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RE: Addiction to Cryptocurrencies Creates Greater Momentum Than Technological Advancement
Hey kyriacos, how’s it going? A nice alternative look at what drives crypto markets and something I agree with.
Without the stability of institutional money (yet), crypto is driven purely by speculators. The nature of the market also means these speculators are millennial without the classic market experience that you might see in futures or forex.
I think it’s awesome and actually helps make markers more predictable from a technical analysis perspective. This Bitcoin drop is a prime example of a market purely driven by technicals and this is simply because of the millennial speculators who are trading.
Exactly! Just remember the Dot-Com Bubble! A lot of the Crypto Taders do not have this experience of trading such volatile stuff. And that's why Bubbles occur every decade again and again. Cause most of the failed traders go out of the market forever, while new and inexperienced boys come to catch the big win ! =D