With the market capitalization of the cryptocurrency market at $241 billion at press time, it was evident that the virtual currency market was surging at a significant rate. Over the last few weeks, many analysts and crypto-enthusiasts have put forth their argument that Bitcoin’s [BTC] bottom was in.
Travis Kling, Co-Founder of Ikigai Asset Management, believes the general consensus and has indicated that the bull market has officially begun.
In a recent interview with Ran NeuNer of CNBC Crypto Trader, Kling stated that the bottom was in “for sure,” roughly estimating that is was “95% confirmed.” He added that before April 1st when the first surge was witnessed, the situation was less apparent.
“The manner in which the crypto market rallied through January, February, and March, it was not a particularly healthy or natural way; you didn’t really see any quality crypto leading the way.”
He indicated that the aforementioned surge was basically a culmination of minor cryptos like Tron [TRX] and Litecoin [LTC], which dragged the “broader crypto market” and set it up for the surge witnessed last month.
Further, Travis Kling suggested that the market was effectively manipulated due to the involvement of “risky whales.” These risky whales were individuals or group of individuals who understood the crypto market; they were highly sophisticated, highly risk tolerant and well-capitalized crypto investors who were investing in proprietary capital.
Additionally, Kling stated that in the current market, there was an active presence of participants in the industry who held Bitcoin in large quantities. These people could change the price of Bitcoin, but competing cryptos on different sides are now making it much more relevant in terms of “price discovery.”
Finally, Travis Kling added that the concept of Reflexivity was an important factor in the cryptocurrency asset environment.
“Reflexivity means that the market participants perceptions of the market, would affect the market, which then, in turn, change the market participant perceptions, so there was a prevailing circularity in that. Higher prices would beget higher prices and lower prices would beget lower prices.”
The post Bitcoin’s [BTC] bottom is ‘95%’ in; market dictated by ‘risky whales,’ claims Ikigai’s Travis Kling appeared first on AMBCrypto.