Ever since the highs of 2017 everyone and his mother has been waiting for the next bull run to arrive.
Self proclaimed crypto experts did not waste any time to put out their predictions.
And ever since China, namely president Xi Jinping, came out and said that China wants to embrace blockchain, and that it must make "greater effort" to develop and apply blockchain technologies across industries to gain an "edge over other major countries," we have seen a shift in perspective. I believe at that point in time, winter for the bears came knocking on their doors.
It's no secret that China plays a huge role in the cryptocurrency space. Same way it's no secret that more than half of Bitcoin mining is coming from China. Let's go back in time to 2015, when Bitcoin was still in it's infancy. At that point mining rewards where the highest and coin prices where very low. It is said that before 2015 as much as 95% of crypto transactions were being conducted in China.
This makes one wonder, who is holding the biggest bags?
To come back to my previous point, it's safe to say that China's altered stance on blockchain could very well be the catalyst that will launch the market into the next bull run.
After president's Xi statement, Bitcoin witnessed the highest growth ever in one day. As much as $3000 increase. Other coins got some love as well.
Especially coins aimed at the Chinese market like VET(Vechain), NEO, ONT(Ontology), QTUM(Quantum) witnessed huge gains as well.
In those couple of days we have seen another run, with coins shooting more than 100% in one day. Critics scramble to find a reason as to why these coins are pumping. And more importantly who is pumping these coins? If you open coinmarketcap and look at where the majority of the volume is coming from you would notice that it's coming from Chinese exchanges.
This is not necessarily bad, nor it is very good that most volume is coming from one country. But it's good to pay attention to details, and even though it's mostly Chinese money pumping our bags, this could very well trigger the rest of the world to jump in and not miss out on having a good entry position for the next mega bull run.