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Home Cryptocurrency news Bitcoin

Pumping Altcoins All Have One Thing In Common: Crypto Whale Games

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Bitcoin Cash, Cryptocurrency news, EOS, Ethereum, Litecoin, Monero, Ripple
Reading Time: 3min read
crypto altcoin whale games bitcoin
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This week, the crypto market caught fire, with Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies going on powerful rallies and breaking out of downtrend resistance.

However, analysts across crypto Twitter have been left scratching their heads as to what’s changed in the market, and why this is happening. One conclusion many are drawing is that this week’s rally isn’t at all an alt season, but a whale on one specific cryptocurrency exchange playing games with an illiquid market.

Is This Alt Season, Or Is Something Else At Play in Crypto?

While Bitcoin was breaking through resistance at $8,400, across the rest of the crypto market, altcoins everywhere were breaking out of their downtrends, spanning back as far as six full months of consolidation and accumulation.

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Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend 

The massive surge in most altcoins has sparked a FOMO effect, with crypto investors chasing pumps hoping for a continued, sustained rally in the months and possibly years ahead.

Serious question:

If no “new” money is coming in. Who’s pumping these coins? Exchange bots? A few whales? Is this how the pump starts before fomo kicks in resulting in a true altseason?

— ฿om฿shell (@cryptobombshell) January 15, 2020

But before crypto investors breath a sigh a relief that an alt season is finally here – a period of time when altcoins vastly outperform Bitcoin – some of the top analysts from the industry remain skeptical, wondering what’s changed over the last few weeks that’s turned crypto markets bullish after an extended bear cycle.

Analyst Believes That Altcoin Rallies Are Nothing More Than Whales Playing Games

While no facts are conclusive, one analyst believes that the activity is tied to whales on the cryptocurrency derivatives platform, OKEx.

https://twitter.com/888Velvet/status/1217266361791123457

Of the assets that skyrocketed this week, all of them are available on OKEx. Interestingly, those that aren’t available on the platform haven’t seen surges of the same levels.

Related Reading | Psychology of a Market Cycle: Are Bitcoin Investors In Denial? 

Because altcoins have been in a downtrend for two full years, struggling to regain any lost value from the 2017 crypto bubble deflating, people are still expecting more pain to come. Bitcoin’s rally of 2019 only made matters worse, as altcoins dropped in value relative to BTC, not just USD. Many had concluded that altcoins were dead, useless, and that the market would never again see a wave of buying the alternative assets like what happened in 2017.

The thought has prompted some analysts to fear that the current rallies are final exit pumps from wealthier investors seeking to dump their heavy bags at the highest prices they can, and incited this rally as a final push to higher prices.

is this

— Walter Wyckoff – $OIL maximalist (@walter_wyckoff) January 15, 2020

But of course, the one thing that all crypto analysts could be overlooking is the disbelief phase. After markets cycle, comes a period of time when assets begin to grow once again, but the psychology of the market has conditioned these participants to view the assets in a bearish light, and could cause them to miss out on the greatest possible financial opportunity.

Tags: bitcoincryptoethereumLitecoinOKExWhale
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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