Why cryptocurrency is going up?
Before coming to the main answer for what you all have clicked on in this article which is why is cryptocurrency going up & What is cryptocurrency used for?. It is better to know about the most recent progress of the famous cryptocurrencies. No, don’t need to worry; we’ll be discussing the intro part clearly and concisely so that it will be less time-consuming of your precious time. Besides this, we’ll also be sharing our thoughts on where is crypto going in today’s modern era? So, with no further due, let’s begin the short intro of some of the top cryptocurrencies around the world.
After the introduction section, we will be giving the reasons behind the rising of cryptos all across the globe. Hence, after the introductory part, there’ll be a section on the answers regarding the rise of digital currencies.
Why Bitcoin is going up:
We have been seeing several virtual currencies that have reached new heights in recent months. The top-notch digital currency–Bitcoin which started the whole new trend of digital wallets, in the second quarter of 2021, reached its record value of $64,000. This was the first time since its invention the digital coin has reached this price. However, among other virtual coins, this digital coin also faced backlash and dropped its price during the journey of becoming the world’s top-tier cryptocurrency. Moreover, until now, it is the best digital coin among other cryptos, including coins from different blockchains. The investor or buyer only needs a good signal of whether to keep it, buy it, or sell it. Therefore, you only need a good signal from your mentors, experts, and analysis.
to find more about why bitcoin is going up you can read our complete article on it by clicking the blue text.
Why Dogecoin is going up :
In the meantime, on May 5, 2022, the meme-based cryptocurrency known as Dogecoin climbed towards new heights. Since then, the joke crypto coin has been increasing its value and price. The first time this coin boosted its value was after the tweet from the CEO of Tesla and SpaceX–Elon Musk. Elon Musk randomly on his Twitter handle posted about Dogecoin. The tweet was taken as a joke initially because no one believed that this cryptocurrency–Dogecoin. Can be used for the moon mission for the SpaceX satellite. Besides this, in its entire journey from invention to the current situation, Elon Musk has backed up the digital coin.
Why Ethereum–Ether is going up:
On the other hand, the currency on the Blockchain of Ethereum, Ether, has also been in the race of increasing its price at regular intervals. To recall, Ethereum is not a crypto coin itself, rather it is a Blockchain on which other crypto coins or currencies are located. Now come to the primary part of this digital currency, the ether or ETH surpassed 3000 USD in the second quarter of 2022. Interestingly, this was the 325 percent climb in its value, that too in the same year.
Why Shiba Inu coin is going up:
Moreover, other cryptos in the Blockchain of Ethereum are also boosting their prices and values. For example, the Shiba Inu coin–An ethereum-based currency has been increasing day today. At the time of writing, the coin has gained an 11 percent rise in its value and some other spike is yet to be coming soon. The SHIB is the most famous coin in the Ethereum Blockchain after Ether; therefore, it has also been in the race of increasing its price like other digital currencies.
Why ADA Cardano is going up:
The above-mentioned is yet another virtual coin that has been rapidly increasing, just like a blink of an eye that is a phrase for understanding your concept, not in real meaning. In the last two or three months, this cryptocurrency has been on the top of the list following Bitcoin and Ether. In the past few months, this virtual currency has placed itself among the top three digital currencies. Hence, ADA Cardano is currently in third place of all the cryptos around the globe.
Why is cryptocurrency going up today?
All the virtual currencies are increasing day by day without letting someone know. As of today, the digital currency has reached new heights with the backing of investors, sellers, buyers, and even celebrities. To give in-depth details behind this, follow our below heading and points for getting a clear point of view.
The spiking or climbing of cryptocurrencies
Thanks for staying here for getting the answer to the reasons behind the going up of cryptocurrencies. There are plenty of reasons behind the spike of almost all cryptos, honestly speaking. But in our observations, opinions, and analysis, some of the major reasons behind the increasing value of cryptocurrency are listed below:
- As mentioned, digital currencies are extremely volatile and open for scams as well. Therefore, everyone needs to be mentally prepared for the loss. The rise and fall of almost all the cryptos depend on various factors or you can say, contributors.
- One of the primary factors behind the going up of digital currency is the support of digital currencies by celebrities, public figures, influencers, and other famous personalities.
- The Nasdaq stock exchange in April, the second quarter of 2022, listed the most famous cryptocurrency exchange website on its platform. As a result, the shares of digital currency gradually started to rise. This was considered one of the major contributors to the rise of digital currencies.
- Yet another significant reason behind the rise of this is the acceptance of virtual currencies as an alternative to cash, money, or typical currencies from the top-notch conglomerates. For example, Tesla and many other tech giants aimed to bring virtual or digital coins as a substitute for original currencies. Therefore, the value of digital coins started to going up.
- Several tech giants, such as Amazon, are alleged for accepting virtual currencies in the near future. On the other hand, Fintech or financial tech–PayPal announced it will allow its users to buy and sell Bitcoin through its platform. Isn’t this interesting???
- Last but not the least, the reason behind the rising of Bitcoin or other virtual coins is investors themselves. Yes, you read it right!!! The investors pushed the prices in order to create a market surge.