If you follow the cryptocurrency markets, there is no doubt that you have followed the leader, Bitcoin (BTC). Most BTC experts are used to the ups and downs, but lately, bitcoin has been setting new records again and again. Of course, there were several deep pullbacks just after a few high peaks. For the most part, the history of the coin in 2021 has grown, grown, giving new meaning to Gandhi's saying. What's the best way to understand what the current year has been like so far and make some educated guesses about what awaits us in the last three quarters?
To get a feel for what has happened since January 1, it is wise to look at the current price level, see how ordinary investors can take part in the stock, analyze some of the new highs that were set within the first eight weeks of the year, examine the impact of the Tesla situation, and pandemic COVID. Here's a rundown of what every cryptocurrency enthusiast should know about Bitcoin's performance in the first half of 2021.
Where are we today
As of early March, BTC is worth $ 47,560. This piece of data alone says little. Consider the fact that the cyber coin was priced at $ 29,333 after New Years. That's an 80 percent rise in about seven weeks. If the stocks of large corporations did the same, investors around the world would be amazed. But these days, the financial media is hinting at anti-BTC sentiment for a number of reasons. The first is that governments in many countries are finally starting to understand that Bitcoin can become a true global currency.
Mass craze
What about regular traders who want to participate in buying and selling bitcoins? They did not stand aside because there are dozens of ways to take part in the general rally. Possibly the easiest one is to trade Bitcoin with CFDs. CFDs do not require huge upfront purchases, deposits or commissions. In fact, there are no commissions at all. Brokers make money from buy and sell spreads, which makes it incredibly easy for investors to buy CFDs, choose which side of the market, long or short, they want to be on, and make a buy. The point is, you don't need to be Elon Musk to speculate in BTC or any other major cryptocurrency.
Highs and pullbacks
Since January, prices have risen from $ 29,333 to $ 33,000, and then returned to $ 31,000. During the week, the price reached a new peak of $ 40K, bounced back to $ 34K, skyrocketed to $ 38K, dropped to $ 30K for a couple of weeks on January 27, and then began a long record rise / Today's new high is 58 $ 681.
Tesla
Tesla owner Elon Musk acquired BTC worth $ 1.5 billion in February. Immediately thereafter, the coin's price reached a new peak of $ 46,000. The key point to be learned from this event is that it is not completely isolated. For example, Musk also announced that his company, the world's leading manufacturer of electric vehicles, will begin accepting BTC as payment for all of the company's products and services.
Another piece of the puzzle is that Musk is not just an eccentric rich man who decided to enter the cryptocurrency market because he had free funds. He is a thought leader in both the automotive and business sectors, followed by millions of other influential investors, politicians and private business owners. There probably couldn't have been a greater one-off rise in Bitcoin's credibility and influence than the purchase of Musk. Look for other prominent corporate presidents and entrepreneurs who will do the same. This single incident was able to cause a kind of snowball effect.
COVID-19
All cryptocurrencies experienced a wild leap forward in 2020 when the COVID pandemic hit in March. Most of the players in this niche suffered and returned to normal in September. Since January, the daily flow of COVID and crisis news has subsided. Investors in virtual money markets are not responding to gloomy news headlines as they were in 2020. Perhaps this is one of the things that is taking all major cryptocurrencies to new heights.