Watching the real time trading graphs the volume of trades has really slowed down. Seeing like 1 or 2 trades a minute down from 1 or 2 trades a second during the mania phase. Also Bitcoin days destroyed down significantly to almost 0 as of the writing of this post. Basically there is no movement either way.
http://blockchain.info/charts/bitcoin-days-destroyed
If I had to guess, I would say, that people who were going to buy to invest have pretty much all done so by now, and people who are holding to invest are waiting to see whats going to happen next. All the while, we have miners who need to pay power bills.
I think this indicates a slow drop off over the next several months as miners continue to sell part of their coins to keep the lights on as well as others who were holding starting to notice a downtrend and getting out before they are on the losing end of a downward trend.
Unless new money comes in to the market to pump it up more, it seems like this party is over. At this point the best we can hope for is to maintain, or a slow decline.
http://blockchain.info/charts/bitcoin-days-destroyed
If I had to guess, I would say, that people who were going to buy to invest have pretty much all done so by now, and people who are holding to invest are waiting to see whats going to happen next. All the while, we have miners who need to pay power bills.
I think this indicates a slow drop off over the next several months as miners continue to sell part of their coins to keep the lights on as well as others who were holding starting to notice a downtrend and getting out before they are on the losing end of a downward trend.
Unless new money comes in to the market to pump it up more, it seems like this party is over. At this point the best we can hope for is to maintain, or a slow decline.
Comparing the weekend to the mania phase... not a great comparison.
