Over the last couple of weeks, bitcoin has been enjoying a well-deserved bull run, characterized through rapid price increases within a short timeframe. During the last 30 days, the cryptocurrency has managed to surpass its previous all-time high of $20,000, thereby establishing a new record of $41,940. The market was quick to celebrate, gasping in awe.
Fuelling the Bull Run
The bull run was fuelled by an overflow of capital deriving from institutional investors, and further consolidated through ongoing retail investments. Many analysts warned that this was a bubble and that a price correction was imminent, whereas others were firm in their belief that the bull run was only getting started.