Bitcoin mass adoption increased significantly these days. Many new investors joined this market and many others are waiting for the next suitable time to enter. Despite that Bitcoin hit numerous all-time-high, several fundamental factors signal brighter future for Bitcoin. The end of 2020 were brilliant days for Bitcoin because the mass appetite reached all-time-high to buy flagship of cryptocurrencies. In this article we are going to study the factors, which will increase Bitcoin price even more. The question is that will Bitcoin price surge even more?
Miners are optimism
The first factor is miners are keeping mining Bitcoin continuously. The best example is a U.S. based firm named Riot Blockchain. Recently, this firm intended to increase its mining capacity. However, statistics show that mining revenue of the firm compare to its total market cap indicates there is no economic justification to keep mining. Consequently, the only reason is that Riot blockchain is expecting price growth for Bitcoin.
Bitcoin hash rate
The second factor is the continuous rise of Bitcoin hash rate. Even in 2018 bearish market that bitcoin experienced dramatic decline in hash rate, miners kept working in the hope of price surge in the future. Although block rewards halved by last halving placed on 11. May, new miners are still joining the network. For that reason, giant mining rig manufacturers such as Bitmain ran out of stock and cannot respond to demand in the market.
Will Bitcoin Surge even more?; Supply and Demand
The third factor is the statistics, which Grayscale published. Statistics show that demand is 6.9 times higher than supply in Bitcoin market. In fact, only 6.25 BTC is mined every 10 minutes and it would not be possible to increase this amount. Therefore, there is a wide gap between supply and demand in Bitcoin market. This is a crucial fact that Bitcoin price will rise and set new all-time-high.
What is your opinion about that? Will Bitcoin reach new all-time-high? Share your thoughts with us. .