Crypto Bulls: Driving Market Upwards
Bull is a person who is optimistic and confident that market prices will rise.
Who is Bull?
Bull, or “bullish,” can mean:
- traders or investors who base their strategy on the expectation that an asset will rise in value;
- a market condition in which most or all assets are steadily rising in value.
Traders who employ a strategy of buying an asset at a low price and selling it at a high price – based on the expectation that the price of that asset will steadily rise over time – are traditionally called bulls. Rather, the term refers to the way a bull attacks with its horns in an upward move.
Bulls are the opposite of bears, who use a ‘shorting’ strategy on an asset based on the expectation of a price decline.
The term ‘bull market’ can be used to describe a market in which assets are steadily increasing in price over the long term. Due to the activity of day traders in any market, asset prices can rise and fall several times a day. Nevertheless, if over the long term most assets show a cumulative upward trend, such a market can be called bullish.
The cryptocurrency market has been clearly bullish over the years since January 2009. Bitcoin (BTC), the original and largest cryptocurrency, has gone from $0.003 per coin in March 2010 to about $15,000 in November 2020, despite numerous – sometimes massive – falls along the way.