Bitcoin Analyst Tone Vays Says Crypto Market Surge May Have No Specific Catalyst
() analyst Tone Vays said that the recent market surge may have no specific catalyst, and that lower prices could still be in the cards in an with Cointelegraph on April 2.
Speaking about a possible driver of ’s on the night of , Vays said that there is not always a trigger, arguing that it could be just speculation and that “ is no different than any other asset.”
Vays stated that he had always expected to escalate to $5,000 once it crossed the $4,200 price mark, although he did not expect to break $4,00 this week. Vays added:
“Shorts are liquidated, there were short squeezes, more people jumped onto the hype, and a lot of media always look for a trigger to cause big drops and big rises. I would say more than half the time they are just trying to match to something that it did not necessarily need to happen.”
As Cointelegrpah earlier today, some have suggested that s investors changing pounds to ahead of Brexit — which is scheduled to happen in mid-April — could have been a possible catalyst, while others attributed the surge to algorithmic .
Also today, Bloomberg that the number of active increased in the two weeks leading up to the rally. Specifically, 40 to 50 percent of all had been held in digital wallets that were inactive from one to six months, while the average has reportedly been 10 percent since March 15.
While working on a number of bitcoin projects, a 19-year-old programmer from Toronto, Vitalik Buterin, conceived the idea for Ethereum. Ethereum was intended to be a robust platform that allows developers to build blockchain applications. Buterin was inspired by some of the shortcomings he faced when trying to build applications on the bitcoin blockchain. He believed that the potential of blockchain technology was not limited to financial applications and quickly set out to create a blockchain that could support more common computations.
Vitalik Buterin was first introduced to bitcoin and cryptocurrencies in 2011. That same year he co-founded and wrote many articles explaining his views on the digital currency’s future. He later worked on Mastercoin and some alternate coins based on the bitcoin codebase. This work led him to believe the bitcoin blockchain was limited in scope.
The Ethereum white paper was released in 2013, and it documented a new open-source protocol for creating decentralized applications.
Ethereum was officially announced on the Bitcointalk forum in 2014. In addition to Buterin, Ethereum was co-founded by Mihai Alisie, Anthony Di Iorio and Charles Hoskinson. Buterin also announced that he was working with developer Dr. Gavin Wood and Joseph Lubin. Wood soon released the , which covered the Ethereum Virtual Machine (EVM), the runtime environment that executes all of the smart contracts on the network. Lubin would go on to found , a venture studio focusing on decentralized applications.
The Ethereum Foundation held an ether crowdsale in July 2014 during which they sold 60 million tokens. 12 million ether (ETH) tokens were created so the Ethereum Foundation could expand its development and marketing efforts. The Frontier was the first release of the Ethereum network. It was released a year after the crowdsale and provided a bare-bones mechanism for developers to interact with and build apps on the network.
Both the Ethereum network and community have grown substantially over the last year. The Ethereum Enterprise Alliance, an initiative working to connect the world’s largest companies to the Ethereum network, recently 86 new partners including Microsoft, Intel and BP. Similarly, a multitude of new blockchain projects leveraging the Ethereum blockchain have gained attention and capital.
Ethereum broke into the mainstream in early 2017 when the price of ETH increased by 1000 percent over the course of a couple months. This led to a similar rise in the price of alternative blockchain tokens, dubbed “altcoins.” A slew of new investors quickly entered the space as Ethereum was covered by large media outlets including CNBC, Reuters and Quartz. Investors and developers are awaiting the release of Metropolis, the next update to the Ethereum network promising to abstract a lot of functions and pave the way for user-friendly application designs.
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