What is driving bitcoin prices up
Research suggests that when it comes to covering bitcoin, bad news sells. Litecoin (LTC good news Litecoin holders. To the untrained eye, the markets have settled back down to a fairly horizontal level after being briefly startled like a sleeping dog earlier in the week as a curious spike drove everything upwards for a short period. A lot of businesses however that are focused on mining for crypto currencies may suffer from the not so good exchange rate lately and we already are seeing very big companies in that area starting to get affected. Bitcoin itself leapt from Mondays low of 3,683 to a dramatic 3,832 before riding the rest of the week out around 3,870 to 3,880. It could as well be none of the above or all of the above, but the majority of people that believe in Bitcoin and crypto currencies are not ready to give up on the idea. Is the volcano about to blow, or was it just getting comfortable again as it slips into sleepy dormant state? For instance, the recent drop in the price of bitcoin from a key support level also coincided with searches for the bitcoin keyword on Google search engine reaching an eight-month high, suggesting that consumer demand is a key factor in driving coverage. Litecoin is faster, cheaper, and offers all of the technological advancements of BTC like segwit and lightning network. Certainly, over the last two weekends weve seen a frenzy of activity that follows the same pattern a slow build from Friday into Saturday, followed by a fairly dramatic drop come Sunday evening into Monday morning before things correct themselves by Tuesday.
Research Says Crowd Psychology is, driving Bitcoin 's Price
They also are benefiting from the surrounding intrigue, as more investors pour money into Litecoin in an effort to receive free LCH tokens post-fork. In addition, the entire market is receiving a tailwind that started with the pumping price of Litecoin. Anti-bitcoin Stance on the Right? Youve spent a year reading the seismograph charts, but that little needle has been busy of late, darting up and down the print-out. LitePay is a significant step forward in this regard, giving merchants a simplistic processor for accepting Litecoin as a form of payment. While coverage of bitcoin by the mainstream media was also high during the run-up to the historic price high, it was not as high as in the aftermath of the price crashing, the Clovr report noted. Charlie Lee and the Litecoin foundation have vehemently denounced the hard fork as nothing more than a scan.
While mainstream media could be apportioned some blame for their heightened coverage during disasters, consumers cannot escape blame either as they could be dictating this. LitePay thus far has generated less excitement than it will once retailers and merchants begin implementing the processor. The fluctuations are what is driving bitcoin prices up small, and theyre not restricted to BTC. Earlier this week we wrote about the growing appreciation for Litecoin as a currency useful in transactions. The Clovr report also noted that in its infancy the coverage bitcoin received was mostly positive, but that has changed as the flagship cryptocurrency gained in stature. This could be a result of the recently hacked Bitstamp exchange and almost 19000 BTC stolen that are being dumped on exchanges, or ponzi schemes that have stolen Bitcoins from users dumping them, or a result of big mining asic manufacturers. Per Clovr, technology media outlets, as well as the media outlets that skew conservative and centrist, demonstrated more negative sentiment in their coverage than positive. In fact, rather than delivering some deeply thoughtful riddle that would unlock the secrets of cryptocurrency, he would probably be tempted to give it a swerve for something simpler like the meaning of life, for instance. .
Coin Rivet is a website bringing news, information, analysis, opinion and insight from what is driving bitcoin prices up the fast-moving blockchain world. Market apathy has been a steady bedfellow of crypto in recent months. On centrist media outlets, the proportion of bitcoin coverage deemed negative was.2 versus.8 positive. The underdog, second-fiddle to Bitcoin currency is finally pulling away from the pack after a brutal two month stretch of price depression. While we have pointed out that such a move will benefit, lTC in the long-run, it had a knockout punch effect on Litecoins price that the coin is still struggling to recover from. Coinbase debaclewhich led to an overall depression in the market.
It looks like cryptocurrency mining is driving up, nvidia
But Litecoin is a dark horse candidate to become the dominant cryptocurrency for transactions. The fork is having an interesting effect on the market. With regards to technology publications, the percentage of stories with negative sentiment was.7 against.3 positive. Financial/economic what is driving bitcoin prices up publications and channels had the highest level of bitcoin coverage that was positive.4 versus.6 negative. But that lack of movement may also give away a lack of interest.
He also injected a massive amount of uncertainty over the future of Litecoin by announcing that he had sold and donated his entire holding in LTC. As of right now, Litecoin is the gold standard for transacting in cryptocurrency, and is driving the industry forward both in terms of valuation and commerce-based integration. If Nostradamus were to have a crack at crypto, hed be predicting much of the same for this weekend. Its this constricted margin which is making things very difficult to call. Trading at its peak on December 19th at a price per coin of 380 USD, Litecoin tumbled all the way to near-100 USD levels as the entire market tanked. Barely a flick in any direction, just a gentle undulation here and there. Weekend traders currently seem to be driving the direction of bitcoin and its crypto cohorts. Yet, over the last three days nothing.
Altcoin, prices are Struggling to Keep up with, bitcoin
To many, this flatlining is met with a slump of the shoulders at something which appears quite dull and boring. While we want what is driving bitcoin prices up to avoid rebuilding the overvalued and over-extended market conditions that characterized the end of 2017 (when total market cap shot from 300 billion USD to 800 billion USD in a matter of weeks all of cryptocurrency. Litecoins founder, Charlie Lee, played a hand in the price drop with a poorly timed tweet warning investors about a potential price swing, just as the coin was hitting an all time high. The staggering fall of Litecoins value began with the sharp drop in Bitcoin pricelargely caused by the Bitcoin Cash/. To some, however, seeing such little movement north or south after a fidgety and uncomfortable spell of minor volatility is cause for excitement.
From individually owned coffee shops to internet retail giants like Amazon, LitePay could be the foot-in-the-door catalyst that cryptocurrency has been in desperate need of to get people spending their coins. However, its also possible that the market is entering another bullish cycle, buoyed by the price of Litecoin, that will create enough demand to keep driving prices up following the fork. Conservative media outlets had the highest level of negative sentiment.7 negative versus.3 positive. Bitcoin benefits from widespread market recognition, first-mover advantage and exchanges largely operated in BTC. Featured image from Shutterstock. Litecoin also benefits from a smaller but dedicated development team, and the guiding hand of founder Charlie Lee. Cryptocurrency is, and always has been, an unpredictable puzzle. Its nearest rival Vitalik Buterins Ethereum is also on a steady path around 138, while XRP from Ripple is doing little more than.3150. Bitcoin, with its value rising above 8,400.