One man's action made a difference in Prices of crypto currencies

[Kingsley]

There has been a lot of increases in the price of cryptocurrency lately, and I think that the two that are the most notable for me personally is the decreased in all crypto currencies. These coins have decreased drastically, with dogecoin even reaching the 0.3 USD mark in Australia and now trading at 0.08 USD. Bitcoin on the other hand, has decreased to below the 35k mark, and continues to show no strong trend of reaching that 50k mark that I believed to previously be a pipeline dream that may only happen in the middle of the year.

This was all caused, in my opinion, by one person, i.e. Elon Musk. After his recent tweet of dogecoin and investment into Bitcoin, the prices of these coins have surged drastically, showing the effect and power than one person can have n the cryptocurrency market. As much as this is good, is this also dangerous in terms of the fact that the market can also go in the reverse direction if someone as powerful as this chooses to do so? What are your thoughts?

 

[Bookwormlux]

I do not think it is Elon musk effect really, this is because the price of Bitcoin and other crypto currencies started shooting high since November last year and Elon musk did not invest at that time. This is just a normal situation for the market and things would still return to normal after a while.

 

[sincerem]

Elon musk to me is simply investing for his own personal gain and not fighting for me and you, that's why i don't psy much attention when it comes to comments concerning Elon musk influencing the prices of the coins to fluctuate low and high. Elon musk might be the biggest whale in the crypto ecosystem, but it doesn't mean without him crypto can't grow.