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Here at CoinBurp, we pride ourselves on providing super-useful educational content to guide our newest users around the world of crypto. Our mission is to encourage mainstream adoption of cryptocurrency at every competency level. With that in mind, this will be the first of a series of blogs introducing you to all the things you need to know before you get started.
We kick-off our series with the animal kingdom of crypto. There are 3 animals you are likely to hear about when navigating this industry; bulls, bears and whales. In this blog post, we hope to clarify what each of these terms mean, and when they’re applicable, so next time you hear about a “bull run”, you don't just think of those lunatics being chased through the streets of Spain.
A bull run?
A bull or bullish outlook, is a general optimism and faith in a market with an expectation that the cryptocurrency price is going to rise. It has been given this name due to the manor in which a bull thrusts its horns upwards. This leads us on to “bull run”. A “bull run” is simply a period of time in a market when prices are rising and when buying is consistently outweighing selling. An example of a “bull run” would be the Bitcoin market in late-2017, when the price of Bitcoin rose by almost 300%, climbing from around $6,000 to nearly $20,000.
A bear market?
A bear is the opposite to a bull. Bears have a pessimistic outlook on a market with an expectation that the cryptocurrency price is going to fall. Obtaining this name because the market mimics a bear swiping downwards. A bear market is a period of time in a market where prices are falling and when selling is consistently outweighing the buying. An example of a bear market came in late-2018, when the price of Bitcoin fell by almost 50%, dropping from around $6,500 to nearly $3,000.
Unlike the other two, a whale is not in reference to a person's perception of a market. Whales are people or institutions that hold mass amounts of cryptocurrency and that have the ability to move the market at will, due to the sheer volume that they hold. A few institutional whales include Bitcoins Reserve, Bitcoin Investment Trust, and Binary Financial. They hold hundreds of thousands of Bitcoins, which they will pump into a market to manipulate prices as they see fit.