The simple story of this whole market is this: Bitcoin's price is tethered to its 4 year halving events and the whole of the crypto market is tethered to the price of Bitcoin and so every 4 years we hit new ATHs market wide. You can confirm this, just google 'bitcoin halving dates', choose images and find many examples and observe that some number of months post halving the price of BTC hits a new ATH. And the rest of the market follows. One example is the July 2016 BTC halving, XRP didn't respond until March of 2017. That is approximately 8 months later with new ATHs coming months to a whole year after that initial response.
As we all should know in the crypto space, the bitcoin mining reward is cut in half every 4 years. This essentially cuts the newly minted coin supply in half such that less are coming into the market and eventually prices respond to this. In this chart I show two of these halving dates, one of which has yet to occur next May. So the theory is that roughly 8 months after a halving event is when we see the whole of the crypto market BEGIN to respond to this halving event. And then sometime after that is when we see new ATHs.
This is all in response to @magicpoopcannon 's analysis of XRP but I wish to show that the top line of his ascending channel is wrong because XRP hit an earlier ATH of 0.061 in early December of 2013 (one year after the November 2012 BTC halving). One can confirm this at CoinMarketCap. I linked to his analysis where he shows concern of XRP breaching the bottom of his channel recently with the market wide fall. But if you look at my chart with that XRP December 2013 high accounted for, you'll see that the run up he is (and the rest of us are) expecting is pushed out to early 2021.
But we'll see.
Blessings and good luck...I have to go help Mallory with her homework now ;)
PS - You have to scroll the chart to the left to see the XRP December 2013 high.
As we all should know in the crypto space, the bitcoin mining reward is cut in half every 4 years. This essentially cuts the newly minted coin supply in half such that less are coming into the market and eventually prices respond to this. In this chart I show two of these halving dates, one of which has yet to occur next May. So the theory is that roughly 8 months after a halving event is when we see the whole of the crypto market BEGIN to respond to this halving event. And then sometime after that is when we see new ATHs.
This is all in response to @magicpoopcannon 's analysis of XRP but I wish to show that the top line of his ascending channel is wrong because XRP hit an earlier ATH of 0.061 in early December of 2013 (one year after the November 2012 BTC halving). One can confirm this at CoinMarketCap. I linked to his analysis where he shows concern of XRP breaching the bottom of his channel recently with the market wide fall. But if you look at my chart with that XRP December 2013 high accounted for, you'll see that the run up he is (and the rest of us are) expecting is pushed out to early 2021.
But we'll see.
Blessings and good luck...I have to go help Mallory with her homework now ;)
PS - You have to scroll the chart to the left to see the XRP December 2013 high.