The past few weeks have been quite exciting for the world’s leading cryptocurrency, bitcoin, as it almost touched the $14,000 mark before a pull back and eventually rising back to the current level of $11,614, at the time of writing. The hype around the asset’s price breakout is now being developed again as its proponents are expecting a prolonged bull run.
Earlier, bitcoin price once again crossed the $13,000 mark before dropping down. Besides the recovery from the price pullback, the market capitalization of bitcoin has also gone past the $220 billion mark. The world’s leading cryptocurrency is only consolidating its dominance over the entire market as a result of its bull spike.
The start of April saw bitcoin roaming around in the lower $4,000s but it’s now up by around three times that price. Keeping this rise in hindsight, the crypto community has gone into a frenzy with the expectations of bitcoin crossing an all-time high price record.
Once $BTC gets passed $15,000 – I personally believe we’ll start seeing more media attention; which will bring more retail buyers into the space.
— David Gokhshtein (@davidgokhshtein) July 10, 2019
The $BTC Bull Run barely even started.
According to 2015 fractal, the road to #6digits was confirmed when we broke $10K.
It will be a journey packed with FUD, bans, hacks and all sorts of manipulations.
But nothing worth having comes easy, especially financial freedom. pic.twitter.com/70vbX5RaYg
— Galaxy (@galaxyBTC) July 9, 2019
The ecosystem that has currently been set up for the bitcoin community is healthier and more trustworthy than ever. A lot of intellectual capital is flowing into this space and major breakthroughs are being made on both technological and legislative fronts.
The early use-case of bitcoin was largely driven by its usage in illegal activities but since the bull-run of 2017, people are starting to realize its potential as a game-changing global currency and the role of blockchain behind it.
Even one of the biggest social media platform of the world, Facebook, has stepped into the blockchain space realizing the prospects that it offers to revamp the financial system of the world. The announcement of its stablecoin, Libra, has sent ripples across the globe exposing a user base of billions to the newly-built world of cryptos.
Since bitcoin is the leading cryptocurrency in terms of the market capitalization, the positive aura built by developments such as Libra’s announcement has built a strong FOMO (fear of missing out) around the asset thus laying down the road for its increased adoption.
In terms of the network health of bitcoin, the hash rate also grew to its record high as the asset spiked up recently. Hash rate essentially gives an indication of the mining power being lent to the network by miners across the globe. Increased hash rate suggests more people are stepping into the mining ecosystem. This indicates that trust relating to the digital asset is growing worldwide.
Besides, various blockchain events and global competitions/conferences are increasing the exposure of the technology behind decentralization, blockchain. All of this is contributing to promoting a positive image of bitcoin. Since there is no physical backing of bitcoin, media hype tends to drive the price of the asset up based on speculation.
Right now, there are strong indications of a bull run floating around. It is quite possible bitcoin can go on to break its ATH record from here. But when it comes to the volatile and uncertain world of bitcoin, nothing can be said for sure.
Stop kidding yourself.
This could go straight to $30k $BTC
— CRYPTO BITLORD (@Crypto_Bitlord) July 10, 2019