In recent years, the cryptocurrency market has grown by leaps and bounds. This is especially true for Bitcoin, which has witnessed a phenomenal growth in the past couple of years. As far as the cryptocurrency market is concerned, it has been witnessing a series of ups and downs since late 2017. In fact, the overall market capitalization of cryptocurrencies has risen from 15-20 million dollars to a massive 830 billion dollars in the past few years. During the same period, Bitcoin emerged as the top cryptocurrency in the market. However, despite its meteoric rise, Bitcoin’s value has been fluctuating this week. Read on to find out more about Bitcoin and how its value has been fluctuating in the past few weeks.
One of the most sought-after cryptocurrencies, Bitcoin isn’t managed by any agency or bank. In the case of Bitcoins, transactions are recorded in a blockchain. Blockchain is basically a public based ledger that maintains a record of every single Bitcoin-related transaction. Bitcoin was the first as well as the largest digital currencies (in terms of volume) in the market. It remains the leading cryptocurrency in the entire world.
In 2017, Bitcoin rose considerably from below 1000 dollar/bitcoin to nearly 20,000 dollars in less than 12 months. This happened largely due to the FOMO or Fear Of Missing Out factor. According to a recent report, there are as many as 32 million Bitcoin wallets in addition to approximately 7.1 million users who trade Bitcoins actively.
However, of late Bitcoin‘s value has been fluctuating massively. In fact, Bitcoin‘s price has been volatile for the past two weeks. The cryptocurrency’s price managed to break through a few key resistances, but it has failed to establish any secure support. As a result, Bitcoin‘s value has been hovering above 10000 dollars.
Bitcoin’s price, which has been up by almost 230 percent in 2019 dropped from its current high of 13,880 dollars/bitcoin. As a result, Bitcoin was trading low at 9,610 dollars last week. Many investors and traders now fear that the market will soon correct itself.
On the 2nd of July, Bitcoin‘s price stood at 10494 dollars. However, the week before, Bitcoin‘s value was fluctuating between 10000-13800 dollars. Given the current scenario of Bitcoin, many experts believe that in the near future Bitcoin won’t be utilized as a method of payment, but for the purpose of storing value. Cryptocurrency experts believe that Bitcoin is viewed as digital money and is expected to become a globally accepted currency. This may completely replace fiat money in the days to come. On the other hand, renowned Bitcoin OTC traders based in China believe that Bitcoin may touch $50,000 level by the year 2021. This means that now is an excellent time to purchase BTC.
While it is difficult to predict what would happen in the future, one thing is certain that the price of cryptocurrencies, particularly Bitcoin is tied to online sentiments. In fact, some of the major reasons that cause volatility in Bitcoin‘s price include bad press, comments, and information about Bitcoin‘s value.