Bull-Run Crypto Market Fueling Bitcoin’s Record-Breaking Spikes
Within the first two weeks of 2021, Bitcoin has surpassed value predictions to skyrocket above all-time highs. Bitcoin’s current value was expected to gain unprecedented highs at the start of the new calendar year, but the cryptocurrency forged beyond crypto market forecasts. For the first time, Bitcoin smashed a record-breaking value of more than forty thousand dollars, with its momentum barely showing signs of slowing down. Bitcoin successfully climbed more than forty percent in value since the end of 2020.
Crypto market analysts are growing concerned about Bitcoin’s unexpected success in the last few years. During 2019, Bitcoin doubled in value, while in 2020, the cryptocurrency quadrupled in market value. Market traders believe Bitcoin’s value will likely waver if not plummet entirely. Throughout the speculation regarding Bitcoin’s success, other cryptocurrencies have fallen to new lows.
What's New on the Crypto Market?
As Bitcoin soars to new heights, market trading of Ripple’s XRP has halted on reputable exchange platforms, such as Coinbase. Ripple Labs soon faces virtual court proceedings to answer the Securities and Exchange Commission’s lawsuit filed against XRP’s founders and developers. XRP tokens have substantially dropped in value since news of the case spread through the crypto market like wildfire. Foreign exchange brokers forecast Bitcoin’s upward spikes will soon come to a bitter end, maybe as soon as the end of January 2021.
Crypto hedge fund specialists feel Bitcoin’s volatility will cause the cryptocurrency to wash out and send its value crashing. While several market traders predict Bitcoin’s success to come to a smashing halt, just as many exchange experts forecast minimal price drops before Bitcoin begins to maintain significant value reliability. With the United States’ President-Elect Joe Biden scheduled to take office soon, forex and crypto analysts predict boosted inflation and weakening currency values. President-Elect Joe Biden’s stimulus plan is expected to make buyers eager to invest in volatile assets like gold and cryptocurrencies.
Strong Bull Market for Several Cryptocurrency Leaders
Bitcoin isn’t the only cryptocurrency mogul experiencing intense bull activity on the crypto exchange market. Countermeasures to combat COVID-19’s economic impact pushed forward by the United States government and Federal Reserve’s efforts have substantially shifted the investments of paid institutions looking for alternative hedges against continued inflation. Biden’s stimulus package has potential negative and positive influences on Bitcoin’s value and general market activities.
A few market experts predict the new stimulus plan will have a minimal effect on Bitcoin’s value, as they compared the stimulus package as another small push to an already racing locomotive. Traders remain hopeful as January 2021 progresses to produce favorable results and values for cryptocurrency platforms. XRP’s declining value continues to reach abysmal lows ranging from eight to nine percent daily drops. The bull run activity on the cryptocurrency market has attracted the attention of traders who previously avoided the crypto market.
How Far Will Bitcoin Rise?
The 2020 pandemic largely contributes to driving Bitcoin’s bull market success, and additional economic damage caused by COVID-19’s interference will only fuel Bitcoin’s rise to victory. The pandemic’s fallout has paved the way for crypto markets to showcase their appeal while also introducing an unstoppable spike in cryptocurrency values. After major trading platforms opened to the crypto market, Bitcoin’s value seemed impossible to contain. Only time will tell how Biden’s economic policies will evolve the digital currency market.