How did Bitcoin manage to reach its all-time high this year despite the pandemic?

[Victor001]

Seriously,this is an eye opener,I initially saw Bitcoin as being controlled by miners,but this update is enlightening,so in essence if the sellers are more than buyers it will create imbalance in the market system.

 

[Josephjossy]

I think this pandemic is what really pushed Bitcoin to grow so high, everybody is at home, no way of making money only with your phone and laptop so everybody move into crypto trading, and Bitcoin to be specific. That is why the price of Bitcoin is so high

 

[Senator]

The Bitcoin long before the pandemic ensured, was already a special kind of coin in itself. It was and have been souring higher and higher that even the pandemic era could not stop it. Because it has wide usage already

 

[Sotherefore]

Bitcoins first of all is the father of all cryptocurrency and it's slightly control the price of all other cryptocurrency, during the Corona virus. A lot of people switch to online ordering of goods and services and most of this online store actually accept crypto currencies as mode of payment that is why the price of bitcoins and other people currency is going up.

 

[Chibson]

Bitcoin definitely did well in the year 2020 and it also carried the same trend to 2021. Even though there is a baron presently but I still believe that bitcoin must hit $80000 before the end of this year.

 

[Eodine]

One major reason why Bitcoin rose is due to the fact that the do that affect the physical market also affects the crypto market, higher demand leads to higher price and the demand for crypto increased during the pandemic.

 

[Sotherefore]

Because a lot of people who did not have access and interest for bitcoins and other cryptocurrency actually come across it during the pandemic period,since this was the only form of payment in the online system a lot of people with injuries to eat and most of them but it at that stage, this might have been the reason.

 

[Shigobad2020]

Bitcoin is totally controlled by organic market. Bitcoin has a fixed stock of 21 Million coins mined in the year 2140. Accordingly, the primary concern that changes the cost of Bitcoin is request. The more individuals who purchase and hold it the more the cost goes up. The more individuals who decide to sell it the cost goes down.

Institutional Investors purchasing Bitcoin. Enormous organizations like Square, PayPal Grayscale, and even Countries have bought Bitcoin in huge amounts. This is the essential driver of the ebb and flow buyer market.

If you have any other opinions as to how Bitcoin has continued to surge despite all the odds, please State it.

I believe the emergence of covid-19 also has something to do with the inflation and the rising of bitcoin since most of the offline business stop running , most of the people begin focusing on online investment.

 

[Chibson]

It was even the coronavirus pandemic that made bitcoin to attain it's all time high then. I was among those who ventured into cryptocurrency because of the pandemic.

 

[FreshKaz11]

Bitcoin is totally controlled by organic market. Bitcoin has a fixed stock of 21 Million coins mined in the year 2140. Accordingly, the primary concern that changes the cost of Bitcoin is request. The more individuals who purchase and hold it the more the cost goes up. The more individuals who decide to sell it the cost goes down.

Institutional Investors purchasing Bitcoin. Enormous organizations like Square, PayPal Grayscale, and even Countries have bought Bitcoin in huge amounts. This is the essential driver of the ebb and flow buyer market.

If you have any other opinions as to how Bitcoin has continued to surge despite all the odds, please State it.

I really appreciate the effort you out together to write this article outfit use the novice to know the reason why Bitcoin goes up and down. So the more people keeping it in their wallet the more it gain more value.

 

[Aaron625]

In my opinion , pandemic is the actual reason along with some whales for the rise in bitcoin price. People in pandemic stay in their homes and hence digital currencies are the most considered option to use and invest. Elon Musk is also responsible along with some whales for the rise n crypto.

 

[eLdavis]

Personally i think the pandemic also played a major role. During the lockdown, many people lost their jobs while others no longer had access to their jobs. This made alot of people go into online trade and forex. And alot of persons where introduced into the crypto world

 

[Ralphjoe]

People have much interest of buying the coin and keep. They prefer it as a means to save and invest their money compare to Saving in there local account. So as people buy and save the coin, there is higher demand which makes the price to rise. I will also consider buying and selling later for maximum profit.

I agree with your theory and my own theory is that most people prefer first bitcoin because of its sound and they think that bitcoin has a very strong security attached to the cryptocurrency so this account for its large user base.

 

[joy101]

Because of pandemic a lot of people are started working online that is why the price of cryptocurrency become very high, because more investors investing on it.

 

[Setfragil]

I think the pandemic and the lockdown contributed to the rise in the price of bitcoin early this year. Since people do not move around much, there was no need for fiat currency. People started accepting bitcoin as a means of payments for goods and services since they ordered from home. This in turn makes the price to soar higher.

 

[Ayokex]

Bitcoin happens to be the father of all other cryptocurrency and it's at the forefront of the market. Many people who don't have much knowledge about cryptocurrency at least have a basic knowledge of Bitcoin so it's a matter of popularity. People will decide to choose it because of its stability and popularity.

 

[Senator]

The Bitcoin could still manage to reach that all time high tht year during the pandemic because of the influx of people and increased demand for the cryptocurrency that caused a shortage in supply and pushed it's price upward inevitably

 

[Sotherefore]

during the pandemic period A lot of people actually switch to online way of making money and with this a lot of people got exposed to cryptocurrency ,this is what draw a lot of people to invest in bitcoins and other cryptocurrency which give bitcoins an opportunity to rise so much.

 

[Chibson]

It is quite simple to understand why the coronavirus pandemic increased bitcoin usage and of course it lead to the skyrocketing of the price of cryptocurrencies especially Bitcoin.

 

[Alexandoy]

I think the title of this thread is now obsolete. Whatever the reason you see is already moot and academic. The big question now is why the value of Bitcoin is continuing to sink. If that can be answered in a nutshell then I guess many will be happy to realize what is really happening. Crypto traders are largely confused with the present state of condition of the crypto market.