Bitcoin is today regarded as one of the most famous cryptocurrencies. It has a market cap of $1.96 trillion, and its price has exceeded $60,000. Undoubtedly, this bull run has made headlines worldwide because it has had exceedingly positive results. A lot of new investors are not familiar with the special factors that propelled the growth of cryptocurrency. Here we explore everything associated with this bull run.
How It All Started?
The bull cycle has begun after the halving on 12 May 2020. Before halving, Bitcoin was in a bear phase, and the price was ranging between $8,000 and $9,000. After the halving took place, the reward was halved, and it dropped to 6.25 BTC.
What’s more, the Bitcoin halving cuts in half the quantity of the BTC that is generated, and it also controls the inflation rate of Bitcoin. Furthermore, it increases the costs associated with mining due to the diminishing block reward. Moreover, as each halving happens roughly every four years after 210,000 blocks are added to the network, the supply of BTC is getting smaller than the demand.
So, when you look at the price of BTC after a halving, it goes up, and this time it went on a bull run that lasted over a year. During this period, a lot of investors were generating huge profits, and this has contributed to the media hype around BTC. Actually, the price has increased by over 200% from the initial halving in 2020 to March 2021.
The Popularity of Exchange Platforms
Another reason why this bull cycle was gaining a lot of traction was the accessibility of online trading sites. During the last bull runs, there were not as near as many trading sites as today, and further, today, there are a lot of automated trading sites that make trading easier for everyone that doesn’t have enough time to commit to manual trading. If you want to start trading on a great automated trading site, go to Bitcoin Billionaire website, where you can earn a profit of up to 70% on a daily basis.
So, you don’t have to worry about being knowledgeable about BTC in order to earn profits; the Artificial Intelligence-powered automated system will do that for you. You can start trading by making a deposit of $250.
Support From the Business Sector
The support from the business sector amplified the demand for BTC. First, a lot of businesses, regardless of their size, are accepting BTC payments. Actually, you will find notable brands like Twitch, PayPal, Home Depot, Microsoft, many others that accept purchases made in BTC.
Plus, institutional investments from crypto trust funds like the Grayscale Bitcoin Trust showcase the willingness of accredited investors to add cryptocurrencies along with Bitcoin to their portfolios. One of the most popular events today is the Bitcoin investment of Tesla that was one of the crucial factors that boosted the price of Bitcoin past $60,000. More specifically, Ellon Musk has made an investment from its corporation of $1.5 billion.
Another reason why Bitcoin is widely accessible and popular today is the availability of its Bitcoin wallets that come in many formats. Actually, users can make up purchases in brick-and-mortar stores using a mobile Bitcoin wallet. When it comes to trading, online wallets are easily accessible, and most exchange sites offer them for free. Lastly, desktop and hardware wallets offer the security required for long-term investment in BTC.
To sum up, this Bitcoin bull run is quite different from the others because the support that it has gained from organizations and businesses has only further increased the demand for BTC. The same can be said about the availability of online trading sites and Bitcoin wallets that make BTC trading accessible. In addition, the supply of BTC, which is set at 21 million, is declining.