Well we know where the money is going these days, and that's to tether and DEXs!
Tether sees market cap soar to $14 billion just days before bitcoin tanked...
Coincidence?
There is probably some correlation as people are more comfortable sitting in tether right now as opposed to the momentum-losing bitcoin.
Check it out:
(Source: https://coinmarketcap.com/currencies/tether/)
The breakdown of this $14 billion in tether can be seen below:
(Source: ~~~ embed:1301542972165632006/photo/1) twitter metadata:Y3J5cHRvdW5mb2xkZWR8fGh0dHBzOi8vdHdpdHRlci5jb20vY3J5cHRvdW5mb2xkZWQvc3RhdHVzLzEzMDE1NDI5NzIxNjU2MzIwMDYvcGhvdG8vMSl8 ~~~
Historically big surges in Tether's market cap often coincided with lows in the price of bitcoin, at least they did back in 2016-2017.
That being said, the market today is a heck of a lot different than it was back then so we will just have to wait and see if that correlation remains true.
DEXs DEXs DEXs!
In case you didn't hear, part of the reason for the bitcoin and crypto bloodbath yesterday may have been related to a raid at cryptocurrency exchange.
Like most price moves in crypto, one can't say for sure what caused it, but new came out right about the time the entire crypto market started sliding that the largest crypto exchange in Korea had been raided.
Or should I say, the self proclaimed largest crypto exchange in Korea.
That being Bithumb.
More on that can be seen here:
However, things like this may not matter all that much in the future.
Why is that you may be wondering?
Enter the rise of the DEX!
Check out the dollar volume traded on DEXs these last few months:
(Source: ~~~ embed:1301111694622633987/photo/1) twitter metadata:Q3J5cHRvUmFua19pb3x8aHR0cHM6Ly90d2l0dGVyLmNvbS9DcnlwdG9SYW5rX2lvL3N0YXR1cy8xMzAxMTExNjk0NjIyNjMzOTg3L3Bob3RvLzEpfA== ~~~
They went from less a billion in May to almost $15 billion in August.
Now that's some serious growth!
I can't wait for the day that centralized exchange hacks and exchange raids stop jerking around the price of bitcoin as DEXs continue to gain in popularity.
Anyways, on days like today don't look at the price of HIVE and many other coins, it will only depress you.
Unless you got your check book out and are doing some shopping, in that case look all you want!
I suspect prices will be significantly higher within a couple weeks to a couple months from where they are today.
Stay informed my friends.
-Doc
Posted Using LeoFinance
didnt know bithumb was a dex
It's not. It's a centralized exchange. My point was that DEXs are eventually going to take over the market and centralized exchanges will be a thing of the past, and we won't have to worry about exchange raids like we just saw with Bithumb.
Thanks for sharing