“what is this bullsh*t? suddenly there is green coming up all across the board”; these were the words of a cryptocurrency trader sometime yesterday. Upon seeing the cryptocurrency market light up in green, it seemed almost impossible to most traders that a bull run might just be emerging.
With anger in each tweet, these traders expressed their disappointment towards the state of unexpectedness with which the market exploded with gains throughout yesterday. “I’m not convinced. Nice breakout, but little follow through.” one user replied. “It’ll be gone tomorrow don’t worry,” said another. However, 18 hours later, until the moment of writing this article, the cryptocurrency market is still glowing in green lights, hitting as much as 85 of all the top 100 cryptocurrencies according to coinmarketcap rankings, and leaving them with gains from as low as 5% to as high as 20%.
The last 24hrs up until this moment has created room for tokens and coins to add up on market value, some like EOS has even taken the opportunity to kick up to three high performing tokens underneath the table and snatch their positions. While it may seem that this is all of the miracles that traders were anticipating, traders are longing to get to the root of what it is, that is behind this astonishing bull run.
Pump and Dump?
The first thing users have speculated is the possibility of a pump and dump which is very common with the crypto community. Seeing that BTC went from a trading volume of $3.74 billion to $5.90 billion and a spike in trading price that pulled it out of its newest yearly all-time low of $3191.30 all in the last two days, traders are suggesting that new money may have found its way through the market space, leading to a “bullish manipulation”.
Although traders cannot pinpoint where this manipulation stems from, statistics have shown that adaptation of Altcoins such as XRP has been on the rise, with more and more trading pairs fueling the increase in trading volume. And while the bull run might be a short one, traders are urging themselves to stay put for at least the next 24hrs to see if the usual surfacing of red lights will once again envelope the market.