Is there a correlation between price and major wallet upgrades?

ashmodeus

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Quote from: Lionel on July 03, 2020, 02:27:58 PM

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well, about it, it depend how that event make a attraction to the whales. u know,even LTC halving still make low attraction to the investor,almost 1 year after halving and still doesn't give a positive impact,on another perpective, i just think LTC following bitcoin movement,so whatever they created a major event,it won't change anything if the btc is still the same.

Kelvinid

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We can't disclose that chance also to be of a coincidence that it happens to BSV, Reddcoin, and Cardano. And all of these things will give us a hint to think that it also be of the same chance to look at if there is another wallet upgrade just like for LTC. It was in the market demand and hypes pushes their price to move as we obviously see but could be of something it helps the case of wallet upgrade.

I have this reference Factors that can influence the price to make clear how the price change and it was to mention about software upgrade. Well, that is possible to happen.

LbtalkL

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Every project now is doing the same, if they have something coming up they are trying to hype it, any update like mainnet, forks, wallet update, etc. Most of the time many people will ride on the news update, I guess that is the cause why projects surge temporarily but it only happens on projects with a good reputation already. I have seen not well-known projects doing an update it has no effect at all just like nothing happened.

Quidat

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Quote from: rexxarofmoknathal on July 07, 2020, 10:12:45 AM

Quote from: Lionel on July 03, 2020, 02:27:58 PM

Beginning of 2020: BSV wallet ver. 2 released => price surged

A few months later: Reddcoin and Cardano had major upgrades => price surged for both

Is there a correlation or just coincidence? I doubt that this reflects a correlation between wallet upgrade releases and coin price change, even if there is a tiny correlation that is not significant enough to be trusted. The reason for this is that traders and others heavily involved in the market don't really use wallets, they instead use exchanges. The pumps seen cannot be as a result of wallet upgrades, as only holders really use wallets.

It doesnt directly particularly talk about wallet usage but it do talks about on the news that was given out on such update.We know that market is highly reactive with news thats why traders/investors are
really looking out for these kind of information that pop out and presume that it will really give significant punch or reason for the price to move or dump.After all the years we've been here on this market
we can really able to say so that even just price speculations or shill out from popular person online can possibly hype the price or even spread up some Fud.Its up all to the supporters if they would
buy it or just simply ignore it thats why we cant see anytime that these calls are effective.

rexxarofmoknathal

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Quote from: Lionel on July 03, 2020, 02:27:58 PM

Beginning of 2020: BSV wallet ver. 2 released => price surged

A few months later: Reddcoin and Cardano had major upgrades => price surged for both

Is there a correlation or just coincidence? I doubt that this reflects a correlation between wallet upgrade releases and coin price change, even if there is a tiny correlation that is not significant enough to be trusted. The reason for this is that traders and others heavily involved in the market don't really use wallets, they instead use exchanges. The pumps seen cannot be as a result of wallet upgrades, as only holders really use wallets.

Harlot

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As far as "connections" goes in these kind of events you will only have hype backing it with people speculating that the price will go up because of that particular event. But if we are talking about real demand for the crypto pumping it, you won't really expect this to be the reason why. I don't see how people or the demand for that crypto will increase just because their wallet got upgraded if only we have enough number of people in the crypto industry and the volume of transactions prove it than your connection will be convincing but as of the moment it is not the case.

MCobian

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There is no correlation between the price and the major wallet upgrade, if BSV, RDD, ADA or other coins the price surged when the major wallet upgrades.
It was just a coincidence, prices surged when the demand for coins increased. Then related to LTC without big upgrade events namely privacy integration,
I still believe that LTC prices will surge. Because LTC is indeed a very good potential coin for short-term or long-term investments.

yhiaali3

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Historically, LTC followed bitcoin in every ups and downs, but with the major developments that got bitcoin, Litecoin remained the same which led to a significant decline in its price and became unable to catch up with bitcoin.
Nevertheless, LTC remains among the top ten currencies in the market and I think its price will improve significantly until the end of the year 2020 based on expectations and developments that will happen on Litecoin.
Here there is a good study on the history of LTC as well as price predictions until the end of the year:
https://capital.com/litecoin-price-prediction-2020

Mahanton

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Quote from: Jating on July 05, 2020, 09:45:30 AM

I think there could be some correlation but its not a good indication though. We all know that crypto market is based on news, and maybe this is the main reason why we see sudden surge on price when the projects behind released new wallet softwares. Again, it just a news that could bring hype but unfortunately it won't be a sustainable run.

But as far as bitcoin wallet goes, I don't think there's no correlation. Electrum just release their 4.0.1 upgrades with support for Lightning, but it didn't have a dent on the price. Perhaps correlation as just for the altcoin market alone.

Bitcoin market wont just easily react into that recent Electrum upgrade basing of that there were several wallets if we do talk in Bitcoin storage unlike on alts which do have only their own wallet based on platform.
I agree that this market is highly reactive when it comes to news or some sort which it isnt really bad for a trader or investor to consider on making out steps in the times like these.Its up to your choice though if you decide
to get in when possible news is coming out neither it would dump the price or would most likely to hype or would just standstill. Its a matter of choice for you to take on.

SquallLeonhart

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Well, there is a correlation between major upgrades and attention, not price. Of course, most of the time the major upgrades and news means good things and that attention is good attention and people do end up buying. However there could be ones not liked by the people and that could end up meaning that people will sell their coins as well.

Yes, selling would cause drop so yes that is price as well. It means there is 99% chance that any major upgrades on any coin could potentially mean that the price will change too, there is definitely a correlation. I would say it is not right on the day though, it is a bit before or a bit later that changes the prices, which is why I think it is quite risky to make a move since you do not know if it will be a downward thing or an upward thing.

Jating

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I think there could be some correlation but its not a good indication though. We all know that crypto market is based on news, and maybe this is the main reason why we see sudden surge on price when the projects behind released new wallet softwares. Again, it just a news that could bring hype but unfortunately it won't be a sustainable run.

But as far as bitcoin wallet goes, I don't think there's no correlation. Electrum just release their 4.0.1 upgrades with support for Lightning, but it didn't have a dent on the price. Perhaps correlation as just for the altcoin market alone.

XZERO1

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There are surely some correlations between important updates of the project and the price, wallet updates definitely is one of those critical updates and because of that most of the time when different projects update their wallets you will see an obvious surge in the demand for that coin and as the result you will see the price increasing, one other thing is that investors and traders like projects that are more active and update their software more often so they see these upgrades as a good sign and it's more likely that they invest in these projects comparing to those who are not as active.

Yogee

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It's not direct but you can say major wallet upgrades can affect the price of a coin because of speculators.

upgrade announcement ==> hype ==> fomo ==> pump

Quote from: Lionel on July 03, 2020, 02:27:58 PM

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So can we expect the LTC price to surge in September/October ?

If I were to speculate, LTC could pump up to $100ish but under the condition that BTC remains above $9K before the upgrade. I don't think we need a graph for that prediction. We all understand that altcoin follows the price bitcoin most of the time.

Wexnident

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Uhm no. Sure, if Wallets were a 100% requirement in holding coins, like there's absolutely no way for you to retain ownership of a coin if you don't have a wallet, but it's not. There are various ways for you to own a coin without spending money on wallets like paper wallets or if you're not holding for a long time, exchanges. Wallets are in the end, more for people who hold bitcoin in the long term or hold huge amounts of Bitcoin, to be fair, the majority of traders don't even hold that much when trading.

The bumps probably happen due to advertisements and the company behind the coin doing something to promote the wallets. Sides, there are countless factors other than wallets you'd need to reason out price surge.

mersal

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Quote from: Lionel on July 03, 2020, 02:27:58 PM

Beginning of 2020: BSV wallet ver. 2 released => price surged

A few months later: Reddcoin and Cardano had major upgrades => price surged for both

A couple of other cases like those happened for some of the top 100 coins this year, so i wonder if there is likely to be a pump before a major upgrade, if the project in question is among the ones with the most market cap.

Now, the next big upgrade we are waiting for is privacy integration into Litecoin ( estimated release: fall 2020 ).

So can we expect the LTC price to surge in September/October ?

There may be a little bump on the price because media covers new about the coin so it will get attention along with price bump but it is not going to happen always with all the coins so don't expect bump due to the upgrades.LTC is a good coin at overall so you can invest on it and expect the price bump when the bitcoin bumps.

Ryker1

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Quote from: Lionel on July 04, 2020, 09:44:16 AM

[snip]
So i better buy some Eth and wait for Phase 0 integration this year

Well, I don't know if this Ethereum will be promising after the updates and they are not updating their wallet. They update their network, from POW chain to POS hard chains which are focusing on the speed up the transactions.
Well, I don't see any correlation among them, --perhaps once investors know that a project will have a new update it will get their interest to invest because they know that it will grow and they are all accumulating in all time.

Indeed, the market remains unpredictable, or else, they had a pump or dump that makes the price like manipulating them.

Sanugarid

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Quote from: pawanjain on July 04, 2020, 01:53:46 AM

Quote from: Lionel on July 03, 2020, 02:27:58 PM

Beginning of 2020: BSV wallet ver. 2 released => price surged

A few months later: Reddcoin and Cardano had major upgrades => price surged for both

A couple of other cases like those happened for some of the top 100 coins this year, so i wonder if there is likely to be a pump before a major upgrade, if the project in question is among the ones with the most market cap.

Now, the next big upgrade we are waiting for is privacy integration into Litecoin ( estimated release: fall 2020 ).

So can we expect the LTC price to surge in September/October ?

Wallet upgrades only matters when they are creating a good impact on the overall performance of the coin.
If the upgrade improves the performance then there are chances that the coin will surge in price because then it creates more usability.
For example the upgrade of ethereum 2.0 will bring new advances to ether which is why ether's price is expected to rise before the upgrade.

This answers the question, so there is a correlation between price and the project upgrades. This is due to speculation, most people think that an upgrade is worth to invest with resulting to a price surge of a coin then it will dump again when these people pulls out their money.

I've been waiting Ethereum 2.0 to come out, I already bought a decent amount of ethereum from the last 4 months and just waiting for the price to increase when it upgrades.

Quote from: pawanjain on July 04, 2020, 01:53:46 AM

But this does not mean that every wallet upgrade will surge the price of the coin since there are so many shit coins in the market.
Not every upgrade will bring better features. Sometimes the upgrade just creates a havoc for an existing better product.

This only applies on selected coins in the market, not so man people gives a damn about an unpopular coins to be honest, shitcoins already marked their mind not to deal with it. Better to watch out for major upgrades on major coins in the market, they are more likely to bring you profit.

Lionel

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Quote from: pawanjain on July 04, 2020, 01:53:46 AM

Wallet upgrades only matters when they are creating a good impact on the overall performance of the coin.
If the upgrade improves the performance then there are chances that the coin will surge in price because then it creates more usability.
For example the upgrade of ethereum 2.0 will bring new advances to ether which is why ether's price is expected to rise before the upgrade.

But this does not mean that every wallet upgrade will surge the price of the coin since there are so many shit coins in the market.
Not every upgrade will bring better features. Sometimes the upgrade just creates a havoc for an existing better product.

This is very valuable info.

So, investing in Litecoin now is unlikely to give profits due to privacy integration in September, because it's not a usability improvement.
And privacy is only appreciated by a niche.

So i better buy some Eth and wait for Phase 0 integration this year

BitcoinTurk

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I think the relationship you mentioned is actually effective in some projects. For example, although innovations in Bitcoin wallets do not reflect on prices, changes in wallets of other alternative cryptocurrencies can often affect the price. Cryptocurrency projects, especially providing wallet services, can significantly increase the value of project tokens with such developments. In short, we can answer the question partially yes and partially no.

pawanjain

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Quote from: Lionel on July 03, 2020, 02:27:58 PM

Beginning of 2020: BSV wallet ver. 2 released => price surged

A few months later: Reddcoin and Cardano had major upgrades => price surged for both

A couple of other cases like those happened for some of the top 100 coins this year, so i wonder if there is likely to be a pump before a major upgrade, if the project in question is among the ones with the most market cap.

Now, the next big upgrade we are waiting for is privacy integration into Litecoin ( estimated release: fall 2020 ).

So can we expect the LTC price to surge in September/October ?

Wallet upgrades only matters when they are creating a good impact on the overall performance of the coin.
If the upgrade improves the performance then there are chances that the coin will surge in price because then it creates more usability.
For example the upgrade of ethereum 2.0 will bring new advances to ether which is why ether's price is expected to rise before the upgrade.

But this does not mean that every wallet upgrade will surge the price of the coin since there are so many shit coins in the market.
Not every upgrade will bring better features. Sometimes the upgrade just creates a havoc for an existing better product.

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