I checked the situation in bittrex and I think its just a whale playing game with us. Look at the sell orders. For every satoshi there is like 36 bitcoins worth of lumen on sale. Someone is deliberitly dumping the price down. Possibly to force weak hands to sell.
0.00000555 36.9334
0.00000556 36.9466
0.00000557 36.9530
...
(this goes on and on for many many pages)
Im guessing sooner or later the price will rocket again once this dumping game is over.
Can you explain a bit more please (for plebs like me!)? Why would they want to keep it low? Just to grab more at lowest possible price??
I think it had some momentum and it needs to build on that and reach ripple price levels and overtake it in terms of popularity among institutions that will use it.
The only way its going to reach ripple price levels is if some whale sees profit. So they buy as much as they can at the lowest possible price. Once they have enough they use their remaining BTC and buy the sell side pumping the coin to all time highs while their buy walls come up and protect them from dumpers.. Once they get to their desireed price they maintain that price and sell off their cheaply acquired coins. Once they are done they leave it in the hands of the regular traders. So we see the constant decline in the price of a coin. Until they decide to come back.
