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

[tyrim88]

What Drives Bitcoin's Price? Bitcoin is valuable thanks to its limited supply steadily increasing demand by a greater number of investors. It has also been described by some as an inflation hedge.

This is actually a basic fact about how commodities goes up or down,the market players have a lot of role here to play,as scarcity of a particular coin can make the price of crypto to increase.

 

[Genie01]

The effect of pandemic is not felt exactly that time it occurred. It is gradually growing by the day and I believe that the pandemic is the major cause of inflation we see in the world economies today.

 

[Imran_Noori]

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 think there were many reasons that Bitcoin reached it's all time high, despite of investments by big companies and some countries, the pandemic was also a reason that the Bitcoin's price increased.

 

[Gandiba]

Bitcoin was able to rise that high because it was still new and a lot of people thought of it as being some get rich quick opportunity where they could easily say bye bye to poverty.

 

[Smiles20]

I am betting on the fact that a lot of people got to know about bitcoin during the pandemic. This is why we were able to see periods or very high buying activity from new addresses.

 

[Agbalagbaa]

I am betting on the fact that a lot of people got to know about bitcoin during the pandemic. This is why we were able to see periods or very high buying activity from new addresses.

Yeah, the bull market we witnessed during pandemic attracted alot of emotional investors and trapped them in this bear Market. The pandemic had a major effect on world economies.

 

[Smiles20]

A lot of countries in the world build their citizens stimulus cheques. Some people saw it as free money and decided to put some into the crypto market and luckily it appreciated in value.

 

[Good-Person]

A lot of countries in the world build their citizens stimulus cheques. Some people saw it as free money and decided to put some into the crypto market and luckily it appreciated in value.

I think that bitcoin managed to reach a high price during pandemic because many investors were moving their capital into cryptocurrency market. They were removing/liquidating their stock assets and investing in bitcoin.