Topic: Crypto Mega Breakout - 56 billion dollars in a few hours !! - page 2. (Read 181 times)

first of all it is not "crypto" it is bitcoin that is rising and its rise is being falsely reflected over the entire altcoin market consisting of thousands of shitcoin that are trading against bitcoin but report their prices in USD!!!

secondly, it was very well expected to see a huge panic-y breakout like this when the price started reversing. in fact people were expecting this the day price fell below $10k that we are going to see a FOMO buy. the money is the same money that went out when price fell, it was "waiting" to enter as soon as reversal occurred.

that is wrong.
altcoins have never followed bitcoin, their value against bitcoin is actually declining. the reason why you see a rise is because sites like CMC are reporting the price in USD instead of BTC. all they had to do was not fall that much against BTC to show a rise in their USD value!!!

the surge in bitcoin prices seems to be directly correlated with the comments of Chinese leaders, Chinese President Xi Jinping said his country must take the opportunities provided by blockchain, the technology that supports bitcoin, The price of bitcoin jumped, right after president Xi's comments about the blockchain were published in Chinese media.

Q: Where does the money come from? From institutions and banks? From large investors?
A: You are talking about the crypto market capitalisation, this is just the sum of (price of btc) x (amount of btc in circulation). This means that 56 Billion was not just pumped into Bitcoin in the last 4 hours. You can check trading volume on places like coinmarketcap.com.

Q: Why do nearly all Altcoins quickly increase at the same time?
A: Really nice article here (should answer your question): https://hackernoon.com/how-does-bitcoins-rise-affect-the-altcoins-b4f897cb2da9

Q:On which exchanges can be trade so much money in such a short time?
A: Pretty much all the major ones, Binance, BitThumb, Huobi, Bittrex etc

Q: Who knows about such breakouts before?
A: You can check coinmarketcap.com for a chart of the Bitcoin price over time.

1. No idea

2. Because they follow BTC, and then there is some fomo.

3. Bakkt recorded highest volume.

China president appreciated blockchain technology, may be that was the cause.

Hello friends,

what happened tonight surprised me a lot. It is well known that crypto is very volatile and can grow by 20% in just a few hours. But the breakout of tonight was insane and I can not understand it. Thats why I like to start a discussion in which the causes and effects are discussed exactly. The BTC price was sky rocking in about 16h hours from 7400$ to 10400$ and with the BTC price almost all Altcoins were following the rally. In fact, the total crypto market capitalization increased from 206 billion Dollar to 262 billion Dollar!! More precisly,  56 billion dollars in 19h pumped into the crypto market !!



This is totally amazing and of course there are some questions:

- Where does the money come from? From institutions and banks? From large investors?

- Why do nearly all Altcoins quickly increase at the same time?

- On which exchanges can be trade so much money in such a short time?

- Who knows about such breakouts before?

- etc ...



In addition, BTC was in a downtrend before 24h and close to a DeathCross. The resistance was very strong and yet my short-possition was blown up like a nuclear war star and totally shredded. Of course everything is possible, but it is incredibly impressive how much money flows into the market in such a short time and apparently everything at the same time and with nearly all Altcoins.

I would be pleased if we put the reason for the understanding of the mechanisms in this thread exactly together.



Now I need to get some sleep to get a clear head again .. Thanks for answers!!