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Wednesday, 10 February 2021

5 reasons why bitcoin cryptocurrency prices are on the rise

Cryptocurrencies, especially Bitcoin, is now being considered as a safe-haven asset against market volatility and inflation. The current societal and economic climate also brings about a situation for people to hold less cash and stay hedged against market swings.
 

The cryptocurrency market has continued to witness a boom despite the global pandemic wreaking havoc on all significant economies on the planet.

Many crypto startups have emerged in the space during this pandemic to cater to the ever-increasing demand for Bitcoin and alike cryptocurrencies.

Cryptocurrency market capitalisation fueled by Bitcoin’s growth recently crossed the $1 trillion mark. Out of which, Bitcoin, has been on a bull run for quite some time and is responsible for roughly 69% of the total market value.

Just six months ago, the price of one Bitcoin was ~₹6,00,000 and today Bitcoin is trading for ~₹25,00,000 which is approximately a 400% rise in the price. Ether, the second-largest cryptocurrency in terms of market capitalisation, crossed a new high of over ₹1,00,000 and rose over 1,000% in value in one year.

Similarly, many cryptocurrency prices have been on the rise, and investors are wondering why. Here are five reasons why cryptocurrency prices are rising:

Many companies have since followed this trend. The confidence of corporate giants on cryptocurrencies has added more merit to it as a currency and value store.

Paypal & Cryptocurrencies
In October 2020, the global digital payments company Paypal announced that it would be launching cryptocurrency buying and selling features on its platform.

The launch included four majorly traded currencies, namely Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Paypal has also announced plans of allowing transactions to be made using cryptocurrencies.

Paypal is known to have 350 million users who will now be capable of adopting crypto as a payment means. Also, its 30 million merchants will have the option of receiving payments in crypto.


The cryptocurrency market has continued to witness a boom despite the global pandemic wreaking havoc on all significant economies on the planet.

Many crypto startups have emerged in the space during this pandemic to cater to the ever-increasing demand for Bitcoin and alike cryptocurrencies.

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