the price movements are a meaningless measure of community desire.
the prices can move easily without having to spend much at all
at the moment the liquidity is soo low even just one person can control the markets movements
core cry when the price moves up and down and try making it sound important
meanwhile exchange move from $935
⇘ $933 by a user with just $302(324mbtc)
meanwhile exchange move from $933
⇗ $935 by a user with just $50(54mbtc)
(note trades measured in mBTC (0.001btc)less than $302(324mbtc) to drop the price from $935 to $933
⇘yep $302 to make the market cap change by $32,470,200.00
then ~$50(54mbtc) to ramp the price from $933 to $935
⇗yep $50 to make the market cap change by 32,470,200.00
price movements are not a sign of any "community consensus" due low funds being used and also the high increments per orderline causing the volatility($1 gap per increment)... making it easy to make the market volatile without needing large community/whales
real funny part is if you look at the markets.. they are being moved by $1 increments. using only a couple btc or less
Gdax
going from the bottom up
0.13btc moved price from $1158->$11595.293btc moved price from $1159->$1160
2.386btc moved price from $1160->$1159
63.857btc moved price from $1159->$1160
10.325btc moved price from $1160->$1161
0.02btc moved price from $1161->$11602.433btc moved price from $1160->$1161
2btc moved price from $1161->$1160
2.551btc moved price from $1160->$1159
16.67btc moved price from $1159->$1160
1.4btc moved price from $1160->$1159
the real reason the price is volitile is because it does not take much to move the market price
5.85 btc = $1
bitfinex
5.85 btc = $1
⇑0.5 btc = $1
⇑0.067 btc = $1
⇓0.1 btc = $1
⇑0.829 btc = $1
⇓0.249 btc = $1
⇑0.170 btc = $1
⇓and so on