Bitcoin: What is behind the Bitcoin Bull Run?

Bitcoin Bull Run

Following a strong 2020 that saw bitcoin march to all-time highs for a gain of around 300%, 2021 could be even stronger. 

Bitcoin has surged to a record high amid rising interest from investors and claims that the volatile cryptocurrency is on the way to becoming a mainstream payment method. 

Bitcoin began 2021 strongly by breaking through the $30,000 (€24,464) mark for the first time, less than three weeks after first trading above $20,000. 

On Sunday 3rd January 2021, it hit a new high of more than $34,800, on the 12th anniversary of the bitcoin network being created. 

This latest rally comes as some financial institutions show growing interest in bitcoin as an asset class, and as its supporters argue that it is supplanting gold as a store of value. 

Bitcoin isn’t going away. It has existed for 10 years and will continue to exist. 

The 2020 bitcoin surge has been driven by institutional buying.   While newcomer retail investors are again buying bitcoin, many individual Wall Street names and consumer-facing payments companies have also warmed to crypto. This has all happened against the backdrop of the COVID-19 pandemic, with central banks pumping out stimulus money—a scenario that has served as a reminder of bitcoin’s scarcity and its appeal as “digital gold,” a hedge against inflation

What does this mean for Errante clients? 

At Errante, we pride ourselves on giving our clients many trading options.   

Bitcoin’s growing popularity and the general demand for cryptocurrencies is driving a welcome trading change this weekend.   

If you have any questions, please email our Education Centre.

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

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