Why cryptocurrency is rising in value?
One of the main reasons why cryptocurrency is rising in value is the fact that mainstream institutions have shown faith in the model. In the beginning, incumbents on the financial scene viewed the blockchain technology as a threat to their very existence.
This was because its framework seemed to challenge the pillars supporting the market. This made many of them seek ways to tame the trend with some countries banning it and others declaring it illegal.
The model is still being subjected to skeptical criticism by some individuals and institutions. But the market has taken a different stance on the matter, showing a liking for it. This has necessitated some governmental authorities and institutions to reconsider their previous view.
In order to take advantage of market demand, many have opted to incorporate the new technology into their operations. Such integration has inspired additional confidence in the model and attracted investors leading to the rising value of the market as a whole.