Recent times, the price of Bitcoin has risen so high beyond our expectation to the point that it had added more than $2000 in less than 10 days. To some, it will be a mystery since other top altcoins like ethereum, XRP, Bitcoin cash, EOS, litecoin, cardano, Stellar Lumen, Tron are just following The Price Trend.
Some of the reasons why this is so are:
1) Bitcoin is approaching the 21000000 total supply: the today supply of Bitcoin has crossed the 20 million gap in the first quarter of 2018. At present, it is pushing to the 21 million maximum supply value. This has made a lot of people to see a way they could hold as much Bitcoin as possible since when it gets to this value it could only be obtained from its holders at a higher price.
2) increased mining activities: many miners and Bitcoin manufacturing companies like Bitmain are concentrating their mining activities to Bitcoin mining even though other altcoins like litecoin and ethereum could be mined as they look forward to have as much part of the coin they could so as to maximize profit in the cost of their mines.
3) Recent positions on its possible smoking: as far as the cryptocurrency market is concerned, the position of speculation will not be relegated. Speculation had helped some coins to gain against the other altcoins in the history of the market. One of the coin that is enjoying it presently is Bitcoin, which has the founder of litecoin Charlie Lee as a strong supporter that the future holds good for the coin.
4) high trading volume: also a factor that could affect the price of a coin is the trading volume. It is seen that the trading volume is directly related to the price of a coin. So presently, there is a higher trading volume that has made Bitcoin to push higher in price since most other altcoins owners are exchanging the coins to have as much Bitcoin they could.
5) increased in possible means of owning a cryptocurrency: previously one could rarely get a cryptocurrency by no other means but through exchanges. However, there has been an increase in financial institutions and investment firms that offers its users the possibility of buying Bitcoin with credit cards. That has increased it’s value since it is the first point of conversion of fiat to altcoins.