Quote from: Sithara007 on July 28, 2021, 04:00:18 AM

Quote from: goldade on July 27, 2021, 02:44:59 PM

Although there are usually corrections in the price of a cryptocurrency, it is usually bullish on the long run because of its adoption in the mainstream or the crypto community. This adoption, however, increases with time which makes it bullish.
The price of bitcoin 10 years ago is really low but with its adoption over the years, it has grown to what the price is today. This means that someone who invested in bitcoin 10 years would be swimming in profits if the person didn't sell

The exchange rate for Bitcoin is solely dependent on the demand-supply equilibrium. That is not the case with other assets. For stocks, the price will depend based on the fluctuations in revenue or profit for the parent company. For gold, the prices will depend on the changes in annual mine production and recycling. But these factors are not applicable for Bitcoin. Even the changes in mining hash rate has only minimal impact on the exchange rates. It is the difference between supply and demand which determines whether the price goes up or down.

this is the interesting thing about bitcoin, where the price formation is purely from supply and demand, so it is not surprising that the fluctuations in price movements are very high. this is what makes traders who dare to take high risks come to trade them. when the bullrun occurs, traders begin to arrive, plus if the news supporting bitcoin comes one after another, this causes the buying of bitcoin to last for a long time, until finally the bad news started to come and the price increase experienced a saturation point, so the price was corrected again