Why Everyone Talks About Bitcoin?

Why Everyone Talks About Bitcoin?

Bitcoin has experienced a significant increase of nearly 160% since October, with 44% of the growth occurring in February alone, and its rate continues to set new records, surpassing the all-time high of $68,999.99 in November 2021. This surge comes in stark contrast to the previous year when the market faced an 18-month crypto winter marked by corporate bankruptcies and scandal.

The rise in demand from a broader range of investors has contributed to the boost in bitcoin and crypto, particularly with the anticipation of the FederalReserve lowering U.S. interest rates. This has led investors to redirect their capital towards assets that offer higher yields or more volatility.

Another factor driving the surge in Bitcoin is the upcoming halving event inApril, where the rate of token release is halved along with miner rewards.With only 21 million bitcoins available and 19 million already mined, the limited supply has played a role in the record-breaking rally of Bitcoin.

Given the current situation, according to crypto analytics firm Kaiko Research, Bitcoin's record-breaking rally appears to be creating around 1,500 new "millionaire wallets" every day where these wallets represent digital addresses on the Bitcoin blockchain for storing cryptocurrency.

The current rate of new millionaire wallets being formed is, however, slower compared to the last bull-market run in 2021, which saw over4,000 wallets reaching the million-dollar mark every day.

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