Just two days ago, Bitcoin’s price reached a 40-day high, priced at $4,000. The transaction volumes of Bitcoin have also reached highs. The global digital currency market has been increasing as well with a market cap of $15 billion in just 2 days! This only makes investors optimistic that they are in for a bull run very soon. So here are a few reasons why we believe that Bitcoin will be experiencing a bull run this year:
1) Other top cryptocurrencies such as Ethereum and EOS are also experiencing surges.
EOS market value is taking charge, with an increase of 25% in just 48 hours. Meanwhile, Ethereum has bumped up 10% over the same time period, while XRP has also acquired gains. Altcoins such as these, and Bitcoin, definitely complement each other. When one is doing well, the other is also. The digital currency market is still smaller than the amount of fiat currency that is coming into it. It is safe to say that BTC and ETH are not competing against one another, instead they are competing with institutions and forms of currency such as PayPal, Bank of America, bonds, stocks, precious metals, real estate, and anything else that holds intrinsic value.
2) If the bull run does happen, it may be because of financial institutions.
Crypto investors have noticed that financial institutions are looking to get a bite into the digital currency market, this is how you know that the trend is taking off. 2019 will be the year that institutional finance starts hodling BTC.
3) Exchanges and trading platforms have made it easier to access cryptocurrencies.
In the last two years, it was not as easy to purchase cyrptocurrencies as it is now. Exchanges have been implementing digital wallets via mobile apps so everything can be accessed at the user’s fingertips.
4) Technologies are making it easier for a BTC bull run to occur.
One hindrance of Bitcoin, it the congestion that occurs on the network. But that is feature that consists of deflationary monetary design. This is why Bitcoin is considered as “precious”. Developers have been creating second layer technologies to make the network more streamlined, and make it easier for more data to flow in and out.
5) Countries dealing with economic shortcomings are a big part of this bull run.
Venezuela, is a nation that has recently been blown out of the water in terms of economic depression. The country is not only dealing with inflation, but also political upheavals. This has caused the nation to turn to Bitcoin, and has also led to a high demand for the cryptocurrency.
6) Bitcoin ATMs are making a big appearance and they are spreading fast.
Not only are there many point of sales for digital currencies on trading platforms, but Bitcoin ATMs are also popping up in more locations nationwide, making it easier for people to purchase the cryptocurrency. Chicago just added 30 new BTC ATMs, bringing their count to a total of 100 ATMs. Philadelphia also has 100 Bitcoin ATMs!
7) More governments are adopting Bitcoin.
Paraguay is converting its bountiful hydroelectric energy, to mine Bitcoin. Also, as mentioned earlier, Venezuela is also depending on the cryptocurrency to bring its nation’s economic status back to the surface.
8) Large retailers are also adopting Bitcoin.
Retailers such as Rakuten, which is also known as the, “Amazon of Japan”, recently stated that they will be releasing Rakuten Pay. This will allow users of Rakuten to purchase items using cryptocurrencies.
9) Silicone Valley is also in a 2019 bull run.
Silicone Valley has not stopped at producing talented tech business partners, such as the Winklevoss Bros. These big-time investors are not only adding growth to the industry but also adding development and capitilization.
10) The lower the volatility of BTC, the better chances of a bull run.
Another drawback of Bitcoin, is the fact that it is so volatile. This has also caused many people to say that the cryptocurrency is not a real form of currency. Although this may have been the case, as of late, the price of Bitcoin is stabilizing. The standard deviation of the cryptocurrency has been decreasing.
Is there any other reasons you think, that can cause a bull run this year?