Bitcoin became a popular cryptocurrency with a market cap of about $1.186 trillion. This is an unprecedented milestone for this digital currency and crypto world.
No one could have predicted this kind of growth ten years ago when the cryptocurrency was initially launched on the market. But today, there is undeniable hype around Bitcoin worldwide, and we can see the same about Bitcoin’s popularity in South Africa. Below we will list important factors that boosted the popularity of Bitcoin and the crypto world.
Bitcoin’s Supply and Demand
Bitcoin is a decentralized cryptocurrency, and that being said, there isn’t an assigned institution or a participant in the blockchain network that will control the inflation rate as well as the supply of BTC.
Actually, Bitcoin’s entire supply was capped from the beginning to 21 million Bitcoin tokens which made Bitcoin a scare asset. That put the cryptocurrency in a favorable position when the demand became greater than the supply for Bitcoin.
Thanks to its bull cycles, Bitcoin has become a widely used cryptocurrency in many establishments, from famous businesses like Microsoft, Overstock to online casinos and small brick-and-mortar stores. One example is this reliable and high-quality online casino – Bitcasino.io. Because this online casino accepts BTC, you see you can make deposits and play your favorite online casino game with your BTC funds.
So, needless to say, the demand has risen significantly for BTC over the years with the support of businesses as well as institutional investors that wanted to add Bitcoin to their portfolios.
Bitcoin’s Bul Cycle
Bitcoin’s bull cycle is a major reason why the crypto world has attracted worldwide attention because generally, Bitcoin experiences a bull cycle after a halving event. As we mentioned earlier, Bitcoin is a distributed cryptocurrency, and this event was created to control the inflation rate and the ongoing influx of Bitcoin tokens on the market.
The halving started in May 2020, and before that, the price fluctuated in a range between $8,500 and $9,500. After the halving event that happened on May 15, 2020, Bitcoin’s price increased to $9,999. The growth cycle marked 2020, and it ended with a record-breaking price of over $20,000 in December.
Thanks to the bull cycle, the price continued to grow in 2021, and it nearly doubled in January while, with the support of Tesla, Bitcoin’s price surpassed $60,000. This is one of the factors that boosted the market capitalization of Bitcoin and attracted global media attention.
Accessibility of Online Trading Platforms
Another reason why Bitcoin has become a popular cryptocurrency is the availability of online trading platforms. Even though users could only get Bitcoin tokens through Bitcoin mining, as the crypto market expanded, today, there are many different options available for users.
Actually, there has been a rise in online trading sites where users can add BTC to their portfolios regardless of their location.
The availability of online trading sites on mobile devices also boosted the popularity of BTC because there are more smartphone users worldwide (6.378 billion smartphone owners) than users that have desktop computers. So, the users only need to have a stable internet connection and mobile device to start trading online invest in BTC.
In conclusion, Bitcoin became a popular asset because it has a limited supply, while the demand for Bitcoin is boosted by the availability of online trading sites and the interest of institutional investors and businesses. Also, the latest bull market phase of Bitcoin definitely put the crypto world on the map and demonstrated the money-making potential of Bitcoin and other cryptocurrencies.
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