Cryptocurrencies, particularly Bitcoin, is now being measured as a safe-haven asset against market instability and inflation. The existing societal and economic weather also brings about a state for people to hold less money and stay hedged against market fluctuations.
The cryptocurrency market has sustained to witness a prosperous despite the global pandemic wreaking chaos on all important economies on the planet. Several crypto startups have arisen in the space throughout this pandemic to supply to the ever-increasing demand for Bitcoin and similarly as cryptocurrencies.
In case, CoinSwitch Kuber freshly broadcast the raising of a $15 million (Rs 109 crore) Series. Funding from leading global fintech depositors such as Paradigm, Ribbit Capital, Sequoia Capital India and noticeable angel investor Kunal Shah from CRED.
Cryptocurrency market capitalization powered by Bitcoin’s growth just crossed the $1 trillion mark. Out of that Bitcoin, has been on a bull run for fairly some time and is accountable for roughly 69% of the overall market value. Likewise, various cryptocurrency prices have been on the increase, and investors are doubting why.
Here are five motives why cryptocurrency prices are increasing:
PayPal and Cryptocurrencies
In October 2020, the global digital costs company PayPal announced that it would be launching cryptocurrency purchasing and selling structures on its platform.
Several countries like the USA, Japan, Germany etc. have taken a confident stance towards cryptocurrencies.
Bitcoin Halving Driven Scarcity
It is not updated that most cryptocurrencies in the market have a partial supply. Bitcoin is also one of them. This year the third Bitcoin Sharing took place.
Bitcoin splitting is a vital event in the Bitcoin network that occurs every four years.
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