Is it all rigged?

[AbsoluteEnnui]

Hi everyone, I've been trading on Poloniex for a while, but I'm new to this forum.

Do you think that the price of crypto-currencies is primarily dictated by conglomerate trading groups or whales?

The price spikes and dumps oftentimes bear absolutely no correlation to the latest news or updates to the crypto.

This can be especially seen in when a crypto that's had no news/updates for a while inexplicably increases in value, like Siacoin today.

Maybe I'm just a total newbie and I don't mean to inspire a defeatist attitude, but I'd like to hear your thoughts.

[spartak_t]

Looks like SIA's developer is still active and that increase in price can be natural. Look @ abandoned coin like FedoraCoin, which doesn't even have a working website, but its market cap at one moment rose to $10.5Mn. How about AIDEN? It was more than 6000% higher than yesterday. Now that's a pump!

[Mist]

Don't forget SLFI, it pumped to like 1000 and is at 1 sat today ;P
Real pumps right there, none of that pussy shit

[FrilledShark]

You are completely right, many coins have a low order book and 1 or 2 bitcoin is what you need pump the price to 200% the original. A whale with a big number of bitcoins would be able to pump the price even further. This also goes the other way around.

Yesterday Moneta Verde got pumped from 85 to 1500 sat. After just 30 mins, the price returned to 200-300 sat. I havn't seen any news to explain this pump.

There is also no reason why some coins gain 100-200% over 24 hours. Only a coin with a very low market cap and having announced a new gamebreakinig feature should be able to increase it's market cap with around 50% over 24 hours.
Have you seen any "real" currencies increasing with 200% over 24 hours?

[spartak_t]

Have you seen any "real" currencies increasing with 200% over 24 hours?

Yes, but that was happening back in the days, when people were hyping coins (+ some news) in order to gain more attraction and there you have it: "natural pump". I can't really understand why people continue to pump abandoned coins (such as the Moneta Verde u mentioned). The dev is gone since 2014 for crying out loud. About a week ago one guy spend $125,000 worth of BTC on a pump just to show he can do it...