The rise and fall of Bitcoin has everyone looking for answers for what’s behind the cryptocurrency’s massive fluctuations.
And StockTwits CEO Ian Rosen discussed what social media chatter is saying about the moves.
“People will come up with an incredibly wide range of theories as to what drives the price of Bitcoin,” he told Cheddar in an interview Friday. “A lot of the percentage of the coin is held by a relatively small amount of people, so they can affect the price of the coin a lot. But I don’t think there’s any real, systemic logic that anyone’s applied to this, to my knowledge.”
Rosen says the ubiquitous media coverage of Bitcoin has created a lot of enthusiasm and curiosity in the market. In fact, interest in the digital currency on his site ranked higher than that for Microsoft!
And now traders and investors are looking for the next opportunity.
In terms of sentiment, he says, “some of the largest cryptos...have gotten not bearish, but slightly less bullish. People are looking for the next Bitcoin, [whether it’s] Ripple, Litecoin, whatever.”
Bitcoin, which approached $20,000 last weekend, fell as low as $11,000 Friday morning before bouncing back to end the day.
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