The main driving force behind bitcoin rally

Obito

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I personally think that the main driving force is bitcoin investors.
Presently days political decisions become the new trend for bitcoin rise which is totally off-base. Peoples are keep thinking that the political decision assumes a significant function for the market.
I do not concur with this point since governments are against it and making approaches to crash it. On the off chance that we need to make it siphon then we need more speculators.

You are only half right, in my opinion, the main driving force is the supply and demand in the market. If there is low in supply the demand goes up, the demand consists of the people that are all involved in bitcoin; whales, retail investors, institutional investors and traders. It is actually a good thing that politics influence bitcoin and vice versa, it can help us to predict if the prices were to go up or down depending on how bad the news is.

worldofcoins

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I personally think that the main driving force is bitcoin investors.
Presently days political decisions become the new trend for bitcoin rise which is totally off-base. Peoples are keep thinking that the political decision assumes a significant function for the market.
I do not concur with this point since governments are against it and making approaches to crash it. On the off chance that we need to make it siphon then we need more speculators.

angrynerd88

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In my conclusion, the bitcoin cost is expanding since of the corporate investing on bitcoin is expanding. What corporate do as a rule have a positive effect on people's intellect. I think typically what precisely is happening around bitcoin. More liquidity is streaming into the advertise expanding the request which is pushing the cost higher, I think its more prevalent and reasonable reason and may be a few time Enormous whales control the market.

TheGreatPython

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Quote from: jemimah_f3 on November 05, 2020, 06:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

You maybe right, but retail investors are contributing in so many ways, though their contribution might not be quickly noticed because they invest little money and with time the money they are investing will be increasing in the market and the market price will be increasing a little by little. But that’s not the case when it comes to institutions, since they are some rich guys with the bigger pockets, they can invest a huge amount of money and at once it will hit the market it starts increasing. But everyone contributes in their own ways, whether small or big.

Walterhank

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Yep, institutional investments are the main reason behind this trend, they have seen how well Bitcoin can work compared to the weak existing financial systems.

pankowri

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This is almost the last moment of the year and the rally already started. So some points can be included,

- Corporate spending on Bitcoin
- US elections and Trump's failure. Because if Trump won, he would restrict cryptocurrency or impose some rules and regulations.
- Impact of Covid-19
- Altcoins can not perform well for a long time

There are many reasons behind this but those can be mentioned in a words. After all, the good times are coming, and expecting more value from Bitcoin shortly.

Hasmizara

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very positive for Bitcoin to accept PayPal Bitcoin and with it the crypto market will improve a lot the epidemic had no effect on Bitcoin. If the price of Bitcoin is limited, the price will increase based on the demand. The stable Bitcoin price in the world has not coincided with such a significant improvement in the world economy, resulting in increased trading activity. Bitcoin, China's largest bitcoin trading platform has reached a record trading volume. Bitcoin Exchange is increasing the number of users on its platform. Bitcoin has been the main driving force behind the rally with the country's economic growth slowing as a result of the economic downturn.

fauzan123

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Quote from: mung_nasib on November 19, 2020, 09:28:51 PM

I think a lot of billionaires are starting to take advantage of the bullish because this momentum takes a relatively long time so they directly try to manipulate high prices and of course they can get the maximum profit.

Actually, this implementation has happened since 2017, it's just that this year everything can develop more rapidly.

I think it is also because of the pandemic, most people choose not to leave their homes and look for new sources of income.

The movement of bitcoin is actually not limited to that, as we know previously that PayPal has used bitcoin as an alternative means of payment for them, of course this is one of the positive impacts on the development of bitcoin prices until now.

mung_nasib

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I think a lot of billionaires are starting to take advantage of the bullish because this momentum takes a relatively long time so they directly try to manipulate high prices and of course they can get the maximum profit.

shoreno

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Quote from: MFahad on November 18, 2020, 04:06:59 AM

Quote from: jemimah_f3 on November 05, 2020, 06:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

There may be multiple factors for this bullish bitcoin rally and not just one reason. Also i sometimes think why institutes will invest now when the price is so high ? They must have invested when the price was near 10K or below. I think FOMO is the main reason of this pump.

yes that was it . they are doing the fomo because they think the price can rise more . theres now many good reasons to do fomo not just by seeing the price rise because there have been lots of good revelations this year from btc . experts predictions are now over a hundred dollars and if that will came true ( im sure it will on the right time ) buying at this current rate is nothing because they can earn over 10 times in return . theres more traders or simply regular crypto users than those instituions that are involved in crypto and they also contribute on this growth .

MFahad

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Quote from: jemimah_f3 on November 05, 2020, 06:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

There may be multiple factors for this bullish bitcoin rally and not just one reason. Also i sometimes think why institutes will invest now when the price is so high ? They must have invested when the price was near 10K or below. I think FOMO is the main reason of this pump.

cabron

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Quote from: mezzaluna on November 18, 2020, 03:32:31 AM

Quote from: jemimah_f3 on November 05, 2020, 06:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

Its possible that one force that drives Bitcoin into power is the mass adoption but we cannot limit our answers to that since there can be a lot of factors that is affecting Bitcoins' value. Another factor that I believe is the reason is the volume of circulation within an exchange and the factor of Supply and Demand can also come in at certain aspects.

It's not just the mass adoption that is driving the trend, the pumps started when institutions are publicly showing their BTC holding like it's their hedge to the situation where there is coming war and pandemic.

They are holding BTC because they know it's the cryptocurrency market that is holding better than the stock and forex market. They started to realize that the future of currencies lies in blockchain.

mezzaluna

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Quote from: jemimah_f3 on November 05, 2020, 06:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

Its possible that one force that drives Bitcoin into power is the mass adoption but we cannot limit our answers to that since there can be a lot of factors that is affecting Bitcoins' value. Another factor that I believe is the reason is the volume of circulation within an exchange and the factor of Supply and Demand can also come in at certain aspects.

thesmallgod

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crypto market respond to speculation both negatively and positively. So when there is price rally, you have to keep looking out for the positive speculations that might cause sudden rise in the price. Paypal adoption is one good example that I will like to point out. The announcement by Paypal created a kind of vibe that make people to rush to holding bitcoin for a long time goal. This is because when such big payment platform adopt bitcoin, it drives some of their competitive to consider it too

jemimah_f3

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Yes, that's my point that institutional investors behind this rally and they will keep the price afloat.

Quote from: target on November 08, 2020, 08:46:02 PM

The increasing number of financial institution investors like GrayScale and MicroStrat must have help investors decide to buy as well. Accumulated demands making BTC rally and then mixed with FOMO.

Quote from: Wapfika on November 08, 2020, 08:03:46 PM

Quote from: Blackrain13 on November 08, 2020, 10:39:38 AM

Demand in the main driving force behind bitcoin. Many people are being aware about the value of bitcoin and because of what happened in the past year 2017 , many people thinks that it could reach another all time high more than before that's why they are buying now and hold until he time will come and that's the reason why bitcoin price keep on increasing now.

It was FOMO by those who didn't able to join in 2017 and thinks it's time to ride now in 2020 as it may happen again and have ATH created again. From Bitcoin fast recovery from lockdown to PayPal adoption and some also connects it in US election. News gives impact to others who wants to invest in BTC and it can really affect the market.

Paypal and election had been connected to this and I think paypal really has big effect BTC price. Election of Biden was also linked to the war that is brewing, they were saying about Nokor or Iran, it's all conspiracy theories but whichever, BTC will hedge.

jemimah_f3

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I agree about FOMO too but do you think that institutional money that quietly were buying bitcoin will let it crash to $6k like you mentioned? I don't think they are willing to lose any penny.

Quote from: kryptqnick on November 08, 2020, 08:07:11 AM

Quote from: avikz on November 05, 2020, 07:37:45 AM

I was waiting for some Americans to say that it's because of their presidential election!

Quote from: jemimah_f3 on November 05, 2020, 06:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

In my opinion, the bitcoin price is increasing because of the corporate spending on bitcoin is increasing. What corporates do usually have a positive impact on people's mind. I think this is what exactly is happening around bitcoin. More liquidity is flowing into the market increasing the demand which is pushing the price higher! That's the most justifiable reason I see now!

I think Bitcoin is rising due to FOMO. The price starts rising, and people buy more BTC in expectation that the price will rise even more. And then it does rise, and they do it again. Kind of a self-fulfilling prophecy. The US elections could drive the hope up, with people feeling optimistic about the future in general with the new President, but perhaps some other things added to this, such as news about companies putting money into Bitcoin, PayPal planning to accept Bitcoin and stuff like that. As for halving, I'm not so sure it's among the main factors because it's a matter of interpretation whether halving ever pushed the price up (Antonopoulos doesn't seem to think it did).
But as any bull run before, it can easily explode, and the price can totally get back to $6k.

target

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The increasing number of financial institution investors like GrayScale and MicroStrat must have help investors decide to buy as well. Accumulated demands making BTC rally and then mixed with FOMO.

Quote from: Wapfika on November 08, 2020, 08:03:46 PM

Quote from: Blackrain13 on November 08, 2020, 10:39:38 AM

Demand in the main driving force behind bitcoin. Many people are being aware about the value of bitcoin and because of what happened in the past year 2017 , many people thinks that it could reach another all time high more than before that's why they are buying now and hold until he time will come and that's the reason why bitcoin price keep on increasing now.

It was FOMO by those who didn't able to join in 2017 and thinks it's time to ride now in 2020 as it may happen again and have ATH created again. From Bitcoin fast recovery from lockdown to PayPal adoption and some also connects it in US election. News gives impact to others who wants to invest in BTC and it can really affect the market.

Paypal and election had been connected to this and I think paypal really has big effect BTC price. Election of Biden was also linked to the war that is brewing, they were saying about Nokor or Iran, it's all conspiracy theories but whichever, BTC will hedge.

Wapfika

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Quote from: Blackrain13 on November 08, 2020, 10:39:38 AM

Demand in the main driving force behind bitcoin. Many people are being aware about the value of bitcoin and because of what happened in the past year 2017 , many people thinks that it could reach another all time high more than before that's why they are buying now and hold until he time will come and that's the reason why bitcoin price keep on increasing now.

It was FOMO by those who didn't able to join in 2017 and thinks it's time to ride now in 2020 as it may happen again and have ATH created again. From Bitcoin fast recovery from lockdown to PayPal adoption and some also connects it in US election. News gives impact to others who wants to invest in BTC and it can really affect the market.

FlightyPouch

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Quote from: Casdinyard on November 08, 2020, 02:09:33 PM

Quote from: FlightyPouch on November 08, 2020, 10:41:43 AM

I think one of the main reasons is there are a lot of companies that are holding or accepting bitcoin right now. Paypal accepting bitcoin is also big as it is one of the most common and popular mobile wallets in the world. If this continues we might be able to see the adoption that we are waiting for a lot of years now, for sure it is closing.

There are many factors being associated with the price increase at this moment such as the election, PayPal network, and the likes but what's for sure is that no one exactly knows why the market is in green marks at this moment. But IMO it has something to do with popularity of cryptos. This technology is being exposed to more people since they are also more exposed in the Internet especially this year. Not sure to be honest but this is my idea of why we are seeing such. Demand ofcourse is the determinant of the market price but the thing behind the demand is more likely the popularity of cryptos.

How about MicroStrategy? It is said that they spend millions of dollars on bitcoin adding their holdings up, I think that is another great reason why we are seeing a good price movement. Never thought that it would reach $15K in such a short time but the fact that the CEO of such a company put money into it means it is one of the great reasons.

BuNga_cute

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It is very difficult to determine the cause of the increase in the price of Bitcoin this year, many have attributed the US president election.
But I'm not sure US president election has any effect on the Bitcoin price, It makes more sense that the news about Paypal accepting
cryptocurrency causes other big companies to become interested in investing in Bitcoin. This can unconsciously increase demand for Bitcoin,
a pandemic situation like now many people consider Bitcoin a store of value, it could also get more people to buy Bitcoin. Not to mention
the effect of the Bitcoin halving, which is starting to feel its effect now.

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