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Cake day: July 10th, 2023

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  • For the most part, Crypto assets have no real value. They can be used as a currency, but that’s infrequent at this point, and really it’s now just a speculative asset.

    In other words, Ethereum’s (and other Cryptos) value is based almost entirely upon how much people think someone else will pay in the future.

    If they think the price will go up, then they will buy. If they think the price will go down, then they will sell.

    Because of this, any shred of evidence that could predict the perceived value going up or down can cause a huge shift in the market. Most likely a news article was released, or someone Tweeted something, that made people think the price could change.