The Aftermath
Earlier today I've posted about the price of Bitcoin, Ethereum and other coins rising exponentially. In only 24 hours the price of Bitcoin has risen by more than 10%! If you've missed that post you can check it out here. So here's the aftermath.
The price of Bitcoin started shooting up at around 1 am UTC and by 3:40 am UTC Bitcoin reached a record value of $3129.94 meaning it has grown by ~8.62% ($248.38) in only 2 hours and 40 minutes! The value then kept rising at a slower pace reaching an all time high of $3281.69 by 18:09 pm UTC. By this point the value of Bitcoin has risen by ~13.89% ($400.13) since it's initial "explosion" at 1 am UTC. Since then the value has fallen by about 0.90% ($29.3) and it seems to be stabilizing with about 13.98% of growth in the past 24 hours.
As expected, this rise in value has also influenced other popular coins such as Ethereum and Monero, which have also seen a massive increase in value with Ethereum not far behind Bitcoin with a value increase of 12.77% in the past 24 hours and Monero a bit further behind with a 24 hour rise in value of 9.78%.
On the other side, we have the new Bitcoin hard-fork, Bitcoin Cash, which has seen a drastic decrease in value of 17.58% in the past 24 hours further confirming my hypothesis from my first post stating that most people have dumped their Bitcoin Cash and invested into other cryptocurrencies.
If my hypothesis is true though, then there are still some unanswered questions remaining. For example:
Why has the majority of people decided to re-invest in the past 24 hours?
Congratulations @tadejgasparovic! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP