Interesting write up on one of the Bitcoin forums in a Facebook group by a guy who's been charting for 14 years. Farhan Ahmed...
These crypto coins have no state backing so only reason they are growing that people buy them with hope of making some big and quick money, they buy a product on expensive price to sell it on even higher price. Reason is everyday more people jumping on band wagon. So demand is higher then supply. Bitcoin is pioneer it will definitely go up but people already feel that it's too expensive and why not invest in something which is repeating the history.
Simple math and statistics.
It's doubling period is better than Bitcoin which eventually leads to conclusion for common mind.
Ethereum is used as new Bitcoin in every advertisement by any trading service or news agency. This buzz is still ballooning and humans have a crowd psychology.
almost most of Alt coins are somehow part of etherium. Their doubling period is normally fast till they get mature, to invest in them creates indirect demand of ETH. Though BTC can be used but ETH seems much more easy and natural...
What is your take? Comment below and let me know
