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, 05:28:12 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, 08:28:51 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, 03:06:59 AM

Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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 .

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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.

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Quote from: mezzaluna on November 18, 2020, 02:32:31 AM

Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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.

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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, 07:46:02 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, 07:03:46 PM

Quote from: Blackrain13 on November 08, 2020, 09:39:38 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, 07:07:11 AM

Quote from: avikz on November 05, 2020, 06:37:45 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, 05:28:12 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, 07:03:46 PM

Quote from: Blackrain13 on November 08, 2020, 09:39:38 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.

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Quote from: Blackrain13 on November 08, 2020, 09:39:38 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, 01:09:33 PM

Quote from: FlightyPouch on November 08, 2020, 09:41:43 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.

Viscore

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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.

ice098

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Quote from: Darker45 on November 05, 2020, 07:43:53 AM

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.

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Quote from: Casdinyard on November 08, 2020, 01:09:33 PM

Quote from: FlightyPouch on November 08, 2020, 09:41:43 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.

Several reasons or news that can really be tied up with the recent price increase in the market which i cant really blame out people on not to connect those events specially
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.

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Quote from: Alucard1 on November 08, 2020, 08:12:13 AM

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.
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.

Casdinyard

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Quote from: FlightyPouch on November 08, 2020, 09:41:43 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.

coolcoinz

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Quote from: Blackrain13 on November 08, 2020, 09:39:38 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.

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.

FlightyPouch

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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.

Blackrain13

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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.

Alucard1

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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.

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Quote from: avikz on November 05, 2020, 06:37:45 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, 05:28:12 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.

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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.

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Quote from: mariah.sadio on November 08, 2020, 03:45:17 AM

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.

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Quote from: ?? on ??

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.

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Quote from: Oceat on November 05, 2020, 10:46:23 AM

Quote from: Nhor1011 on November 05, 2020, 05:57:09 AM

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.

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Quote from: mariah.sadio on November 08, 2020, 03:45:17 AM

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...

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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

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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?

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.

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Quote from: pixie85 on November 07, 2020, 05:36:35 PM

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.

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Quote from: Slow death on November 05, 2020, 11:37:33 AM

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.

Hemady17

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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.

matchi2011

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Quote from: ?? on ??

Quote from: Slow death on November 05, 2020, 11:37:33 AM

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

The current price of above 15k is being pushed because of the result till now in favour of Joe Biden. Though we were expecting 15k around by year end would be good but the way it has rallied so quickly from 13 to 15k was extremely short time and let see if it can continue to hold above it or will some surprise element pops out in election this could mean it can fall as well.

Investors needs to be more careful if that's the case, the election is almost done now, and those investment who carries the value to
pumped may now be withdrawn expect the retrace if there's no backup support.

Anyhow, there's always chances to see the downfall once those big earners already satisfied with their money and begin to sell and
stop buying for a while.

Cnut237

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The big rises we are seeing at the moment are surely due to the US election. Look at what's happening with the 'normal' stock markets, for comparison. Bullish sentiment is returning across the board; this isn't specific to crypto.
Bitcoin is still regarded in the main as a highly speculative 'good times' asset, something to buy when everything is looking good, in the hopes of reaping some big returns. Similarly it's the first thing to be sold once an economic crisis hits. What we're seeing now is that Trump is likely on his way out, with the more stable Biden coming in, but also Biden being hampered by a Rep-controlled senate in what changes he can realistically effect... so no new big taxes or regulation for businesses.

redsun114

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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?

I think so too, a lot of people institutions are starting to realize how good Bitcoin is and now they are investing their money in it, it's becoming part of their, some are going with 1%, and for some it's as much as 5% or a bit more. The ones that got in earlier will eventually be taking lots of profit as the price is booming now.

By the way did PayPal invest money in Bitcoin? Because if they did I can't remember, I just saw some people now saying that they are part of what caused the price to increase, unless they mean that they influenced people to start buying crypto? And before we say they have influenced, let's not forget they have not started the services except for the US which was yesterday, and will be going worldwide next year.

carlfebz2

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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?

Several possible reasons but we cant precisely point out which one is the main reason yet market can rise up neither have or no having some sentiments.

• Post-halving effects
• Paypal Adoption
• Presidential Election

These are the 3 i do saw that might be the reason.Its just a presumption basing of on whats current happening on the recent market.

2double0

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Institutional investors are done accumulating lots of btc through both, the exchanges and OTC deals (those through exchanges too) and it looks like not enough btc is now available on the exchanges and even in OTC deals, so it is pushing the price higher and higher because the buyers are increasing and sellers are either tired or out of btc, or they do not want to sell their coins 'cheap' so we may see new ATH during the period of November-December and repeat the history. Organic growth is looking better but it should not come down this time like it did last time.

Slow death

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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

acquafredda

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Try to have a look at price chart on a logarithmic scale: if you start from 2011 everything looks perfectly moving according a nice and steady price appreciation. I am not surprised by it after hours of studying what Bitcoin is and what it is for. The race is long, come aboard.

tomahawk9

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Quote from: Tolosi on November 05, 2020, 05:30:55 AM

Inevitable effects of halving are felt now.

Plus, bullish sentiment and new btc yearly highs = FOMO = high demand from retail investors, institutions and the general public (possibly same behaviour as the last massive btc rally in 2017).

Also, i'm 99% sure that the Paypal news was one of (if not THE) the main event that triggered this uptrend...I wouldn't be surprised to know later on that some smart money that was sitting on the sidelines finally entered the btc ecosystem because of the Paypal news.

Finally, you have some other possible events in the last few days thay maybe have helped fuel this surge in price like the uncertainty surrounding the US elections which, apparently, is making almost all the financial markets worldwide move upward (remember that BTC has been mirroring the US stock market movements in the last few months). I expected a price movement like this but AFTER the final results of the election came out.

ChiBitCTy

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There is no question that the main reason behind the rally is Paypal adding it to their platform. Now of course this in return has pushed buyers ( institutional and retail ) to push money in to the network, especially those who had money on the sidelines saved up for a times like this.

Oceat

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Quote from: Nhor1011 on November 05, 2020, 05:57:09 AM

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?

ilovealtcoins

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Like the bulls before demand is what drives Bitcoin's price rise.
Bitcoin's block reward has been reduced to 6.25 BTC per block mined. Bitcoin becomes intuitively more scarce that only miners can perceive.
Along with the reduction in the reward for a block that is mined is demand from businesses and global adoption by companies. Bitcoin's reputation has now grown to a considerable extent. This also increases its liquidity and value.

carter34

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Uncertainty in the election of the America electorate can also be traced to it because when people don't understand a thing happening around them they might take out money or invest more, so demand and supply is here too and halving scarcity.

romero121

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That's true, the effects of halving is felt now. This isn't the first time, during the previous bull run the market reacted after a long time from halving. This too looks something similar to that. By that time more inflow of money took place which kept the market grow higher and higher.

Right now we've got more large scale companies investing on bitcoin. Few companies have already recorded their profit out of the investment. This time the gradual growth is happening due to the halving, and the further growth is happening as a result of more large scale investment.

ethereumhunter

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I would say that people invest in bitcoin grows. They want to have bitcoin for many reasons such as for investment, for making money from trading, for buying bitcoin to be used for another thing. Many possibilities can lead to a bitcoin price increase, maybe much more big company try to buy bitcoin while the price does not reach $20k. But yes, demand will be the main factor that is driving bitcoin price increases.

Mulann2

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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?

i wish some part of that institutional money will flow into alts too, it is long overdue for us to see some serious price movement in alts as well, now am beginning to understand why btc is the top choice when it comes to investment, i think this make a lot of sense, institutional money are flowing into btc, i don't think the election has anything to do with this, also don't forget the recent Paypal announcement, that too still fresh on people's mind and still be a driving factor.

hector3115

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The more people invest in bitcoin, the higher the price, the more traders come to crypto.

kentrolla

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Quote from: avikz on November 05, 2020, 06:37:45 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, 05:28:12 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!

Exactly, I agree the liquidity flow is extreme also PayPal news gave many of the world wide users a strong go on BTC. From now I guess many top rated companies will start BTC payment and it will definitely expand the price as much as the price goes up it turns into hot topic and that's how it reaches the public only then the demand increases automatically.

meanwords

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Quote from: Tolosi on November 05, 2020, 05:30:55 AM

Inevitable effects of halving are felt now.

Accompany it with Paypal integrating Bitcoin into their system and you'll have a good bull run. I can't believe that we really is going for $15,000 range and currently at $14,500+. I did predict that we might reach $15,000 this year though but I didn't really expect it to happen so soon.

covfefe_

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I guess it's the limiting supply and future prospects of more bitcoins being bought by corporates and different hedge funds.
2020 was a year of businesses buying bitcoins. As well more and more bitcoin being frozen for bitcoin pegged token on different platform. The current price hike was predictable. I guess it would correct somewhere upto 12K but there's no going down from there.

Kelvinid

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We can't just disregard mass adoption because the pandemic leads a way to make such a thing more reliable and accessible to the people. People changing their lifestyle and adopting a cashless payment system where Bitcoin had to be known at this time. The bullish trend for Bitcoin means that more people, more investors are having a good time buying Bitcoin. It was then noticed that altcoins suffer big losses, this probably means that most investors are moving back to Bitcoin leaving altcoins behind.

fiulpro

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Every second the price is climbing up but then again I don't think we can give credit of this situation to anyone since what we are seeing here is the commutative effect of many factors.
- we have seen Bitcoins being accepted more
- being used more in the time of Pandemic
- altcoins are not performing well
- people were afraid if Trump won , he would impose more regulations but we are not sure what biden's stand would be on Bitcoins
- the demand of Bitcoins is increasing in industries , in businesses
- falling economy of many countries
- the third wave of COVID Making people hopeless about the situation

How can we point it to one thing ?

Darker45

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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.

avikz

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

Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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!

sunsilk

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 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?

It could be the main factor of the recent push that we're witnessing. I don't even know what's the real reason behind the pump but do you think that there's any relation to the US election?

Quote from: Tolosi on November 05, 2020, 05:30:55 AM

Inevitable effects of halving are felt now.

Yes.

We can't ignore the effect of the halving just like the 2016 halving then effect took on 2017 ATH. But this time, are we getting an early effect?

Nhor1011

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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.

Emily Perkins

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Open interest in BTC futures is ATH, so yeah, big boys from Wall street pouring fiat money into BTC..

Tolosi

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Inevitable effects of halving are felt now.

jemimah_f3

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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?

Topic: The main driving force behind bitcoin rally (Read 634 times)