Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
What I don't get is why ethereum had $130-ish billion market cap in January and now Bitcoin has $100 billion cap. How can one explain the claims that the current price of Bitcoin is too high and not sustainable, given that only 1% of the average Joe that heard about Bitcoin knows about ethereum (at least from my personal observations)? And if Bitcoin didn't go south, ethereum would have easily sustained that market cap. I have only one word: manipulation!
Can you elaborate?
You don't believe in market forces?
Whether sustainable or not, there are a lot of shit coins out there, including ethereum, that have hype, so hype is not manipulation because there are still people and institutions who are buying it (whether for legitimate and sustainable reasons or pure hype).
Another thing about manipulation, there do seem to be some fairly solid theories that there are some financial institutions and governments that are lending various kinds of support to ethereum, and allowing ethereum to serve as a distraction to bitcoin (and a potential stronger competitor)... the SEC's tentative assertions that Ethereum is not a security would be one of those.
I believe that a lot of folks who attempt to follow various aspects of the crypto space would agree with you that there are kinds of manipulation going on, but the concept of "manipulation" by itself is not enough to explain because it is coupled by a variety of free market force dynamics too.
If you believe manipulation is a dynamic that exists on its own with any kind of predetermination and ability to meaningfully control for long periods, then you are devolving into Torque-like thinking - if there is such a classification...
