Recently, everyone has been concerned about the reasons behind the surges of APE and DYDX. Anxin will discuss some underlying logic behind it here.
Bitcoin hasn't touched 70,000 yet, but Ethereum has reached around 2,700 USD, no longer performing poorly as it did before. The most noteworthy thing is that altcoins are showing signs of alternating increases. Initially, it was thought that gaming concepts would lead a wave of market movement, but unexpectedly, APE became the winner. After launching its public chain, the price rose from 0.7 to 1.7.
In fact, public chains and memes are not new things; the core reason for their price surges lies in highly controlled markets and main players driving prices up. Since APE has successfully attracted market attention, it is estimated that other projects will follow suit.
The performance of Ethereum in this wave is also decent. When Ethereum fell below 2,100, many people called it garbage. But upon reflection, when a cryptocurrency is criticized by many, it could very well be the lowest price point, as this is likely a tactic by the main players; the selling pressure caused by bad news is usually the last wave.
Conversely, when a cryptocurrency is widely favored by the market, it often means the main players are bullish, promoting various positive news and future prospects, with the aim of getting you to buy in. Regardless, objectively speaking, this wave of altcoin hype is likely to be driven by APE's strategies; after all, every company has public chain technology, and if it can be hyped, there will naturally be traffic.
However, fundamentally speaking, this kind of play is speculative, and its sustainability is uncertain. DYDX surged by 30 points in a day, and that was due to this news.
Here, I would like to remind everyone in advance not to let FOMO cloud your judgment. It's not easy to hold on until now; the market has gone through six months of fluctuations, and the difficult days are over; good days are just around the corner.
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