The importance of the Bull market phase of Bitcoin

The bull market and bear market phases are part of the life cycles on the stock market, and the same cycle is present on the crypto market. When it comes to Bitcoin, currently, it in the midst of a bull market phase, which means the price is growing exponentially. In this article, we provide an overview of the main outcomes from the bull market phase of Bitcoin and how it affected the crypto market.

The Bull market phase 

This bull market phase started with the Bitcoin halving, which occurred on the 11th of May 2020 when the block reward that all of the miners receive was cut in half. After this event, there were many expectations that the price will increase as it usually does after each halving. The bull cycle that followed exceeded every expectation.  

Namely, the price of Bitcoin hit $9,999 after the halving and subsequently continued to increase, breaking previous all-time highs of the cryptocurrency. Actually, by the end of December 2002, the price surpassed $20,000.   

Next, in just less than a month it hit $40,000, whereas in February it reached $50,000. Now, in March, the price is still growing, and it increased over $60,000. More specifically, Bitcoin experienced an increase of 800% in just a year, and experts feel the bull cycle it’s far from over. In terms of its market cap, it has increased from $600 billion to $1 trillion, which made Bitcoin the largest cryptocurrency on the market.  

For investors that have been holding BTC, this was an incredible bull run that resulted in high returns. Another reason why this bull market phase is still in full force is the accessibility of online exchange sites. In comparison to the past, today, there is a variety of online trading sites where you can register and buy BTC. 

An excellent platform is the Bitcoin Trader app that has partnered with high-quality robot brokers and is based on cutting-edge AI technology. Furthermore, due to its automated-trading system, the live trading on the platform needs a minimum input from you, and you only need to spend about 15 minutes on the site. Plus, you can earn up to 60% of daily profits on the platform by investing just $250. 

Institutional investments 

One of the greatest outcomes of this bull market phase is the attention Bitcoin amassed with its fantastic bull run. Actually, it found support from a lot of institutional investors, which impacted the demand for BTC, and consequently, the price grew further. 

Some of the names associated with Bitcoin are the Pantera Capital, Rothschild Investment, Grayscale Investments, and other prominent investors. When it comes to companies, there was incredible support regarding BTC from well-respected companies such as MicroStrategy Incorporated, Tesla, Microsoft, PayPal, Square, and many others.  

Overall, the main benefit of this bull cycle is that it received support from institutional investors and companies, which means that the demand for BTC is much bigger compared to previous ones, and this not only further impacts the bull cycle, but it also brings BTC closer to the mainstream.

Mainstream adoption of BTC  

In addition to the support investors, there are a vast number of companies that are choosing to accept Bitcoin payments for their services or products. Although this trend has been present in the crypto market, there is a dramatic increase in the number of businesses that are willing to accept BTC. At present, there are over 15,000 companies the support Bitcoin.

Some of the more popular brands are AT&T, Home Depot, Twitch, Etsy, Shopify, and many others. Because there are multiple options available for customers and supporters that want to be able to purchase items with BTC compared to storing them for a longer period of time, this development in the business sector is beneficial for the Bitcoin community.