Markus says no one knows why the market goes up or down.
Dogecoin co-creator Billy Markus has implied that there is no logic behind the movements of the crypto market, describing it as an endless bubble moving in alternating directions.
“the crypto market is just an endless financial bubble sine wave,” Markus writes after implying that there is no logic to crypto market movements.
the reason for crypto going up is always “cuz it’s going up”
the reason for crypto going down is always “cuz it’s going down”
the crypto market is just an endless financial bubble sine wave
— Shibetoshi Nakamoto (@BillyM2k) January 12, 2023
It comes as the majority of cryptocurrencies have posted significant gains this week. Further commenting on the latest market behavior, Markus asserted that crypto is a “dumb thing people are gambling on, like every single other thing in the financial markets.”
The comments are unsurprising, as Markus often derides the cult following around crypto. Notably, this was the motivation behind the creation of DOGE. The crypto creator has often urged his followers to ignore price speculation and focus on utility.
As highlighted above, the crypto markets have shown significant resilience this week. Bitcoin is trading above the $18k price point for the first time since December 14. It is up 3.36% in the last 24 hours and 11.95% in the last seven days, posting significant gains after an extended period of low volatility. In addition, the crypto market volume is up 24.94% at press time at $57.16 billion, indicating increased crypto market activity.
Notably, analysts are split on whether or not the markets have formed a price bottom. While analysts like Duo Nine are optimistic, il Capo of Crypto believes that the latest rally is a bull trap, and we are still heading to $12k. But even il Capo of Crypto concedes that the markets have moved higher than expected.
As Markus implied, the reason for the latest rally is unclear. Recently, crypto analyst Ali Martinez pointed out that the day before Bitcoin started its upward move, 69.89% of Binance Futures accounts with an open position were going long. Yesterday, he pointed out that 56% were now shorting the largest crypto by market cap.
— Ali (@ali_charts) January 12, 2023