What happened to cryptocurrency today: The recent upward movement in Bitcoin has induced a bullish momentum in smaller altcoins including Google-linked Hedera Hashgraph.
This makes the current market condition appear similar to that of 2017 when the massive Bitcoin move pushed other cryptocurrencies to skyrocket.
The Google-Linked Cryptocurrency
A good example of one of the insanely rising altcoins is the Hedera Hashgraph, which is linked to Google. Within the last 48 hours, the cryptocurrency has moved 300% in the upward direction. This big move began after it was found that Google will be joining the cryptocurrency’s governing council. Remarkably, it seems Hedera Hashgraph related search trends gave investors a hint about the big move before prices began to rise steeply.
However, data suggests that the cryptocurrency is on the verge of plummeting since investors have started taking profits.
Has The Altseason Began?
Does the Hedera Hashgraph rally serve as an indicator that the altseason pump has begun? As one of the foremost cryptocurrencies to gather massive gains with a 48-hour timeframe, it has prompted retail investors to gear up for the predicted altseason. However, it is worthy of note that the bullish run has displayed some signs of resistance, and early investors have caught huge profits.
The rally began yesterday and reached its peak when tokens hit a high of $0.08, which is a 300% rise from its weekly low of $0.019. Currently, it is trading at $0.065, which is about 200% above the recent low.
Though Hedera may have a burnt-out momentum, it is important to note this may be a sign that other altcoins will soon be joining.
The Predicted Nosedive: How Cautious Should Investors Be?
As mentioned earlier, Google Trends data hints that a reversal is imminent. In the face of the huge upward trend, it is important to note that bearish price actions have been trailing Hedera’s search volume. This indicates that a decline is about to happen.