The week ending 22 Jun saw BTC cross the $10,000 mark. It rallied on past $11,000 with no signs of stopping anytime soon. If anyone had doubts about the bull run, then Bitcoin’s latest rally clears it up.

At $11,000, Bitcoin unearthed a long overdue excitement. From around mid-Feb, BTC’s value kept on rising week after week. However, because of the crypto winter, many were skeptical about the resurgence of the cryptocurrency. Even at $8,000, there were ill predictions about the fate of BTC.

After crossing the $10,000 mark, the market went into a frenzy. Bitcoin fever is spreading globally. From comments on social media to videos about the current bull run, the excitement is only getting stronger.

For The Love Of Bitcoin

https://twitter.com/rektcapital/status/1143474988189716480

Some BTC fans have taken their support to the next level. Jason Paige uploaded a parody video with the slogan “gotta cash ‘em all” a reference to the famous cartoon “Pokémon.”

All the support BTC is receiving is as a result of the dedication the community has towards BTC and cryptocurrencies. The community believes crypto can make the world a better place; thus, they take pride in pushing the agenda in their respective areas of influence.

Further, mainstream media is also helping promote the use of BTC. Earlier in the year, Bitcoin featured on one of the top animations of the year so far “Spider-Man: Into the Spider-verse.” The appearance of the cryptocurrency in the movie excited the crypto community and fans alike.

Market Factors Pushing BTC Higher In Value

The market is also excited because of the prevailing factors surrounding the rise of BTC.

Firstly, the upcoming halving plays a crucial role in keeping BTC prices on an upward trend. After the halving, the number of coins produced decreases; therefore, demand for BTC is likely to outweigh supply; enthusiasts and members of the crypto community maybe stocking up on the coin in preparation of a shortage or higher prices in future. Moreover, the halving also affects the reward for miners, which may result in a drastic reduction in daily BTC production, the desired result by the digital currency’s creators. Halving is done to reduce the rate at which BTC will hit its planned token supply. Secondly, the momentum built by the digital currency after the crypto winter seems unstoppable, thus creating a FOMO amongst traders. Many had written off BTC at the beginning of 2019. However, the coin is disapproving all the negativity it received. Many traders are now rushing to get the coin, therefore, pushing the demand of the cryptocurrency higher and its price too. Thirdly -Facebook. Facebook played a very crucial role in the weekend BTC surge. After announcing Libra earlier in the week, the price of BTC remained constant. However, going into the weekend, BTC’s price surged past $10,000. The effects of Facebook’s announcement were still being reviewed by the community. The potential of Libra to increase crypto awareness probably played a crucial role in the sudden surge.

Lastly, the crypto winter is over. Traders want to bask in the summer sun. Its all good news for the crypto industry.

The bull run is sure to last longer considering the factors at hand. Bitcoin remains the crypto king, and its dominance will only get stronger.

This article was originally published on Blockspectator.