If you’ve been following the recent developments in the crypto world since the beginning of the year, you will definitely agree when analysts say this year has been the toughest for the crypto since it gained so much popularity about four years ago. The beginning of this year was characterized by a continuous fall in the price of the Bitcoin cryptocurrency. At some point in time, the value of the crypto fell to $1,300. This raised concern amongst crypto enthusiasts and traders some already stating that the crypto may not live up to the year 2020.
Their opinions were put to rest when the price of the crypto began to surge right from the month of April to date. Currently, the crypto is valued at exactly $9,140 as at the time of writing this. The rise in price has moved most analysts to state that Bitcoin is backed by institutions and not individuals as it has been claimed over the last couple of years.
To defend their claim, these crypto analysts revealed that the first time the crypto crossed the $9,000 mark was in November of 2017. That increase in price was facilitated by international retail demand. Michael Moro who is the current CEO of GGT (Genesis Global Trading) is one of the propounders of this school of thought. Moro revealed that currently, the role institutions are playing in the growth of the Bitcoin network and other cryptocurrencies, in general, is now bigger than it was back in 2017.
Some of these analysts went further to reveal that each time there is a significant increase in the value of the Bitcoin network, that there’s an institution driving it towards that increase. They went further to reveal that asides from the Bitcoin network, altcoins too are driven by the activities of these institutions as well. For example, the announcement made by Litecoin to launch a physical debit card in partnership with a financial technology firm is one of the reasons why the altcoin experienced a 4.5% increase in price in the last couple of hours.
With an increasing number of firms partnering with Bitcoin and other cryptocurrencies, the value of these cryptocurrencies will continue to rise in the future.
In addition to the claim that institutions are the driving force for the surge in price in the crypto market, experts have revealed that there are a number of investors capable of driving the crypto market. They reveal that the involvement of these individuals in the crypto market will foster a bullish market.
Realizing that for this to happen, these individuals will need to be convinced of the potential of Bitcoin, these analysts have stated that the partnership these cryptocurrencies have entered in the last couple of months is enough to prove that Bitcoin and these top altcoins are here to stay.
In the years to come as more individual investors become driving force for the Bitcoin market along with these institutions, we can be sure of only one thing – the growth of Bitcoin!
photo source: © shutterstock.com by Maxx-Studio
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