As I noted recently, cryptocurrency has seen some rather large capital inflows as of late. Now the gains I noted before appear to be miniscule.
At the time of this writing, market cap of Bitcoin stands at 6.925 Billion, according to Coindesk.com. That reflects an almost $300 million increase in little over a week, resulting in a USD price rise of over 5% in the same time frame.
While some of this appears to be new capital coming into the market, some of it may just as well be due to big players or “whales” manipulating price action. Many forums can be found discussing in detail the evidence surrounding such claims.
One thing’s for sure – both the precious metals and cryptocurrency markets have began 2016 with a bang. Silver has been the best performing commodity in Bloomberg’s commodity index so far this year. And Bitcoin has been on a tear, while several altcoins have been increasing in market cap as well.
Could it be that the world has begun to awaken to the insanity of the central bankers’ historic, unprecedented actions and policies? Have we begun to enter a period of enlightenment, whereupon millions and then billions seek freedom from the tyrannical system of fiat financial bondage?
What do you think? Feel free to leave your thoughts in a comment below and share this post on social media.
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