It was right from the start of the year 2021 that Bitcoin (BTC) was enjoying high adoption and all-time high prices in the market. All the success that has come to Bitcoin (BTC) in the year 2021 is because of the mainstream adoption that has come in the asset’s direction.
There are now several financial institutions as well as mainstream institutions that are now adopting Bitcoin (BTC). Many countries from around the world as well as billionaires have now started going pro on the digital currency.
At present, the overall market capitalization of the entire cryptocurrency industry is around $1.7 trillion, out of which $1.13 trillion belongs to Bitcoin (BTC). Bitcoin’s current market capitalization is even more than that of Tesla’s, which is currently below the $1 trillion marks.
As Bitcoin (BTC) amassed a huge amount of adoption from the mainstream sector, the industry has constantly surged in terms of price and market capitalization.
On February 22, 2021, Bitcoin (BTC) hit its all-time high price of $58,012 per BTC. However, it was not able to maintain this figure and soon its prices plunged and for a short amount of time, it came below $45k per BTC benchmark.
When this happened, the most common phenomenon occurred, which is panic and concerns all over the Bitcoin (BTC) investment sector. The plunge not only panicked the entire Bitcoin (BTC) but also affected the entire cryptocurrency industry. For the first time since January 10 of 2021, Bitcoin and the rest of the cryptocurrencies ended up facing a plunge with respect to prices and market capitalization.
Once again, this has resulted in the investors starting to choose two different sides. On one side are the investors who are bullish and on the other, are bearish.
As always, the bearish investors have started spreading negative remarks around Bitcoin (BTC). This has resulted in many investors selling their BTC as they are afraid that the price of BTC would fall even further.
On the other hand, the bullish investors are confident that BTC will be experiencing the same surge it did right after January 10, 2021. After January’s plunge, it took Bitcoin (BTC) only a matter of 3 weeks to re-emerge and continue to hit all-time highs before the 22nd of February.
If we look at the reality and the buildup around BTC’s demand and rally, it is obvious that BTC is going to go up again. In a matter of 48 hours, BTC went up to $58k per BTC, only to drop down to $44k per BTC, and then rebounding at $51k per BTC, which is the current price.
Additionally, the recent investments from Tesla and the pitch made by MicroStrategy to over 14,000 mainstream institutions are going to kick-in and once again, take BTC’s prices to all-time highs.