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I have a pretty crazy theory that I want to share but hopefully I won't break the record for downvotes in the process. I have been thinking for a while that something seems suspicious about the way the market has been moving lately.
Then I had a realization. What if everyone is being played by a greater power. It makes a lot of sense. If you look at the dates the surges started.
The futures trading press release went out on December 1, but what if some people knew that it would be approved ahead of time?
If you are an investor with deep pockets you have a problem. You need a way to accumulate. Articles start to hit the press about how a small group of whales control a huge amount of the supply of Bitcoin and that makes it dangerous, etc. Big players are trying to convince people that Bitcoin is not a safe investment.
Lots of bubble talk spreads. Jim Cramer says you are better off going to Vegas than buying Bitcoin. These investors are usually the ones who get first stab at new assets. They get to invest early in companies, they get first stab at IPO shares when a company goes public, but with Bitcoin they are late to the party.
How are they going to accumulate? So what do they do? It is a psychological thing. If you want to quadruple the amount of Bitcoin you have, it is much easier to pump up a smaller coin and sell it, than it is to drive down the Bitcoin price 4x to accumulate more for the same amount of USD.
In addition to these alt coin surges, every time Bitcoin looks like it is going to break out a new sell wall appears and some market selling into the buys begins to drive the price back down.
Is that how a normal person would buy up XLM? It is possible, but I doubt it. I know it seems wild, but if this theory is correct then it means at some point there will be a pretty fantastic dump with alt coins and a giant surge for Bitcoin.
Also posted on reddit: I personally like to challenge myself with other possibilities. This is a fun idea, but ultimately circumstantial. I don't think things are being orchestrated to the degree that you ascribe them to be. Banks are certainly interested in the space and they are certainly entering it.
It is also hard for me to believe that there are people at various banks pumping dozens of alt coins. I just can't see it. I'm no fan of conspiracy theories, and as such, I agree with your sentiment. And am a little sceptical about OPs theory. Yet, it proved through. I would not be suprised to see that there is an international group of people within competing banks, attempting to get a grip on the altcoin market through a variation of schemes.
Sounds like the same old rinse and repeat that most lth have been doing for years on a much larger scale. Could be them accumulating alts, switching to bitcoin, dumping, buying bcash then repeat. I like your theory! It's always seems to be the same pattern. Price analysts are constantly predicting Bitcoin price rising in the last days, but nothing happens.
However, altcoins are increasing insanely, and mostly those with lowest values Or could it be possible that Ripple wants to be the new reserve currency The Flippening , since Mid-December the market cap increased about x11, now 4. That theory isn't as crazy as you think. In fact, it isn't crazy at all. There are far more devious things going on in the financial markets.
I work in finance, and I have no time for conspiracy theories, but this strategy is actually kinda clever. I doubt that there is a cabal of bankers pumping and dumping, but I wouldn't be surprised if at least a couple of funds have tried it. Heck, I might even be tempted if I have the capital! Alt coins are definitely easier manipulated. The only part of your logic that I don't understand, is how does pumping alts lead to them accumulating more bitcoin?
The other side to what you don't mention is that the institutions are backing ripple because it is not decentralised, so with a bit of influence over the company they can have more control over the coin than they can with Bitcoin. This is very plausible, the btc dominance has been strangely low lately and is itching to come back up. This would explain a lot. Take a look at some of the headlines lately. I suspect the press releases are also coordinated: Of course, I could also just be thinking crazy thoughts.
Authors get paid when people like you upvote their post. Critical thinking is very important, good job!