One of the best ways to accurately predict the path of cryptocurrencies is by putting the ear to the ground and hear the rumblings on the ground. The blockchain whispers are the veritable treasure if information every investor would want to be a part of. Well, the crux of the matter is to be able to analyze the long and short term effects of BTC. The whispers are an ideal channel to gauge the proceedings. Bull runs have been predicted through Blockchain whispers. When Bitcoin touched $20000, it was the whispers which turned into a cacophonous cauldron signaling the same. The same happened during the crash.
Why is it important?
Like the share market, where stocks are analyzed for their long term prospects and short term gains, the cryptocurrency market needs close scrutiny. It is also pertinent to remember that the cryptocurrency market is an extremely volatile one. It becomes impressive then to keep a close watch over it. This is also a reason why many are wary of investing in tokens. However, the fear can be allayed if a closer ear is put for the whispers. Bitfinex and Bitmex are some of the trackers which oversee the daily progress of Bitcoin. An important question that then arises is why is Bitcoin given so much importance.
There are a few reasons for this:
Bitcoin was the first crypto that appeared on the horizon. This was the token that transformed how banking transactions could be done. Based on the blockchain technology, the entire idea of a digital asset running on decentralized systems for peer to peer operations seemed to be the tech of the future. With lightning-fast processes, secured networks and almost free of cost, Bitcoin hit the jackpot. With it becoming the most traded coin, Bitcoin cornered more than 50% of the entire market cap of all the other cryptocurrencies put together. Out of $170 billion, Bitcoin accounts for almost $94 billion. That makes it the mammoth in the group, overshadowing the Altcoins. Hence, anything happening to Bitcoin has a direct impact on the others. It is only when it stabilizes do investors breathe a sigh of relief. Blockchain whispers are predominantly those which provide information on Bitcoin. However, with the rise of Ethereum (ETH) and Ripple and the Altcoins, the whispers do provide a fair share of information about them too. In the world of long and short, it’s the whisper which is the loudest.