If you are a crypto enthusiast or have a few digital assets stored in a crypto wallet, there is every reason to be happy at the latest crypto bull run. Finally, after several months, the crypto market is seeing a tremendous upswing. Almost all digital currencies have hit the high, garnering the attention of crypto fans from around the world. At the time of writing, Bitcoin price is hovering at $10,910 and keeping every crypto fan excited. But wondering what led to the recent crypto bull run? Well, we are about to explain just that.
The year 2019 has been good for crypto market as Bitcoin price has almost doubled in a few months. Crypto fans have already started speculating that it’s the start of an upward trend; from here on the crypto price will only increase. As we draw closer to the Bitcoin Halvening Event, where crypto rewards to miners will reduce from 12.5 to 6.25 in just a year away, the return of crypto Bull Run is around the corner.
In all previous Bitcoin halving events, there has been a corresponding hike in cryptocurrency prices, but again there is no assurance that history will repeat. Experts believe its good time to hoard Bitcoin, it’s only a few months aware into Bitcoin halvening event which may turn out to be a catalyst to more crypto price rise.
Till date there have been two Bitcoin Halvening events, it’s a fixed event which will take place after every 210,000 blocks confirmed or mined by the system. If recent trends are to be followed, Bitcoin price touched the magical $1,000 figure in November 2012 within 12months of first Halvening Event. Following the second Halvening event, cryptocurrency prices broke all previous records, Bitcoin reaching $19,000 mark. Hence there is every possibility of seeing the same trends after 2020 Halvening Event.
Already crypto price has broken month-long shackles and seeing a consistent upswing. After a disastrous 2018, the crypto market has recovered to an extent this year but it has a long way to climb. But following last Bitcoin Halvening Event in 2016, a lot has changed. In less than a year, Bitcoin price went up from $1,000 to almost $20,000, bringing the crypto market and investment in the limelight.
Bitcoin’s Limited Supply
In recent times there has been lots of excitement among crypto fans and experts following crypto price rise. Some traders are however watching the trend closely; crypto experts predict it’s the return of upswing. Bitcoins limited supply is considered as an important feature, it may be a reason which has triggered the recent price rise. Bitcoin is capped to 21 million, as time passes supply of this popular cryptocurrency will fall leading to price rise. Other cryptocurrencies have flexible supply cap, but Bitcoin is completely different and this is what makes it so unique. Don’t be surprised if Bitcoin price keeps increasing consistently from now onwards!
Fear of Missing Out
2017 crypto bull run has certainly grabbed eyeballs of crypto fans from around the world, today a good section is following Bitcoin price trends closely. Fear of missing out the next big thing in the financial world may have triggered an increasing for cryptocurrencies recently. As crypto prices are increasing, more and more fans fear of missing the investment opportunity and it may have increased the demand. When this increased demand is put alongside the lowered supply, the crypto price automatically rises.
Quite clearly the present crypto trends are such that its inducing Fear of Missing Out among investors and it’s creating this unique situation where the price is increasing because of the demand. Start using Bitcoin Exchange Australia and make the most of this opportunity!