Cryptocurrency seemed to have lost its flair in 2018; a mere year after Bitcoin reached close to the $20,000 per coin level. The market crashed to a loss of over 80% in record time, leaving many crypto-punters in despair.
A year down the road and Bitcoin is displaying just how volatile it is, climbing the ladder to success again, and it’s not taking its time either. In just 6 short months the currency has grown in value, having surpassed the 300% ratio. At the time of writing, Bitcoin has smashed the psychological $10,000 barrier and has rested just shy of $11,000.
Predictions have tipped the e-currency to out-do the boom of 2017, setting the sky as the limit. Some punters even predict that the coin may see the $100,000 mark, down the line. This may seem like a very tall order, but then again, whoever saw it rushing to its all-time high when it happened 2 years ago, either?
CONTRIBUTING FACTORS TO FURTHER SPIKES
So, what could possibly have sparked a 10% growth in 24 hours? We explore the market to identify motivating factors for this BOOM. What’s more, is that it looks like it is just the beginning, as the factors involved in the growth are set to maintain their influence for a while.
FOMO: FOMO is a label given to those who are motivated by the Fear Of Missing Out. One of the influential factors in Bitcoin price increases is popularity. The more in demand the coin is, the more value it accumulates. With the massive gains of the e-currency at present, it is sure to increase investment interests, as many desire to cash in on this massive opportunity.
Libra: Facebook has recently announced that they, in partnership with 27 other Fintech companies, will be releasing a Stablecoin, called Libra in 2020. This launch is set to revolutionize the cryptocurrency world and is touted to be an introduction set to increase interest in the crypto-market, as a whole. With supporters such as PayPal, Visa, Mastercard, and others joining the e-currency world, the public will be forced to see cryptocurrency through new lenses. The announcement corresponds with a notable spike in Bitcoin investment.
Halving: Bitcoin is set to undergo their four yearly ‘halving’ in May 2020, should the transaction rate carry on with its current course. This is a strategy implemented at the birth of the coin to curb inflation of the e-currency, by halving the amount of Bitcoin that can be mined. This halving will reduce the supply of overall Bitcoin available, spiking the demand for the coin. Many buyers are investing in it now while they can still obtain it freely, in hopes of the halving pushing the value of their investment up. Investors, however, do not have to wait for next year for the value to go up, as the current spending spree in the market is already having a positive effect on the current value.
Litecoin: Litecoin has experienced major growth in the last while, as well as their halving event which is upon them soon. The last-minute rush has caused an overall crypto rush, where the mother of Crypto (Bitcoin) has, of course, benefited most.
Increased Trade Opportunities: Bitcoin is leading the crypto race in becoming the most usable coin (aside from Libra). Add on platforms, such as ‘The Lightning Network’, have added value to the Bitcoin Blockchain, making it the ideal environment for both large and small transactions. As such, Bitcoin is presenting a favorable arena for start-up businesses.
The growth in popularity in the coin is providing a bigger market share to Bitcoin-First establishments. In the wake of it all, it is a great motivator for more Bitcoin start-ups, increasing the usability of the coin. This has a knock on effect again on the popularity of the coin, which again increases its value. The trends are set to snowball.
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