Demand

The cryptocurrency market has blossomed in the past few months as Bitcoin hit an all-time high of $61,000, which has in turn increased the demand to mine these digital assets. However, crypto mining remains way out of reach to most investors due to the cost of mining equipment and electricity costs.

After the enormous price rally, the demand for Bitcoin seems to largely exceed its supply. This might bring the flagship cryptocurrency to a long-term bullish trend with new all-time highs.

Today, there is a price spike as XRP rallied to $0.52 high after breaking the resistance line of the descending channel. Soon after reaching the recent high, the price plunged back to the channel.

The price of Bitcoin (BTC) is rising again. To a great extent, this was triggered by the increased demand by big whales that used the price dip to buy some coins.

The digitalisation of the financial industry and the economy at large as well as the development of fintech increased public demand for cryptocurrency and advanced payment methods in Russia. However, the position of the country on cryptocurrency is still not clear.

Institutional investors have been redundant to make risky investments like cryptocurrency. But following the widespread embracement and adoption of digital investments including Bitcoin (BTC), investors have significantly developed an interest in this nascent kind of assets.