With prices increasing today, people are searching for post-hoc justifications. One I have seen mentioned a few times, and which may drive speculators to specific areas when it disseminates through the community, is that China is buying.
The narrative is this: the People’s Bank of China has been injecting stimulus funds into their economy. As such, monetary conditions are loosening and Chinese nationals are now showing up to invest in crypto. Accounts on Twitter are now discussing which coins China may buy and are positioning themselves for this narrative to take root.
I have no idea if this narrative is true or not. The funny thing about narratives is that the truth of the narrative doesn’t matter until it does. Regardless, positioning yourself for potential narratives can be profitable; you just have to think of them before they become mainstream.
