Since December 2022 when the latest crypto winter came and gripped the world, prices of Bitcoin have been on a upwards trends. The price of the digital asset is now only 50% less than the all time $60,000 USD highs.
What does the future hold for Bitcoin?
The sudden rise in Bitcoin prices from $16,000 in early January 2023 to $28,000 in March 2023 was a remarkable event in the cryptocurrency world. The 2019 surge in prices was largely attributed to the increasing demand for Bitcoin from institutional investors. As well as the growing acceptance of the currency as a legitimate form of payment.
The increase in Bitcoin’s price was seen as a sign of confidence in the cryptocurrency’s long-term prospects, and the price surge was seen as a sign of increasing mainstream adoption.
2019 felt the Tesla effect
The increase in interest in Bitcoin was also driven by news of major companies like Tesla and Microsoft beginning to accept the currency as payment. As a result of this surge in demand, the Bitcoin market has seen a significant increase in liquidity, which has further increased its price.
