Topic: The main driving force behind bitcoin rally - page 2. (Read 634 times)
One big factor is that people are now open for business with Bitcoin. Some known and big companies are accepting cryptocurrency that make people are also wanting to maximize their holdings instead of keeping it in their wallet. The more it spread through social media, a simple announcement will enlighten everyone that Bitcoin is also welcomed by the community. One way or another Bitcoin will keep rallying on the market as the adoption sprung up and to expect more improvement and market development as it was gaining more respect.
I myself am not seeing any single very special thing that could act as the main driving force in this current sustained rally. But an increase this big in just a matter of days and weeks is definitely not just about retail traders. So I am also in the same thought that there must be huge institutional money flowing in. I also don't share the idea that this might have something to do with the US presidential election.
Most of them said that the recent presidential election affects bitcoin price, I really don't know if it really happen or it is the real reason behind everything. But I guess since then that I enter crypto during these months, bitcoin and other altcoin tend to grow in their prices, maybe that is the reason, and I guess maybe the election really affects but I don't know how. But we all know bitcoin is very unpredictable or it is just for me. It always happen and it is uncertain. 
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. if it does mention about Bitcoin specially on that Paypal integration then thats one of a valid reason that can really be presumed out but for election matters? Its a bit off but
still news and fundamentals can either affect or not when it comes to the entire market situation.For now the best thing to be done is to utilize these movements for you
to take profits while you are still in green but for those who go for long term then you wouldnt care that much.
The price of the bitcoin keeps on increasing because of the demand, many people still buying bitcoin because of thinking that it could increase more to the point that it can reach $20k within this year, I am hoping that it could happen as well. as what many people are saying, they keep on thinking that it is because of the US election than affect the inflation of the bitcoin which is unreasonable, there is no relation between the price of the bitcoin to the US election.
The second factor is the delay effect of the bitcoin halving, we cannot see huge movement when the bitcoin halving and I am thinking that it is one of the reasons.
Fundamental factors in the current Bitcoin rally are indeed very influential, this is also the same as the technical analysis factor which shows the trend of bitcoin prices which should be up. Fundamentals with a lot of news about Bitcoin, starting from the adoption of paypal until now, bitcoin is associated with the US election which makes Bitcoin increasingly a trending topic. Some people who associate bitcoin with US elections are only speculation that is deliberately made to make Bitcoin experience a drastic rise.The second factor is the delay effect of the bitcoin halving, we cannot see huge movement when the bitcoin halving and I am thinking that it is one of the reasons.
As for the effects of the bitcoin delay, I don't really understand it, but the big moves didn't exist when the Bitcoin halving happened and bitcoin moves happened this week.
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. 
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.
Demand is such a broad term. Behind demand there's always news, TA, real users staking real money. When a company buys 50 million USD in BTC there's a real purchase followed by press articles that incite google searches, new investors downloading wallets on their phones, new exchange accounts being made, new forum accounts created. All of this forms a demand. The real thing behind this rising demand is a combination of many factors.
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.
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.
The price of the bitcoin keeps on increasing because of the demand, many people still buying bitcoin because of thinking that it could increase more to the point that it can reach $20k within this year, I am hoping that it could happen as well. as what many people are saying, they keep on thinking that it is because of the US election than affect the inflation of the bitcoin which is unreasonable, there is no relation between the price of the bitcoin to the US election.
The second factor is the delay effect of the bitcoin halving, we cannot see huge movement when the bitcoin halving and I am thinking that it is one of the reasons.
The second factor is the delay effect of the bitcoin halving, we cannot see huge movement when the bitcoin halving and I am thinking that it is one of the reasons.
I was waiting for some Americans to say that it's because of their presidential election!
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).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!
But as any bull run before, it can easily explode, and the price can totally get back to $6k.
Bitcoin price is determined by many factors, it's hard to name the main force behind the certain price action.
Bitcoin is derived by two major factors happened in the last months.1. Bitcoin halving which is really what we expected nowadays since we knew that the last bitcoin halving event had a good impact in the market.
2. Giant company (paypal) announced that they will integrate bitcoin.
These two are the main factors affected the price of bitcoin. The rally is just began. We may see a new ath by the end of this year.
HYPE is the main driving force behind this rally. Hype and fomo push price forward so strong. Paypal news was the just starting point of it
US election can be behind this rally, although we don't know the truth.People become interested in bitcoin, and making money will be behind the bitcoin rally. But many possibilities can be behind the rally, and we don't know what is the trigger the price increases.
The halving moment can be another thing that triggers the price to start a rally.
But I guess after Paypal announces the accepting crypto on their website, the price start rally and maybe that is the trigger.
Paypal's news can lead people and their members to buy crypto and send it to the other wallets.
Bitcoin price is determined by many factors, it's hard to name the main force behind the certain price action.
It seems true but one thing that could be the main thing that has been creating a lot of noise to use bitcoin as investment opportunity and that's the paypal news. After the statement from paypal to create a crypto service and the market was reacting it positively. More companies started to be interested with bitcoin.
We know that paypal as the major company that has brought bitcoin to another level of investment opportunity. The big names started to talk about the possibility to take bitcoin as an option to diversify their portfolios.
Halving may give a small impact but the paypal news was everything.
Demand is the main driving force behind bitcoin rally. The greater demand ,the higher tendency of value. Those institutional money that you said is also comes from the demand. Let's hope for another ATH this year.
I can't really tell what's driving the price to rise so sudden, yes, the demand has a big part of it but what is the main thing that causes the price to surge this way? I don't think the PayPal hype have something to do with it but it's also one of the factors that causing the price to grow. I don't think there will be another ATH this year but I do think there will be in 2021. What do you think? I doubt anyone can say for sure what is the driving force behind btc rally, no particular reason can be point out, but I would say it depends on many reasons that have accumulated overtime beginning to reflect in price, and also PayPal news also play a huge part of this price pump it can not be overlooked, I mean PayPal news lead to more exposure and spread awareness too, this can't be ruled out.
HYPE is the main driving force behind this rally. Hype and fomo push price forward so strong. Paypal news was the just starting point of it
I agree. In addition to increasing institutional awareness, other major factors influencing the rise of bitcoin price are the halving event, paypal news and the coronavirus. The price of bitcoin is likely to continue to rise until the coronavirus peaks. But I also expect a strong pull-back or correction. Maybe it will be a good opportunity to enter again? Who knows...
HYPE is the main driving force behind this rally. Hype and fomo push price forward so strong. Paypal news was the just starting point of it
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?
One of the reasons was the Bitcoin Halving that happened a few months ago and the news of PayPal that shake the entire industry on Cryptocurrencies. Of course, of all the Altcoins, Bitcoin is the number one to benefit it and for some reason people who knew that the price will gonna rise after a few months from now. has already purchased a decent amount of bitcoin for they already know the result is going to be positive in a higher rate.
Of course the reason for the pump is a few institutional purchases followed by PayPal adoption and then simple technical bullish confirmation of the uptrend.
I also think the Bitcoin rally is driven by the fact that giant worldwide payment system PayPal recently decided to allow its customers to purchase BTC coins. I see a lot of people want to buy Bitcoin in the Marketplace section of the forum. They will now be able to buy BTC coins through the PayPal platform itself.
A secondary reason for the ongoing rally may be the legalization of cryptocurrencies as digital assets in some jurisdictions from January 2021.
I just looked at the historical charts. The Bitcoin mining difficulty has recently dropped from 19.99 T to 16.78 T. This value is the same as it was in May 2020 before the mining reward halved. Therefore, everything is fine.
this pump must be related to the US elections, some people must be taking advantage of the situation to pump the price something like: "with joe Biden will be in favor of bitcoin" and coupled with the fact that numbers of infected cases in the USA have been high so people must be thinking that salvation is in bitcoin. to test if I am wrong we will observe after the elections if the price will continue to increase at this speed
LOL how come? You think people are buying Bitcoin just because they think new US president could be in favor of it even when he hasn't said anything about it? This is so far fetched.
Of course the reason for the pump is a few institutional purchases followed by PayPal adoption and then simple technical bullish confirmation of the uptrend.
The bitcoin halving event last few months pushed bitcoin back in its rally. I shocked when I saw yesterday that bitcoin moved up fastly. From 13K usd to 15K usd is unusual event yet expected by many speculators. Hopefully this rally will continuously as the market becomes more greenish. The price will hold until 16k usd and we may experience a slight correction because of the long rally.
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