Why Does the Price of Bitcoin and Cryptocurrencies Go Up?

As we come up to another bull market with Bitcoin breaking new all-time highs, everyone is talking about how cryptocurrencies will go up in value. While this is probably the case, why is it? What is it about cryptocurrencies like Bitcoin and others that makes them increase in value over time? I analyze a combination of factors and break it down so that even people unfamiliar with the field will have a good understanding.

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