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Bitcoin Smashes Through $60K Showing Huge Potential for Current Bull Run Cycle

Bitcoin Smashes Through $60K Showing Huge Potential for Current Bull Run Cycle

With a huge inflow of capital from institutional and retail investors alike, bitcoin has just reached a new all-time high, recorded at $60,445 at press time. But what has led to this super-cycle and where is bitcoin headed next? 

$1.9 Trillion Stimulus Bill Signed in the United States

First things first, many analysts believe that the recent record portrays bigger fears for inflation, as the US Dollar is devaluing following constant capital injections in the economy. While the stimulus bill will do wonders for the US economy as a whole, it is destined to lead to stronger inflation. Thus, it only makes sense that individuals everywhere are rushing to move their fiat to crypto, in hopes of retaining the value of their hard-earned cash.  While the crypto market is far from being a hedge against portfolio risk, its long-term uptrend does showcase serious potential for deterring inflation. Either way, anyone who had ever purchased bitcoin and hasn’t sold, is now in profit. 

Growing Interest from Institutional Investors

Tesla, Microstrategy, and the Grayscale Fund are only few of the institutional investors who have purchased billions in bitcoin, thereby leading to increased scarcity. Experts everywhere predict that other big companies will soon decide to keep part of their portfolio in crypto, as the market becomes considerably more established and safe. Volatility is still present, but this provides significant leeway for price growth for those who are in it for the long-term. 

Altcoins Scale and Serve Purpose

Bitcoin’s dominance remains high, yet altcoins are seeing significant use cases within specific industries. From deploying blockchain solutions to tokenising real-world assets, and establishing digital art through NFTs, the market as a whole is rapidly advancing. 

What’s Next?

With the aggregated crypto market cap estimated at almost $2 trillion, and with bitcoin officially catalogued as a $1 trillion asset, the ecosystem will continue developing and reaching people worldwide. The decentralized finance market is seamlessly banking the unbanked, whilst providing revenue streams for anyone seeking them out. Over the long run, there’s still huge potential for growth across most established crypto assets, especially as mass-adoption reaches new all-time highs.

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