Updated: Feb 17
Bitcoin (BTC), the largest cryptocurrency in the world, was able to surpass the $10,000 price level for the first time since September 2019. This allowed the whole crypto market to attract the eyes of investors once again.
This massive price increase started with a triple bottom registered by Bitcoin between the end of November and the first days of January. Bitcoin dropped three times to $6,600, $6,650 and $6,950 before starting the bull market in which we are currently in.
Bitcoin is gathering the attention of investors, businesses and new users due to the current market and value of Bitcoin. Thus, this price increase is expected to have a desirable impact on adoption over time considering new investors entering the space, and the whole crypto market cap surges.
How Could Bitcoin Increase Crypto Adoption?
By having a larger market, the possibilities that this provides are much greater than with a small and reduced industry. It is worth mentioning that Bitcoin and cryptocurrencies have a valuation of around $300 billion, and the maximum level was close to $850 billion between December 2017 and January 2018.
This was a moment in which a large number of businesses decided to enter the market, and users purchased digital assets. Each bull market is good for attracting new individuals.
However, before it is possible for newcomers to join the space, it is certainly necessary for crypto companies to invest and create solutions to onboard new clients, users and companies during periods of bull markets.
As Bitcoin surpassed $10,000, interest in Bitcoin is starting to grow once again. Individuals that do not generally pay attention to the market are starting to get interested, something that could help adoption grow. A larger number of users will be the owner of digital assets, which is going to have a positive effect on the market.
Bitcoin tends to attract a large number of individuals when it crosses certain thresholds. In this case, $10,000 is a price level that promises a lot in a year in which Bitcoin will experience a new halving. The new issuance of Bitcoin will be reduced from 12.5 BTC per block to 6.25 BTC per block.
This reduction in the halving could also impact adoption if the price moves higher than $10,000. We are now half way to its all-time high of $20,000, and the market remains bullish. Furthermore, altcoins are also expanding at very fast levels, meaning it may be possible for them to also attract investors and users.
If Bitcoin continues growing, several companies could certainly start adopting it. We may see companies accepting virtual currencies as a means of payment, or investment firms announcing new partnerships with crypto-related companies.
Furthermore, as the market expands, executives from traditional financial companies could start working in the cryptocurrency market. This represents a genuine growth of virtual currencies and how a new bull trend - in this case, Bitcoin surpassing $10,000 - could help adoption.
Crypto adoption increases when Bitcoin surpasses psychological levels such as the $10,000 barrier. After several months below that price, the market is now moving forward and helping virtual currencies reach new users, markets and companies.
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