Bitcoin’s 2021 bull market has been one of the most exciting and significant developments in the cryptocurrency space in recent years. After several years of relatively flat prices and slow growth, Bitcoin’s value has soared to all-time high levels, attracting the attention of investors and traders around the world.
Was different then 2017
One of the most notable aspects of Bitcoin’s 2021 bull market is its performance compared to previous market tops. In 2017, Bitcoin reached a peak value of nearly $20,000, but then fell back sharply in the following months. In contrast, Bitcoin’s 2021 bull market has been more sustained and consistent, with prices reaching new all-time highs on a regular basis, around $68k at the top.
More volume & markets correlation
One factor that has contributed to the strength of Bitcoin’s 2021 bull market is the increase in trading volume. In 2017, Bitcoin’s trading volume was relatively low, with many investors and traders hesitant to get involved in the market. In contrast, Bitcoin’s 2021 bull market has seen a significant increase in trading volume, with many more investors and traders eager to get involved.
Another interesting aspect of Bitcoin’s 2021 bull market is its correlation with other financial markets. In particular, there has been a strong correlation between Bitcoin and US stocks. As US stock prices have risen, so too have Bitcoin prices, suggesting that many investors are using Bitcoin as a hedge against traditional markets.
Enemy of DXY!
Additionally, there has been a strong correlation between Bitcoin and the US dollar index. As the dollar has weakened, Bitcoin has strengthened, suggesting that many investors see Bitcoin as a potential safe haven in times of economic uncertainty.
Overall, Bitcoin’s 2021 bull market has been a remarkable and exciting development in the world of cryptocurrency. With strong trading volume, consistent price growth, and strong correlations with other financial markets, Bitcoin has proven itself to be a viable and attractive investment option for many investors and traders.