Soared 160% in 5 months, where did Bitcoin’s madness start this year?

Since the beginning of 2019, the price of bitcoin has been “all the way to the north”. Since the beginning of the year, it has risen from 3,300 US dollars per piece to the current 8500 US dollars per piece. In just five months, the increase rate is as high as 160%, which has regained the last year of a bear market. The full decline in the last 7 months.
Although for the “super-emerging market” of digital currency, traditional financial people often ridicule their lack of logic, price volatility is terrible and there is always no valid explanation. The inefficient market pricing leads to news-to-price feedback. “random”. But since the beginning of 2019, this wave of bitcoin has not been accidental.

In February of this year, Grin and Beam were officially released under a privacy policy called MimbleWimble’s new privacy protection protocol, which verifies the sender’s and recipient’s private keys without transmitting any information. While the identity of both parties to the transaction is kept secret, the transaction is almost impossible to track, which is the best of both worlds. With Li Qiwei’s announcement of the plan to introduce the MimbleWimble privacy agreement in the Litecoin upgrade, the price of Litecoin has risen sharply. Since the digital currency world has always had “bit gold, Wright silver”, the motivation behind the creation of Litecoin is to improve bitcoin. Bitcoin also benefits indirectly.
After the currency restarted the Launchpad crowdfunding platform and completed the fundraising of the two projects of BitTorrent and Fetch.AI, the currency platform BNB went out of a wave of explosions. Subsequently, the concept of IEO suddenly sprang up, Prime, JumpStar, stellar plan… The “preferred” platform of each project rose from the ground up and became a new phenomenon-level hotspot in the cryptocurrency market. The attention and participation of the entire digital currency market ushered in Another wave of climax in the first half of this year.

The interest of traditional “giant” companies in the fast-growing digital currency ecology has also given considerable support to Bitcoin, a market-represented currency. In the list of companies that have already laid out or decided to participate in the ecological layout of the digital currency market, we can see leaders in various industries such as Facebook, Disney, Nike, Samsung and Fidelity. Among them, Facebook has announced that it will officially release its own digital currency GlobalCoin in the first quarter of next year; Samsung has built a hardware wallet in the flagship model S10 in the first half of this year, and is developing a blockchain main network based on Ethereum, which is likely to become The technical reserve of the currency; and recently the telecommunications giant AT&T also announced that it began accepting payments in digital currency.

Furthermore, the market still has some expectations for bitcoin ETFs such as VanEck / SolidX that have been postponed many times. US Securities and Exchange Commission Commissioner Hester Peirce said in an interview at the 2019 New York Consensus Conference that the time is now ripe for the approval of Bitcoin exchange-traded funds, and that each application may be approved, but the SEC still has some issues to solve. Such as market manipulation and asset custody. And because the US Securities Exchange Act requires the US Securities and Exchange Commission to decide whether to approve an exchange-traded fund within 240 days from the date of registration, if the SEC does not make a decision after 240 days for any reason, the exchange trades. The fund will be automatically approved. Therefore, the market generally believes that we are very likely to see the birth of the first bitcoin exchange-traded fund before October 13 this year.

The lightning network, which appears to be able to provide a more reliable payment solution for Bitcoin, maintains a high-speed growth momentum and provides a very direct boost to Bitcoin’s further strength. The Lightning Network allows for a large number of transactions to be carried out without the Bitcoin network expanding, and the transaction fee is almost zero. More importantly, the lightning network is able to achieve seconds.
As Bitcoin officially broke through the $8,000 mark, market trading volume has continued to soar in recent times, and the arrival of the flood season has also caused miners to “wake up”. Today, bitcoin continues to occupy the headlines of major websites. The bear market atmosphere of the past year is gradually dissipating, and market confidence can be quickly rebuilt. Bitcoin is obviously also “cognitive” by more people in this process, and is thus “recognized” by more people.