Bitcoin is now past $9,500 disapproving its critics. In just one month, Bitcoin has gained over $1,000. Going by the trend, we could see a value of just under or over $10,000 in the next two weeks.

Considering its value at the beginning of the year, many critics predicted a total failure of the cryptocurrency. However, the market chose to defy the odds, and Bitcoin is now soaring to highs last seen over a year back.

Bitcoin’s excellent 2019 just got better, with the reaching of new highs for the year | Source: CoinMarketCap

There several reasons causing Bitcoin’s bull run. This article explores some of those factors that are exciting, crypto investors.

Bitcoin’s Momentum Shows No Signs Of Stopping

Arguably the most overlooked factor, the momentum the cryptocurrency has created ever since it started its comeback is enormous. It hasn’t been a perfect run for the cryptocurrency. Nonetheless, each new week was marked with a new high for the year.

Further, the momentum is also growing as a result of FOMO. Last time Bitcoin was on such a bull run; many feared to invest in the cryptocurrency, especially after it crossed over the $10,000 mark. Many missed out on Bitcoin’s all-time high, which was just shy of $20,000. The market is older and wiser now; no one would want to miss such an investment opportunity.

The momentum is only going to rise.

The Halvening Comes Ever Closer

Bitcoin’s planned total market supply is 21million. It is yet to reach that figure and Bitcoin wants to keep it that way.

Now, the halving will see rewards for mining reduce by half, from 12.5 to 6.25 BTC per block. The desired result is a reduction in mining participants to reduce the number of BTC in circulation. Moreover, less BTC per block will also reduce the supply of BTC into the market.

As a result of the upcoming halving event, the expected decrease in supply is creating a demand for BTC as more people join the crypto community. Many are expecting BTC’s value to increase significantly after the halving due to the reduced supply. Therefore, investors are likely purchasing as many BTC as they can, which is driving its value higher.

Market Adoption Continues To Increase

Facebook recently officially announced Project Libra, which was met with different reactions. Tom Lee also contributed speculating that the announcement of Libra will help BTC rally past $20,000.

The market is becoming more receptive to cryptocurrency as its use cases become clear. Central banks around the world are debating the best way to implement cryptocurrency in their daily operations. As these debates go on, more people are made aware of cryptocurrencies and their true potential.

With increased awareness, the population will likely adopt actual cryptocurrencies at the expense of government-backed solutions. In as much as the market is receptive, lawmakers want to surround cryptocurrencies with a lot of rules and regulations which cryptocurrencies were against from the very beginning.

Moreover, the advantages of traditional cryptocurrencies outweigh the upcoming centralized digital coins. The expected increase in participants within the crypto industry is, therefore, driving the price of BTC. The increase will not only be seen in individual adopters but also institutions as well.

Already, various stores are accepting BTC as a form of payment. The number of outlets accepting BTC is also expected to grow with increasing awareness of the usefulness of the cryptocurrency.

There are other reasons behind the scenes why BTC is climbing; however, whatever the reason, the crypto community is celebrating. 2019 may be the year that we finally see crypto break $20,000.