Bitcoin Price - What's keeping it up? No longer volume.

Discussion in 'Cryptocurrencies' started by Rickylee, Oct 7, 2018.

  1. Rickylee

    Rickylee

    Historical price vs transaction volume data shows a clear correlation up until May of this year. Since then, there has been a disparity. Please see the charts below.

    So what is supporting the price of Bitcoin?

    Are we seeing evidence of a psychological barrier?

    Any thoughts?
     
  2. sle

    sle

    Actually, I don't think you can impute that this correlation has broken down from your graph. Maybe try looking at a scatter plot of logs of both and check where the recent points are?
     
  3. Ed1973

    Ed1973

    I’ not the one who believes in bitcoin. My feelings about other crypto currencies are positive enough. But not for the bitcoin.

    Its popularity is just a hype and a temporary phenomenon. Pat attention at MGO tokens. They have all the basis for further development. I just want to accent on the partnership of MobileGo and Xsolla. It’s the event which will have a great impact on MGO price.
     
  4. Rickylee

    Rickylee

    I ran the data based on a 20 day average but I have just re run over a shorter period, 10 days, and the correlation has increased from 0.76 (20 day) to 0.86.

    What we have seen, over the last 10 days, is the price remain buoyant but with an average drop in transaction volume.

    If this trend continues then the price will drop further.
     
    ElectricSavant and vanzandt like this.
  5. Sergio77

    Sergio77

    Tether maybe?
     
  6. Turveyd

    Turveyd

    Confidence, there is no confidence it will go either way, so nobody is selling and nobody is buying, so until this changes it'll wander sideways, no way to predict which way it will swing when it does finally.

    This time last year it was running like crazy!!
     
  7. Rickylee

    Rickylee

    Hi Turvey, I think you're right. No real direction at the moment. Looks like it has lost all of it's volatility.
     
  8. Crazy $770 range today.