It seems just yesterday when Bitcoin was valued at around $5,000 but those days are now clearly behind us as bitcoin continues to fuel one heck of a staggering rally.
At the moment this rally blows that 2017 rally out of the water as you can see by this graph.
This rally also has higher volumns then the pervious and there are key reasons why we shouldn't get all to bogged down this time around.
With off chain supports such as lightning network fees for bitcoin still remain relatively low.
This could in theory prove a point of what happened to bitcoin during the last rally when bitcoin cash decided to split off and make a hell of a mess of things.
There was always speculation that they junked in a ton of small transactions just to make fees rise and make their so called forked coin look better.
Well after a year of bitcoin cash and now bitcoin sv its clear that everyone wants BITCOIN and not this off chain BS.
So here comes theory # 1 for the rally.
No more drama in bitcoin, no more forks and drama from a select few people. Has built confidence into bitcoin again and thus the rally holds strong.
Theory # 2
Facebook Libra most likely is DOA which means everyone that was excited for it how now instead just poured that money into bitcoin. Lets face it if Libra or Global coin ever became a thing that would be one hell of a scary world to live in given Facebooks history.
Theory # 3
The world, the world we live in today is much different then the 2017 one. Housing sales are starting to slump, the US deficit is beyond measurement and continues to spiral into more debt, wars are talked about, trade wars, cyper wars etc. Gold and silver prices are rising and Bitcoin seems to be acting as that Store Of Value which was the whole goal behind it. Thus Bitcoin has become a place you can park your cash and make some while the world sorts itself out.
Theory # 4
The Halving, I believe this might have minor effect on bitcoin at the moment. Litecoins is coming up first and its hardly moved. Also when we look back at bitcoins halving the major rally did not happen till 3 months AFTER the halving took place. I believe that to be the case here again. The supply drop does not seem to go noticed till a few months after the halving takes place. The shrinking supply with same demand means increase in prices.
Theory # 5
The whales are back, if you look at the price jumps on bitcoin they are staggering $100-$500 price jumps in the matter of a few minutes. This should clearly show you that there are some rather large players moving funds around.
This could also mean that this pump will continue for a while but then whales will pull back out into alt coins later this year to try and pick up profits from highly oversold altcoins.
These altcoins are also more stable then ever. There are solid choices to go with such as Litcoin, Ethereum, BAT, EOS, Zcash and Dash to name a few.
