Something unusual is happening. I believe that this month, and this weekend in particular, marks an important time in the cryptocurrency.
What's causing these event?
Firstly, holders of bitcoin rejoice as the post-fork complications are settled and prices reach new all time highs.
Secondly, tension around the world is leading to more people hedging their capital in cryptocurrencies.
Really though, we should look at why we don't normally see this kind of action over the weekend. This is just my opinion of course, so please comment if you have any other knowledge.
1) People are less active trading at the weekend
It goes without saying but traders are less active at the weekend out of normal work hours so prices stagnate.
2) Profit taking happens at the close of play Friday PM
Day traders will want to take profits by the end of the day on Friday, possibly to fund their weekend activities, but also safe in the knowledge any unusual behavior over the weekend can be left to play out after they've safely moved some funds back into fiat.
3) Development grinds to a halt
A lot of the positive price action we see is in response to new releases, development and announcement which tend to happen early on the week. Although developers are no doubt working away at all hours, it just doesn't make sense to announce releases over the weekend.
So there you go. We seem to be going through unusual weekend activity but just enjoy it while you can!!!!
