This in my opinion is a simple way for anyone to understand that the current price action is way different from what we saw in 2017.During the last ATH, many people were already heading for the exits once Bitcoin crossed $10k. That caused heavy price volatility, a spike in transaction fees, and longer confirmation times (Some had to wait for up to a week for their transaction to confirm.)Average Confirmation Time in 2017 vs NowSome people paid over $50 USD in fees at a point, and miners got filthy rich.Fast forward to 2020, Bitcoin is at $19200, fees are still very cheap, the network is not clogged.What Changed?Did the Bitcoin Network Become More Efficient?NahIt simply means that the current crop of Bitcoin investors differs from the 2017 retail crowd.These current crops are mainly investors whose perception of an ideal exit price is significantly higher. They're not ready to let go at $19k and I don't know at what price they will.But one thing for sure is that the longer they hold, the more FOMO kicks in and the real retail folks will jump in.How high can we go?https://ift.tt/3fwWw4q
Submitted November 25, 2020 at 08:41PM
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