Bitcoin has experienced a lot of changes regarding its price from 2020 to 2021. This has resulted in exceptional support from Bitcoin institutional and retail investors. Furthermore, it has put a spotlight on different trends in the crypto community. In this article, we provide an overview of different trends regarding Bitcoin and blockchain technology.
One of the most notable trends is the Bitcoins bull cycle, which is still in full force even a year after the initial halving, which was on 12 May 2020. The halving triggered this bull run because it cuts in half the block reward, and it also splits in half the available supply of BTC. Consequently, it makes the supply of BTC smaller compared to the demand. The block reward was decreased to 6.25 BTC, and the price of Bitcoin was around $60,000 in March 2021.
This trend has impacted the value of Bitcoin because after the halving in May every month, the investors saw an increase in the price of the virtual currency, especially as the year was approaching an end, Bitcoin for the first time exceeded $20,000. This meant that in a period of fewer than ten months, the price of Bitcoin doubled from approximately $9,500 to over $20,000. Since then, the bull cycle triggered an increase in the price at a much faster pace.
The price doubled in just a month as in January it hit over $40,000. And as we mentioned earlier, Bitcoin, for the first time, has managed to quickly surpass $60,000 in March. This is a price increase of over 224%. The implications of this bull cycle are huge, and it triggered a lot of different trends in the community.
But when it comes to the price, given the information we have so far, it is predicted that the price of Bitcoin will hit $100,000 by the end of 2021. Some supporters think that this target will be reached even sooner during this summer.
This bull cycle definitely emphasized automated trading because a lot of new investors who are beginners in this field wanted to invest in BTC. Also, automated trading sites are beneficial if you want to invest in other assets like oil, for example. There are many different reputable automated trading systems to choose from, like the Oil Profit App, for example.
You can trade at a highly profitable rate oil CFDs on an AI-powered trading system. Actually, you can earn an ROI of up to 90% here. If you want to register on the site, you just need to make a deposit of $250, and basically, the trading process will be facilitated for you. Another advantage is this app is compatible with both Apple and Android mobile devices
Another trend in the crypto community is joining mining pools and farms due to the decreased reward the miners get. This marks the surge of mining on a large scale and even as an industry in the crypto community. Especially since we saw a lot of mining farms being established as start-ups and companies around the world. Thanks to the mining on a large scale, it will be extremely competitive to work as a solo miner on the blockchain network, and in general, the network will become more saturated.
Another noticeable trend in the Bitcoin community is the adoption of Bitcoin and other cryptocurrencies by businesses, governments, and non-profit organizations. More specifically, governments that are seeing great demand from institutional investors and companies regarding BTC are looking for ways to control and regulate the crypto market.
Fortunately, most hold a favorable position regarding Bitcoin. In terms of non-profits and businesses, there are a lot of popular brands that stand by and support Bitcoin as a viable way of obtaining their goods and services. Some examples include The Water Project, Tesla, Shopify, Etsy, Home Depot, and many others.