocurrencies is not the true ideal. This is about Bitcoin, Ethereum, TCAT Token, TRON, Stellar Lumens and every cryptocurrency that can be named. Several Altcoins outperformed Bitcoin on Thursday.
The performance of the crypto is unpredictable. Over the past months there have been serious changes in market liquidity. There are several addresses that have been related to the largest crypto purchases; however, they are not identified as belonging to any cryptocurrency exchange. The Whales continue to be accumulating coins.
Several individuals and organizations have decided to go big on the Bitcoin, and this is set to substantially trigger the price of the asset pushing it out of the current price range.
The behavior of big buyers will as well influence the price of the asset. When one whale is going to sell their asset type, this will indeed set a panic wave pushing prices down by several percentages in just a few minutes.
London is seen to be going big in the Bitcoin market with big crypto firms making their entry into the UK. The location factor is considered to be a plus factor for London according to Skew who stated, “Hard to disrupt the geographical location of London.”
Binance has notably expanded in the UK. They have launched their Binance Jersey. Changpeng Zhao stated that they were getting more registrations than ever in London. He tweeted:
“Binance is overwhelmed with a lot of registrations and a backlog of KYC verifications and more resources are being allocated to reduce it.” he further added, “One thing we do ‘well’ is underestimating ourselves, and the market is just crazy.”
There is a strategic advantage provided to budding entrepreneurs; despite, the slowing down of the overall growth of the cryptocurrency industry due to cryptocurrency regulation.
Discrepancies are here to stay in terms of market price and new players like TCAT token are beginning to create an impact by making their presence felt in the market. Miners continue to play an important role in helping to spread the distributed ledger technology. There are blocks with extraordinary rewards as well.