The well-known cryptocurrency is in the midst of a bull run that began following the halving of Bitcoin. Since it outperformed all expectations, this bull market drew a lot more publicity than the previous ones. In reality, the price has surpassed $50,000 since February
The halving of Bitcoin was the biggest catalyst for this Bull Run. This occurs every four years, or after 210,000 blocks have been mined. The event is significant because it is designed to cut the inflation rate in half by halving the block incentive that miners earn.
Since Bitcoin is a decentralized digital blockchain that isn’t influenced by any central authority’s decisions, it’s important to consider how this influences the price of Bitcoin. As a result, there is no fiscal or monetary policy that can influence Bitcoin supply and demand.
In reality, the relationship between supply and demand is the most important factor influencing price. As the supply is halved, the supply is further reduced, making mining more costly for miners, whereas the total supply of BTC is set at 21 million.
So, in general, the price of Bitcoin increases after a halving (based on the data we have so far). The price of Bitcoin soared to $9,999 after the halving in May. The price will continue to rise in the following year.
This bull cycle is distinct from previous cycles because, thanks to a plethora of online trading platforms, it is now very convenient for retail and institutional investors to access Bitcoin. Bitcoin Digital is an excellent trading platform where you can conveniently build a Bitcoin account and view Bitcoin Digital.
The site is powered by artificial intelligence, which means the robot can easily adjust to changing data and maintain a consistent level of efficiency. Since this is an automated trading platform, you don’t need any special knowledge or skills to start trading. In addition, you can receive up to $800 a day here.
Another explanation for the uniqueness of this bull cycle is that institutional investors fuel BTC demand and back Bitcoin. A growing number of companies are becoming aware of the benefits of blockchain technology and cryptocurrencies, which have a positive impact on market demand.
When it comes to the past bull runs, you can notice that the price has risen and followed an upward trend after a Bitcoin halving. After the first halving, in 2012, the price insignificantly rose from $11 to $12. But, about a year later, the price increased to $1,075 in November.
The subsequent halving in 2016 prompted one of the most notable bull runs in Bitcoin history as the price went from $576 to $650. Again, a year later, after a steady growth cycle, Bitcoin broke its first record and reached $17,000 in December.
Follow and connect with us on Facebook, LinkedIn & Twitter
