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Bitcoin Price Summary
At the time of writing, Bitcoin has been hovering at the $12k price mark, which is a highly significant value for the currency. This price line has been a long-time critical resistance point for the coin, but the frequency with which it has been reaching these heights this year is leaving investors feeling bullish on the Bitcoin exchange.
The rallying comes after many years of pullback, where the price would jump and fall in increments rather than hold a steady average. 2020 is significant because the last time these trends took place BTC reached its all time high of $20,000 back in 2017. This is also partially happening due to recent destabilizing global events which have spurred more people to buy Bitcoin as an asset akin to digital gold.
Cryptocurrency markets are notoriously volatile, and Bitcoin is no different. While this volatility is key for creating the profit-making opportunities which draw in traders and investors, it’s crucial to remain up to date regarding price changes which can be sudden and are often unpredictable.
Historical Price of Bitcoin
At the time that the first Bitcoin transaction took place, when Laszlo Hanyecz bought two pizzas in Jacksonville, Florida in 2010, the price of Bitcoin was only $0.01. Only a year later BTC reached parity with the US dollar. A great feat in of itself, this showed the potential that lay ahead as the community continued to work on making the network more secure and accessible.
Over the years the price would rise and then drop multiple times, until in 2013 it stabilized in the $650-$800 range. Each time the price would jump up, it would then drop low before stabilizing temporarily in the middle. This steady average has been rising over the years, pushing Bitcoin forward and prompting high expectations from hopeful investors.
Due to its structure and beginnings, Bitcoin has become ingrained with social unrest and financial instability. New users turn to it in times of crisis as a safe haven asset which they can keep securely in their bitcoin wallet. As such, outside circumstances have, at times, had a direct influence on the market price listed on the exchange. Events around the world, protests, depreciated fiat currencies and changing exchange rates have all been reflected in the volatility of Bitcoin in the past years. Political problems regarding the integration of digital currencies have also caused setbacks in the past, as in 2014, when there were false reports circulating that China would ban Bitcoin and prohibit their banks from working with digital currency exchanges. Although untrue, this led to a significant price drop revealing how any news, even rumour, can affect the leading cryptocurrency.
However, BTC recovered and in 2017 went on to break records by reaching a $19,783.06 value. Although this has not been achieved since, it paves the way for very high evaluations. This year also saw the most recent Bitcoin Halvening, which reduces the speed with which new coins are rewarded to miners by half. This decrease in influx will certainly impact the price as well, due to its increased demand on a reduced supply.
Bitcoin Price Prediction
When looking at Bitcoin price predictions it is crucial to approach it from multiple angles and remain vigilant. Although there is a lot to be learned about recognizing trends and making probability-based predictions, the key to success is in responsible risk management.
One has to look not only at how much capital is being invested in these markets, how liquid they are or what the trend lines are showing us, but also the bigger picture of the world as a whole. People often start to invest in Bitcoin as a way to remain independent from established financial institutions, hence faith in those influences the price greatly.
This year has brought Bitcoin to the limelight in new ways. While it has been relatively stable compared to previous years, hovering at certain prices for long periods of time, this year BTC has shown that it is capable of steadily holding a relatively high price point for longer periods. The more frequently it passes the $12k line, the more likely it is to shoot up and reach new highs. Within the cryptocurrency community, expectations are optimistic for 2020 as the trends are pointing towards a significant rise in the near future. This is partially due to increased investment capital pouring into Bitcoin from industry, but also because the importance of having a ready alternative to centralized banking is proving to be more and more important.
Bitcoin is becoming more accessible and familiar to people around the world, and it is slowly integrating into business and leisure as well. Because of this and looking beyond the next few years, Bitcoin is liable to become more and more valuable as it gains more adoption and grows in prominence as an asset.
Bitcoin Exchange Rate vs Major Currencies
Bitcoin exchange rate varies against every currency. US Dollar is widely used as the main currency to gauge the value of bitcoin. On our website, we provide the bitcoin exchange rate against the dollar as it’s the most widely used but we are looking into showing it versus other cryptocurrencies including Ethereum. It is however pertinent to mention here that the bitcoin exchange rates on our website are for information purpose only, they are not guaranteed to be exact due to varying price in different bitcoin exchanges.
Expert Tip on the Price of BTC
The price of Bitcoin has moved significantly in the last 10 years, making it one of the most valuable and profitable financial assets around the world. With an all-time high of $20,000, the price action in 2017 drove BTC into the mainstream arena. When looking for proper entry and exit points, experts often combine different technical analysis tools. Amongst the favourite indicators to trade and speculate on the value of bitcoin are the FIB levels, the MACD (Moving Average Convergence Divergence) and the RSI (Relative Strength Index.)
Bitcoin rose from the ashes of the 2008 financial crisis. A paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was released by Satoshi Nakamoto to a cryptography mailing list in August of that year. It promised to bring to users a peer to peer network which would provide the ability to process online financial transactions between strangers, completely securely.
In the codebase itself there was a written text which said “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” which many say is there as a comment on the very core purpose of this blockchain. There will only ever be a total of 21 million Bitcoin in existence, which reinforces its value as a finite asset against inflation and secures a definite market cap.
Although we have a name, the identity of Satoshi Nakamoto remains a mystery. A group of developers may well have been involved in the development of the cryptocurrency and whitepaper, and many community members haven, at one time or another, been suspected of being the enigmatic author.
Bitcoin’s highest priority is security, and in its history it has had only one breach. A vulnerability allowed users to generate billions of bitcoins, but within hours these transactions were erased and the bug was fixed. At this time the biggest issues facing the community revolve around the high transaction fees, which are currently necessary due to the upkeep costs of the network and miners.
Bitcoin Price Compared to Other Cryptocurrencies
While it is not yet breaking records the way it did in 2017, 2020 has seen Bitcoin’s price respectably high and steady compared to recent times. It has been repeatedly crossing the critical $12,000 price line, leaving investors hopeful that the price will reach new highs by the end of the year.
With cryptocurrencies, it is difficult to tell. The markets are always live and volatile, providing ample opportunities for traders to earn from their predictions. Make sure to spend time to understand the charts and practice responsible risk management, and get started!
Volatility varies from day to day but on the whole cryptocurrency markets are very volatile. Bitcoin has the biggest share and influence on the market, and the changes in price vary from several dozen to several hundred dollars on an average day.
How is Bitcoin different from other cryptocurrencies?
Yes. While many traders choose to trade in multiple currencies for the sake of maximizing their profits through an expanded portfolio, many make a living just off trading BTC.
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