I've been watching and monitoring bitcoin for close to 3 or 4 years and I can say this year has been the best year for the crypto and all the investors in the market, firstly, the coin witnessed unpredicted increase in value this year more than any other year before.
I know that the value is based on the principle of demand and supply but I'd like to know what else contributed to the price value and the popularity bitcoin has right now globally.
Aside from the concept of supply and demand, the media plays an important role in the popularity of bitcoin and the whole crypto industry. The articles circulated about cryptocurrencies have opened the eyes of the public to see this online world and also saw the potential it has. This made the market for crypto to expand and successful. Hopefully, we will see more about bitcoin and the increasing number of companies linking with it.
That's correct, media played a big role in terms of attracting more people to invest inside this currency, though we are still relying with supply and demand but it seems people make their moves when certain news come around, if there's negative one people rush into panic selling their coins while if there's a good one, people will rush in buying and keep being fomo to take some chances to earn.