Experts are unanimous in the opinion that Bitcoin has been showing fantastic results currently. Its price is soaring, hitting all-time highs. On August 14, the price of the popular cryptocurrency reached $4,260.12 after it touched $4,225.4 last Sunday. Bitcoin's market cap was up by $15 billion last week and up 320% in the past year. Experts say there are four reasons for the crypto coin's record growth. Let's check them out.
The current bitcoin's rally appears largely to be driven by a growing demand from Japanese investors. It has become very popular in Japan with bitcoin trade in Japanese yen accounted for 42% of the global trade volume. The country's government embraced bitcoin after legalizing it as a form of payment in 2017.
Another reason why bitcoin has surged in price is a growing interest from institutional investors. Most regulators show interest in the cryptocurrency. They are keen to invest in the development of the new technology. Thus, Fidelity Investments, one of the global financial companies, has introduced the function which lets its clients view their bitcoin and other cryptocurrency holdings stored in Coinbase.
One more reason for bitcoin's record highs is major changes in its structure. Almost completed modernization of bitcoin's network was served as a stepping-stone for its development. In the near future, it is also preparing to launch the SegWit2x protocol which is aimed to boost transaction speeds. This will allow investors to carry out more bitcoin transactions.
Another reason for bitcoin's skyrocketing rise in price is market perception of it as a safe haven. The new crypto currency has been given strong support amid growing global geopolitical tensions. According to analysts, the current conflict between the United States and North Korea has strongly influenced the growth of the cost of bitcoin. Increased interest in the crypto currency as a safe asset is shown by investors from South Korea. They are worried that Trump's actions could harm their economy.
This month, the price of Bitcoin has soared to a record $89,000. Despite its constant volatility, BTC remains the most promising cryptocurrency since its debut in 2009. Many early investors who believed in Bitcoin's potential are now reaping the rewards of their foresight. Let's take a look at today's wealthiest crypto enthusiasts
Economic inequality remains one of the most pressing issues in today's world. To measure the gap between the rich and the poor in each country, the Gini index is used. This coefficient reflects how income is distributed within a society: the closer the index is to 100, the greater the inequality. Let's explore which countries currently have the highest Gini index values
This year has been pivotal for Bitcoin, the world's leading cryptocurrency. One of the key milestones was the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission. In April 2024, Bitcoin also experienced a halving event, which is typically seen as a positive development for the digital asset. This year, the cryptocurrency is up 57%, and analysts remain optimistic about its future. However, they highlight four key factors that could influence Bitcoin's trajectory, both for better and for worse
