Because people like THE Bitcoin.
Haha, great argument. I wish you all the luck in the world with your position then.
Sarcasm? It's easier to come up with an explanation that you can observe, than to deny market movement.
Anyways, I don't hold any Bitcoin but rather have all my money in some tiny alts down the bottom of the chart, but this is the Bitcoin forum.
Ok let me explain market movement then: people have been dreaming about some alternative to the banking system, they feel cheated upon by their governments, using inflation against them, banks that defaulted causing them to lose all their money etc. And then there was BTC, a coin that promised to be the solution to all that. People went crazy about it without actually knowing about the weaknesses of the coin that made it unsuitable as a payment system. Everybody was in fear of missing out, that combo drove prices up to insane heights.
Now fear is an interesting emotion, it can both drive things up as down. When prices are not going up every day again and people are actually losing money every day, then fear can become a driver the other way around. Combine that with the realization that BTC failed as a payment system and that it can NEVER replace traditional banking, because of all its weaknesses and that can become a very powerful driver downwards.
That's why I'm expecting a full reversal to the june/july 2017 levels of around $2500
Well, I never got in because of an alternative to a banking system.. that would be XRP.
In my opinion, people just got in because of speculation, and speculating on the most well-known coin, which is still Bitcoin (even my friends who are new to investing talk mainly about Bitcoin - I'm telling them to wait a few weeks to see what the market does, of course).
I agree with the FOMO and fear though.
As for $2500, that's pretty massive, since it would mean a ton of people would quit, and that very few would replace them in the market, which is contradictory to the increasing number of adopters.
Anyways, it doesn't matter what people say... we'll see what happens.
