Did Bitcoin price rise that fast because of ICO's / Forks?

[bitconemy]

Did Bitcoin price rise that fast because of ICO's
and Forks?

summary update: 11-19 / 21:33 gmt +1
            
            I hear most people think ICO's most likely help rise the price of Ethereum, less so for Bitcoin.
            Most people agree on that the price for Bitcoin was influenced by the promise of free additional coins from Bitcoin forks.

            Furthermore I read there is more regular stockmarket (nasdaq) interest in making financial products to invest / speculate in Bitcoin.
            This may be seen as a further step towards acceptation of cryptocurrency / Bitcoin. - Though not an often heared argument.

            Overall both ICO's and Bitcoin Forks seem to have led to more exposure and brought back/grow a lot of attention towards
            cryptocurrenties / Bitcoin.

ADDED = #38

But, does - for exemple - the need for bitcoin, to cash off STEEM, make the price of bitcoin higher.

And so on for other ICO currencies. Same for ICO->ETHER->USD

So, in that way, do ICO coins drive up the price of BTC/ETH


Asked in a different way does for instance trading ether/usd for bitcoin/usd drive up the 'better spendable' pri€e of bitcoin in u$d?

Probably it did and will if ICO perform.

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[coolcountry]

I think nobody knows for sure. The exact reason why the price is increasing is difficult to pinpoint.

[bitconemy]

Does the price of Bitcoin also rice from the 'inside' = altcoins to bitcoin trades?

Finding out no-one knows, I ask silly questions.

At least I think.

[beckspace]

Nobody knows exactly why. But by creating new opponents to Bitcoin, influencing psychology and giving an unrivaled digital money image, it has had a positive impact on the price of Bitcoin.

[xslipstream]

While it is difficult to pinpoint exactly why, I doubt it is just because of ICOs and forks.  Most token sales are happening on Ethereum.  Granted ICOs now a days are flexible enough to accept BTC or ETH, it doesn't make sense to see BTC skyrocket and not ETH (if the reason was due to ICOs).  As for forks, the most common speculators/investors don't care about forks nor do they even know how to profit from them.

[Anonylz]

Ico's have nothing to do with bitcoin, because all the ico's are created based on other technology. Maybe ico's only make ethereum's price rise quickly, it was below $40 at the beggining of this year and now it is upto $335 each one because it has a lot of ico's inside them using their technology.
And bitcoin is not supporting ico's on their code, it means that it has nothing to do with them.
But the forks made the price rise a lot because people felt interested and tempted to buy more bitcoins because they were supposed to be receving free tokens after the fork.

[GazorpPozorpec]

Not only. I know it's huge around bitcoin HYIP and more people are buying bitcoin. In addition, many large investors came into the market and buying bitcoin.

[Aleister Crowley]

ICO's and Forks ,, both help in accelerating the growth of bitcoin prices. but in different contexts. ICO helps boost prices because every company promotes digitally currency, if forks help in a way, those who buy large amounts of bitcoin because only those who know bitcoin and forks will keep bitcoins in large quantities to get free coins

[buharikx31]

It have a lot of factors to rise from, some people are trusting maybe because of this thing, but a lot of people believe on this cryptocurrency because of potential, time on a makret, cap and other things which make choice to purchase bitcoin

[CodyAlfaridzi]

Did Bitcoin price rise that fast because of ICO's
and Forks?

Not ICO, but forks probably has a role here. Here's how I see it.

1. People want more forks coin — easy money! So they buy a lot of coins, selling their altcoin, using all their fiat, to accumulate as much Bitcoin as possible before the fork. This results in more demand thus the price goes up. I'm quite sure on this because as you can see, every time the fork is done (or after the snapshot was taken), the price usually fell quite significant. That is people dumping their Bitcoin back to fiat and alts.

2. It proves that Bitcoin is the champ. Despite being constantly "threatened" by various forks over the past few years — XT, Unlimited, Classic, Cash, 2X — the Core-backed chain is still the main chain and the one with the most hash rate. Now that the 2X is behind us and Ver&co are busy making new forks plan, I guess we have a clear way to $10,000 and above!

[bitconemy]

while learning about forks still

saw this comparison about ICO's

https://www.coinschedule.com/stats.php                 - number of ico's

https://coinmarketcap.com/currencies/bitcoin/         - price of bitcoin
https://coinmarketcap.com/currencies/ethereum/     - price of ethereum

correlation from april made me think

[Washball]

The price of Bitcoin has hone up so fast because of the S2x fork that was planned a few weeks ago. Many traders already counted on the free profits they could make, so did many other people. Then we got the attack from BTH, which caused a price fall. After overcoming that, we now see a new rise. This can only happen because of people believe in Bitcoin and invest, that's why the price is going up so fast.

[bitconemy]

https://www.coinschedule.com/stats.php?year=2016  - ICO's 2016

there was less correlation in 2016 visible

but

2016 had an ico total of 100.000.000 raised usd, towards 35 times more this year till now

[hadveach]

I see that only ICO has an effect on fast rise of bitcoin, because it has a purpose to develop crypto project, while fork will only make bitcoin value down, because one of fork's goal is to update the system, so maintance for a while, and bitcoin price becomes down.

[illinest]

Did Bitcoin price rise that fast because of ICO's
and Forks?

The vast majority of ICOs are done on Ethereum, and ETHUSD markets on various exchanges have become very liquid. So while there were definitely some people buying BTC to buy ETH to buy ICO tokens, I don't think this was a major influence. I think the ICO craze was a major driver of ETH's price rise, though.

I do think that speculative trading of altcoins and ERC20 tokens had an influence via taking BTC supply off the BTC/fiat order books. When altcoins are rallying, many traders stop trading spot BTC markets and move to altcoins. This literally lowers BTC supply on spot exchanges, which can significantly drive price up.

Not only. I know it's huge around bitcoin HYIP and more people are buying bitcoin.

Sometimes I wonder how much money the Bitconnect ponzi scheme brought into Bitcoin. It had a market cap in the billions (and stands around $650 million now). When the scheme starts to really unravel, I worry that the owners and early investors will just market dump all their BTC on the exchanges. Hopefully they aren't that dumb.

[ajmapalo22]

I think no..bitcoin rise because of the high market demand and popularity. Since many people are now getting interested in bitcoin investment they hold a lot of it and keep for a long term investment and because of that the supply of bitcoin lacks and for it to go back in the circulation they need to increase the price so many people will sell their coins

[GreatOrchid]

You just need to know that bitcoin has reached a lot of people during this year. Maybe on 2016 not even 1/4 of the real bitcoin users at the moment did not even know what bitcoin was.
And this forum did not even had 1/8 of the total users that it has at the moment, the only reason of why bitcoin rised a lot is because it has became famous during this last months, and everybody started to buy more in order to earn more & more everytime.
Forks made it rise a lot too, because people wanted those free coins in order to increase their portfolio too.

[coinycoiny]

I think so because ICOs spent lots on advertising to attract new people into crypto.

Once these ICOs start failing big style I suspect the opposite effect.

[JCO05]

Did Bitcoin price rise that fast because of ICO's
and Forks?

Nope. The market value of Bitcoin earlier this year is just more than a thousand USD it is slowly rising and by the month of august when the first hardfork of this year happened, its value increased up to 4200$ few days after the fork. And its value now is 8000USD, but the fork was cancelled but still, it was able to achieve a price as this high. So with that, it proves that demand is the main reason why its price rise so fast.

[ladydark]

Did Bitcoin price rise that fast because of ICO's
and Forks?

There are various factors responsible or the rise in bitcoin price.CME announcing that it would release bitcoin futures mainly triggered the market.Forks cause bitcoin price to rise temporarily for that instant because people want to claim free coins issued after the forks and so they buy bitcoins before forks.