A Mystery Order Behind Recent Cryptocurrency Market Rise

The crypto trade market has seen a phenomenal rise over the past two days and many believe that the impending bull run has finally arrived. But, the reason behind the rise is a subject of speculation for many. Bitcoin and most of the altcoins has gained in double digits, breaking upper key resistance level. The crypto market has added $30 billion in just last 24 hours.

Many believe that a whale is responsible for triggering the green movement in the crypto space. It is being speculated that an anonymous whale has sold a significant portion of his holdings which triggered the trade bots to follow the suit and execute numerous trades simultaneously.

After the dump by an anonymous whale, the trading bots were responsible for executing over $100 million worth of trades. The trading bots were mainly active on coinbase, Kraken, and BitStamp.

Oliver von Landsberg-Sadie, founder and CEO of digital assets firm BCB Group says,

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”

Whales Have Been Responsible for Driving Market Sentiments

Crypto whales have been notoriously known for changing the market sentiments through the well-calculated pump and dump techniques. Since the crypto space is relatively new, big order trades often push traders to follow the suit.

The most preferred token for manipulating the market is Bitcoin, as it has been known for driving the market sentiments and movement since the beginning. However, one must note that these are mere speculations and not necessarily the exact reason for the bull run since it’s quite impossible to accurately pinpoint the actual reason for growth.

Final Thoughts

After one of the longest crypto winter in 2018, the market has been quite bullish about the prices of altcoins hoping for the next bull run to arrive soon. However, the majority of the analysts have predicted that the impending bull would arrive towards the end of the year, and this was one of the main reasons why people were taken by surprise during the recent price rally in the crypto space.

In the next couple of days, we may have a more prominent reason and cause behind the rise, till that time, let the speculation mills do what they are best at.