I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .
Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.
Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
It's mostly because of the upcoming fork and the expectation of free money like during the last one.Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.
Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
Agree with what you have said. With the upcoming fork, for sure most of the users of digital currencies will be holding bitcoins more rather than altcoins. The faith in bitcoin never disappear. Altcoins are just used for more and faster profits. But when it comes to superiority, bitcoin is indeed trusted by many.
