the price has gone from $250 to $450 (up 80%) in just 2 months with no real positive news eg no increased adoption etc.
Does anyone else besides me call that a pump? And after a pump comes dumpy, dumpy, doo.
Let the buyer beware.
Does anyone else besides me call that a pump? And after a pump comes dumpy, dumpy, doo.
Let the buyer beware.
At least short-to-mid term, price is not mainly a function of fundamentals, including adoption. That said, increased adoption has taken place, and it is likely to be at least one factor in the current trend.
Note also that, just as before, it takes a while before it shows an effect on price. It's a pattern playing out for third or fourth time now:
1. Adoption is "ahead" of price, market begins to rally.
2. Price gets ahead of adoption during major rally (possibly goes to new ATH), falls back sharply. Bear market commences.
3. Adoption continues, price continues to fall. This goes on until the set-up is again as in step 1.
As for evidence of increased adoption, see for example:
Sure, no. of tx is not the final word, as it's a metric that can be manipulated. But there's a similar picture for hashrate, no. of wallets, etc., so I take it that the most likely interpretation is that adoption isn't exactly skyrocketing (like some bulls were/are hoping), but that it's growing in a pretty respectable way, that could be taken to be somewhere between 'steep linear' and 'comparably shallow exponential'.
Look at bitcoin day destroyed too ... when it grow a lot, it'll dump
