Two Factors Influencing Bitcoin’s Price Right Now

It has been a year of highs for bitcoin and cryptocurrencies. After surpassing the $5,000 mark, bitcoin is poised to surpass $6,000 next. As of this writing, bitcoin is trading at $5,592.56. Cumulatively, it is up by 546% since the start of this year.

A bunch of cryptocurrencies, including ethereum and litecoin, have imitated bitcoin’s trajectory and racked up gains ranging from 4,000% to 1,325% respectively. Besides the inherent dynamics of cryptocurrencies (there is a limited number of them in the market), other factors are at work in raising their prices…

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