Crypto Currency

The Reasons Behind Bitcoin’s Drastic Rise in Popularity

Although Bitcoin has been around for years, it’s only in recent times that it’s started to take the world by…

Although Bitcoin has been around for years, it’s only in recent times that it’s started to take the world by storm. The popular technology, which doubles up as a decentralized payment network and a type of cryptocurrency, has exponentially grown in usage, popularity, and price, but why?

Some may say it’s because everyone is jumping on the bandwagon. Others may point towards the increased exposure in the media, but there’s no denying that it’s spreading like wildfire. In fact, the value of Bitcoin is now well into the thousands, which demonstrates exactly how quickly it’s progressing.

Here are some of the biggest reasons behind the staggering rise in popularity.

Comprehensive Security Measures

When it comes to purchasing something online, you desire the peace of mind of knowing you aren’t going to be exploited by a hacker. With conventional forms of payment, such as credit and debit cards, you’re always going to be vulnerable to fraudulent activity due to inputting your details. That’s why more and more people love Bitcoin; it allows you to make transactions securely because of its strong encryption that the technology possesses. Also, since none of your personal financial information is connected to it, your identity can’t be stolen.

More Recognized Globally

Ironically, a key component of the popularity incline is the fact that there is a popularity incline. You see, when something spreads to a wider audience, it is perceived to be more legitimate, and that’s when more people feel comfortable enough to get involved. Plus, a much larger number of stores and businesses accept Bitcoin now, which has also helped.

Complete Anonymity

This one links back to the security factor, as the ability to avoid giving away your identity, reduces the risk of being cyberattacked. As Bitcoin is linked with a public ledger, it means malicious individuals are less likely to tamper with anything. But, the information being public warrants the anonymity in most people’s minds; this element has
undoubtedly fueled the rise in popularity.

Quick and Efficient with Transactions

The modern society is extremely hectic, which is why people deeply appreciate something that is fast, simple and seamless. So, as transactions that are completed using Bitcoin are quick and efficient, people throughout the world have been more enticed to get on board with the digital currency.

Fantastic Investment Option

Lastly, so many people are investing in Bitcoin these days, because the value is continuously rising. Even though there is a degree of risk to any investment, that still hasn’t prevented people from selecting the virtual currency as their preferred choice of investment. The more people that invest, the more the platform spreads and becomes
common knowledge.

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Crypto Currency

Bitcoin creator Satoshi Nakamoto dismissed early climate concerns

Bitcoin was created by Satoshi Nakamoto Damien Loverso/Alamy Bitcoin’s mysterious creator, Satoshi Nakamoto, dismissed early concerns about the potential for the cryptocurrency to consume large amounts of electricity and contribute to carbon dioxide emissions, according to newly released emails. The true identity of the creator of bitcoin has never been revealed, but after the currency’s

Bitcoin was created by Satoshi Nakamoto

Damien Loverso/Alamy

Bitcoin’s mysterious creator, Satoshi Nakamoto, dismissed early concerns about the potential for the cryptocurrency to consume large amounts of electricity and contribute to carbon dioxide emissions, according to newly released emails.

The true identity of the creator of bitcoin has never been revealed, but after the currency’s launch in January 2009, Nakamoto – a pseudonym – was active in online forums and email until late 2010, when they removed themselve

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2024 is the year for Bitcoin, gold, and silver, Bitfinex’s Head of Derivatives predicts

Share this article URL Copied Disclaimer Read More Read Less The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website.

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2024 will likely be a “decent year for safe-haven assets”, such as Bitcoin, gold, and silver, according to Jag Kooner, Head of Derivatives at Bitfinex. In a commentary sent to Crypto Briefing, Kooner shares his belief that the persistent inflation levels, remaining above the comfort zones of central banks around the world, are anticipated to result in a prolonged period of higher interest rates.

This could result in a delay in easing of monetary policies in developed markets, which may lead to some disappointment among investors. Moreover, Kooner points out that stock markets might face some challenges over the next months.

“Factors such as modest earnings growth and various geopolitical risks are expected to exert downward pressure on stock markets. Some research suggests modest earnings growth for the S&P 500, in the range of 2–3% and a target of 4,200 for the index, with a downside bias. This aligns with our view and we believe will result in more demand for commodities and Bitcoin.”

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2src24 is the year for Bitcoin, gold, and silver, Bitfinex’s Head of Derivatives predicts
Gold and Bitcoin correlation chart. Image: Glassnode

If Kooner’s prediction comes true, the data corroborating it might start showing over the next weeks.

Share this article

Share this article

2024 will likely be a “decent year for safe-haven assets”, such as Bitcoin, gold, and silver, according to Jag Kooner, Head of Derivatives at Bitfinex. In a commentary sent to Crypto Briefing, Kooner shares his belief that the persistent inflation levels, remaining above the comfort zones of central banks around the world, are anticipated to result in a prolonged period of higher interest rates.

This could result in a delay in easing of monetary policies in developed markets, which may lead to some disappointment among investors. Moreover, Kooner points out that stock markets might face some challenges over the next months.

“Factors such as modest earnings growth and various geopolitical risks are expected to exert downward pressure on stock markets. Some research suggests modest earnings growth for the S&P 500, in the range of 2–3% and a target of 4,200 for the index, with a downside bias. This aligns with our view and we believe will result in more demand for commodities and Bitcoin.”

However, the correlation between Bitcoin and gold has been negative in the last 30 days, according to on-chain data platform Glassnode. On Feb. 22, the pair shared a negative correlation of 0.5, where 1 is fully correlated and -1 is the absence of any correlation.

2src24 is the year for Bitcoin, gold, and silver, Bitfinex’s Head of Derivatives predicts
Gold and Bitcoin correlation chart. Image: Glassnode

If Kooner’s prediction comes true, the data corroborating it might start showing over the next weeks.

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Nearly half of major airdrop tokens peak within two weeks: CoinGecko

Share this article URL Copied Disclaimer Read More Read Less The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website.

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Key examples of short-term price peaks include Ethereum Name Service, which surged by 73% on the second day of trading, and X2Y2, with a 121% increase in the same timeframe. Other notable airdrops such as Blur, LooksRare, and ArbDoge AI also saw significant returns within the first 14 days.

The trend suggests an initial spike in interest following the airdrop, leading to a temporary price surge. However, not all airdrops follow this pattern. Some, like Solana aggregator Jupiter, experienced a decline immediately after the airdrop, indicating a quick sell-off by recipients.

Nearly half of major airdrop tokens peak within two weeks: CoinGecko

The other 27 tokens analyzed in the report reached their peak values beyond the two-week mark, with some taking as long as 581 days. Long-term market conditions and project developments can also play an important role in the valuation of airdropped tokens.

Going over market conditions, the report identified that 19 of the 50 tokens airdropped hit their all-time highs during the 2021 bull market, with some tokens like Uniswap showing returns significantly higher than their short-term peaks.

2022 was notable for NFT-related airdrops, with tokens such as ApeCoin and LooksRare achieving new highs despite an overall bearish market, showing the varied impact of market trends on different types of tokens.

Looking ahead, the approval of spot Bitcoin ETFs in the US has contributed to a bullish sentiment in 2023 and 2024. Airdrops during this period show a mixed pattern, with some tokens peaking shortly after distribution and others benefiting from a more extended holding period, indicating a shift in market dynamics that may influence future airdrop strategies.

Share this article

Share this article

Nearly half of the largest crypto airdrops have seen their peak values within the first two weeks of distribution, a Feb. 23 CoinGecko report shows. Specifically, 23 of the top 50 tokens distributed through airdrops, representing 46%, reached their highest prices during this period, highlighting a potential strategy for recipients to maximize profits by selling shortly after receiving the tokens.

Key examples of short-term price peaks include Ethereum Name Service, which surged by 73% on the second day of trading, and X2Y2, with a 121% increase in the same timeframe. Other notable airdrops such as Blur, LooksRare, and ArbDoge AI also saw significant returns within the first 14 days.

The trend suggests an initial spike in interest following the airdrop, leading to a temporary price surge. However, not all airdrops follow this pattern. Some, like Solana aggregator Jupiter, experienced a decline immediately after the airdrop, indicating a quick sell-off by recipients.

Nearly half of major airdrop tokens peak within two weeks: CoinGecko

The other 27 tokens analyzed in the report reached their peak values beyond the two-week mark, with some taking as long as 581 days. Long-term market conditions and project developments can also play an important role in the valuation of airdropped tokens.

Going over market conditions, the report identified that 19 of the 50 tokens airdropped hit their all-time highs during the 2021 bull market, with some tokens like Uniswap showing returns significantly higher than their short-term peaks.

2022 was notable for NFT-related airdrops, with tokens such as ApeCoin and LooksRare achieving new highs despite an overall bearish market, showing the varied impact of market trends on different types of tokens.

Looking ahead, the approval of spot Bitcoin ETFs in the US has contributed to a bullish sentiment in 2023 and 2024. Airdrops during this period show a mixed pattern, with some tokens peaking shortly after distribution and others benefiting from a more extended holding period, indicating a shift in market dynamics that may influence future airdrop strategies.

Share this article

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