World’s leading Cryptocurrency, Bitcoin (BTC) has been experiencing a quite good phase for the past few weeks as it has 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 that surrounded the Bitcoin (BTC) price breakout is now being developed again as the proponents of the asset is expecting a prolonged bull run.
Earlier, the Bitcoin (BTC) price once again crossed the mark of $13,000 before dropping down. Apart from the recovery from the price pullback, the market capitalization of Bitcoin (BTC) has also gone past the mark of $220 billion. The leading Cryptocurrency of the world is just consolidating its dominance over the entire market as a result of its bull spike. The beginning of the April saw Bitcoin (BTC) roaming around in the lower $4,000s but it is now up by around three times that price. While keeping this rise in hindsight, the Cryptocurrency community has gone into frenzy with the expectations of Bitcoin (BTC) crossing an all-time high price record.
The current ecosystem that has been set up for the Bitcoin (BTC) community is much healthier and more trustworthy than ever. A lot of the 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 (BTC) has been largely driven by its usage in the illegal 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 largest social media platforms of the world, Facebook has as well stepped into the Blockchain space realizing the prospects that it offers to revamp the financial system of the world. The announcement of its stable coin, Libra, has sent ripples across the globe exposing a user base of billions to the newly-built world of Cryptocurrencies giving tough competition to a few.
Since Bitcoin (BTC) 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 (BTC), 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 sent to the network by miners across the globe. Increased hash rate suggests more people have been stepping into the mining ecosystem. This indicates that trust relating to the digital asset is growing worldwide and in a wider sense.
Besides, various blockchain events and global competitions/conferences are increasing the exposure of the technology behind the decentralization, blockchain. All of this is contributing to promoting a positive image of Bitcoin (BTC). Since there is no physical backing of Bitcoin (BTC), media hype tends to drive the price of the asset up based on the speculation. As of now, there are strong indications of a bull run floating around. It is quite possible that Bitcoin (BTC) can go on to break its ATH record from here. But when it comes to the volatile and uncertain world of Bitcoin (BTC), nothing can be said for sure in advance.
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