Just over 12 years ago, the Bitcoin revolution began. It was the 11th of January, 2009,
when Satoshi Nakamoto sent the first Bitcoin transaction to Hal Finney. Fast-forwarding to today, the cryptocurrency markets have exploded over the end of 2020 and beginning of 2021 and there have also been some crazy stories doing the rounds. From theories put forward by internet-famous astrologists, to popular trading exchanges’ Bitcoin supply running dry, we wonder where Bitcoin and Altcoins
are headed in 2021.
In less than one month, Bitcoin’s market value doubled from a new all-time high
above 18k to an even higher record at $40k on the 8th of January, 2021. For HODLers
and Bitcoin investors, this news was long-awaited and very, very welcome. Following
a 28% crash after reaching the new high, Bitcoin has been steadily recovering and
reached the $38k mark once again just a week later.
Naturally, crypto-sceptics did not see this coming. Could anyone have predicted just
how far this bull run would go? Even the exchange platform eToro could not keep up
with the exponential burst in demand for cryptocurrencies by traders looking to buy
Bitcoin over the weekend! Sadly, this also meant wider spreads for eToro’s 17 million
newly registered users. If this bull run persists, other crypto exchanges might even
follow suit.
Is now a good time to buy crypto?
The serious surge in crypto investors has understandably caused some concern
around its supply. But there is another way to go about it. By trading CFDs on
cryptocurrency pairs such as BTC/USD, traders can benefit from price movements by
going short or long on the asset. Plus, trading CFDs allows users to apply a good
amount of leverage to their trades in order to make the most of even the slightest
price movement.
The Word on the Web
As Bitcoin continued its impressive rise, there have been some wild theories
circulating the internet. Firstly, a self-described astrologer Maren Altman has been
explaining to her followers across Youtube, TikTok and Twitter that the price
movements of cryptos are written in the stars, providing them with astrology-based
advice on when to purchase BTC and other coins.
Speaking of altcoins, there are a few of them that always seem to make headlines
whenever Bitcoin turns bullish. One example is Dogecoin – you may have read Elon
Musk tweeting about it – which has risen 163% over the past month and has been
listed on two new exchanges. And as for celebrities riding the crypto bandwagon,
Lindsey Lohan has even appeared in a video promo for cryptocurrencies telling
viewers to drive their “Lambos to the moon”.
Say no to FOMO
From your next-door neighbour to the millionaires you see on TV, everyone is
becoming more interested in Bitcoin. According to Google trends data, web searches
for Bitcoin increased rapidly throughout the past month as the asset’s price rose.
Retail investment has also surged in recent weeks, as more investors turned towards
crypto.
Are you experiencing FOMO over Bitcoin’s recent bull run? Start trading CFDs at
Cedarfx.com today! With up to 1:100 leverage and a 0% Commission Account option,
CedarFX helps traders make the most of their funds.
Sign up at www.cedarfx.com.