Right now, I'm not exactly sure what to think of the surge to ~$5800. These are the points I see in favor of it not being related to upcoming forks:
1. There has to be some newfound confidence in the market that we've gotten past China's issues.
2. You usually see some follow-through in a strong move that breaks to new highs.
3. Bouncing off $3k so quickly probably left a lot of traders hoping to get in (or get back in) around $3k. And if they've been waiting for another drop to that level, the break of $4500 confirmed that that probably won't happen (any time soon, at least), which may be leading to a lot of panic buying.
But there are some things that make me wonder if upcoming forks may be playing a significant role:
1. As I said above, I would expect follow-through on a break to new highs. But ~$1k in 24 hours, which is about a 20% increase, is a lot, even for bitcoin. I think the break of the previous $1100 high was part of a move that was only about a 10% increase. This makes me think it's more than just a break of the previous ATH.
2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages. This suggests that a lot of people are dumping other cryptos to buy bitcoin. This is a big change from earlier this year when everything was going up together. This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.
1. There has to be some newfound confidence in the market that we've gotten past China's issues.
2. You usually see some follow-through in a strong move that breaks to new highs.
3. Bouncing off $3k so quickly probably left a lot of traders hoping to get in (or get back in) around $3k. And if they've been waiting for another drop to that level, the break of $4500 confirmed that that probably won't happen (any time soon, at least), which may be leading to a lot of panic buying.
But there are some things that make me wonder if upcoming forks may be playing a significant role:
1. As I said above, I would expect follow-through on a break to new highs. But ~$1k in 24 hours, which is about a 20% increase, is a lot, even for bitcoin. I think the break of the previous $1100 high was part of a move that was only about a 10% increase. This makes me think it's more than just a break of the previous ATH.
2. Except for LTC, which seems to be an anomaly, almost all of the other cryptos are down double-digit percentages. This suggests that a lot of people are dumping other cryptos to buy bitcoin. This is a big change from earlier this year when everything was going up together. This demand for bitcoin only makes me wonder if people aren't starting to hoard for extra forked coins.
Im still trying to figure out why LTC is going up after segwit was also enabled on BTC. What distinguishes LTC from BTC anymore, other than their software is outdate because they are several Core versions backwards?
But anyway, if you look at the graph, LTC is not going up against BTC, only against the USD, and I want to increase my BTC, not USD.
Not a single coin seems to be going up against BTC anymore.
https://coinmarketcap.com/currencies/litecoin/
