I am not that well versed in trading but the ETH price the last 24-48hrs on poloniex has been going crazy. Volume alone is 50302… can anyone explain? Is it a pump or something to do with this DAO crowdfunding thing?
reads like a fear of missing out induction pump it’s only up 25%
it’s done over 100% up in 1 day with MAID before,
so idk if eth is so crazy?
I think the DAO crowdsale has a lot to do with it. You need ETH to buy the DAO and those who had no ETH need ETH in order to buy into the DAO crowdsale
600K ETH so far in the first day
But most volume is in sell.
You think DAO buyers bought in which pushed it up making the traders sell?
I think that’s probably what happened; the price rise may have triggered some people to sell more to exit their position at a good rate.
Millions of dollars worth of ETH were contributed to the DAO in the first day, I’d guess quite a few people wanted in on the action & went to exchanges to buy ETH.
Exactly my guess too. And there will be clever daytraders too, taking the opportunity to buy at 0.0165 XBT and sell just above 0.02 XBT.
All in all I feel sorry for the DAOHUB guys, because Ethereum will no doubt return to its bearish trend midterm, which I’m guestimating will go to a price zone below 0.01 XBT. What looks like $6M now will turn out $3M in the end. I hope they budget accordingly…
In an otherwise almost flawless crowdsale planning, marketing and execution, this is the biggest mistake they could make imho: Bet on one horse (=coin). They should have at least added a bitcoin address for deposits.