Bitcoin’s markets have a far more significant effect on the crypto industry’s markets, as a whole. Being the brand of Crypto, Bitcoin’s new bull markets have induced similar bull rushes in various other forms of crypto. As it stands now, the current conditions of the crypto markets hold a worrying similarity to the 2017’s crypto bubble, with Bitcoin rising sky-high, then dropping like a stone and dragging the rest of the crypto markets with it.
Hedera Hashgraph Rally
A vital example of this is a rather small-scale cryptocurrency that has been enjoying an incredible amount of gains: Hedera Hashgraph. Hashgraph stands as one of the google-supported forms of crypto and has managed a rally of more than 300% in a mere 48 hour period. A significant part of this massive rally comes from the news that Google had announced about it. The world’s largest search engine company is taking an active stake within the network’s governance system.
An interesting fact is that trader sentiment could’ve boosted as much as it did, due to investors seeing that there was an upward trend of the “Hedera Hashgraph” key phrase. The astute traders saw this rise in key phrases, decided to buy more Hashgraph, thus feeding the bull run even more. It’s quite interesting how modern technology can affect market prices.
Threats Of Collapse
As it stands now, though, that same measurement hints that the Hashgraph frenzy is going to die down, and then promptly dive back into the ground as quickly as it came rose to the sky.
While the rally is still ongoing, there are some clear signs that it’s starting to stall. However, those early investors have managed to gain an incredible profit through this surge, as volatility shot through the roof.
To put things in perspective, before this rally, the coin clocked in weekly lows of about $0.019, as cheap as cheap crypto of some note can get. After this bullrush, the currency experienced a rise of more than 300%, with its new highs recording at $0.08. While it’s still quite literally pennies, especially compared to something like Bitcoin, those that bought these tokens in the large scale enjoyed their investment tripling.
The Horrors of Hodl
However, a price decline seems imminent, as the search volumes for the keywords “Hedera Hashgraph” start to drop, according to google. The problem with crypto coins, especially in the younger markets, is the constant see-saw that can happen as fledgling investors buy big and employ the infamous hodl style.