Just like everyone, we are aware that Bitcoin (BTC) is a strong force in digital asset space. Sold mostly in United States dollars (USD), as a dominant cryptocurrency, it controls the largest volume in terms of its market capitalization. At the time of writing this article, the market cap of the currency stands at 167,747,485,725 USD.
With this huge amount, you can bet that a rise or fall in Bitcoin price will affect the cryptocurrency space significantly. When the price of the coin rises, other digital assets, especially those in the top ranks, tend to rise as well.
A sharp fall in Bitcoin price will cause even more serious fall in prices of other currencies, you can say that any injury on Bitcoin is an injury to all. Investors and the world at large are keenly interested in this digital asset for this reason; we are with them on this.
They are careful to be abreast with the current Bitcoin price and future predictions to make critical investment decisions that will make them profit.
In this article, we are right on this side of consciousness and hope to keep you updated on the different issues you should be aware of. These include the live price chart, its values, factors affecting the price and future predictions for 2020 and beyond.
Bitcoin Live Price Chart
Bitcoin is yet the cryptocurrency to beat! A look at the Bitcoin price live chart will convince any doubting Thomas that the digital asset leads while others follow. The price of a Bitcoin is displayed in USD on exchanges and EUR on some platforms.
In its early days, people wouldn’t even accept it free because it appears worthless. At the current USD 8, 240 plus, it will take some months if not years of savings to own a single coin of this now most valuable digital currency.
What do we see in the current Bitcoin price live chart? The volatility of the currency much like other cryptos is nothing unusual anymore as stakeholders have come to live with the volatility trend in this speculative market where Bitcoin reigns supreme.
This factor is the reason many purchase the digital asset when the price falls and simply store in their Bitcoin wallet for the future, expecting that the price will come out favorable someday like the 2017 era.
A careful study of the fundamental aspects, as well as the key development concept of blockchain technology, can be another angle to fully understand its changes over time.
In the rankings of digital currency, Bitcoin remains an undisputed leader, controlling not less than 50% of the entire market capitalization. Can there be anything short of strong value in this?
One of the attributes of traditional currency is scarcity and for sure we can conclude that Bitcoin fulfils this attribute, it’s not cheap to own one. This gives it a value, making people seek after it, even a fraction of it is sufficient.
World currencies such as the USD, yen, and others have felt the impact of this asset since its launch. It is sufficient to say that Bitcoin can be used to store value, an attribute that qualifies an entity to be termed a currency.
The air is clear at present that Bitcoin is worth a fortune now and in the future. No longer do people still doubt the sustainability of the digital asset and other Altcoins.
The value of Bitcoin was debated and many theories were postulated in the past years when it was cause for discussion among proponents of the currency.
A school of thought compared Bitcoin worth to that of solid minerals like gold and was perceived to be even more valuable utility to this mineral. Going by the current price at a little over USD 8,000 and with a total of 21 million Bitcoins (if all were mined) the estimate of the entire valuation sums up to trillions of USD.
That said, Bitcoin price is determined by speculation, the price comes from what people are willing to pay for it. If holders decide to sell at a given price, the price will remain at that.
This speculative factor is the reason for the volatility of the digital asset. As a non-traditional financial asset, this factor is the brain behind consumers’ sentiments playing a major role to affect BTC price, the financial analysis seems not to be the major driving factor as in the traditional monetary climate.
Bitcoin Historical Prices
The historical price of Bitcoin should help us understand why investors are queuing up to have this upcoming currency. Back in the days when Bitcoin was introduced, nothing of a market that caters to cryptocurrency existed.
As the news travels across the Internet, many people got educated about this innovative technology. We could say Satoshi Nakamoto had a clear vision of the future of the currency and before long many started seeing value in the development.
The result was adoption by many users and businesses started springing up such as the exchanges and informative platforms like ours.
Heard of the history of Papa John receiving 10, 000 Bitcoin as payment for two pizzas? He was involved in the first real transaction. That was how much value people put on it back then; it sold for fractions of a cent.
The developers kept hope and were trading the currency for that low to get the information across to as many people as they can. And fast forward to 2010, the price of one Bitcoin moved from being sold at 3 cents a year earlier to 5 cents in 2010.
These were the days when exchanges were not in existence. As a peer-to-peer technology, it was exchanged from persons to persons. Gradually Bitcoin price got to the $30 mark in 2013.
With the incoming of Altcoins in 2011, Bitcoin continues to gather momentum as the leading digital currency of the time to date. The introduction of exchanges gave more prominence to this speculative market where BTC price was the undisputed leader and 2017 saw the great bubble of the era in the history of Bitcoin price – It peaked at about $20, 000 to one Bitcoin.
Just like in 2011 when the price crashed by 68% after reaching the $1000 mark, the speculative factor and interests from government, among other reasons lead to the crash once again after the peak of 2017.
It powered back a little to rise but couldn’t keep up and the fall continues. No sooner was BTC price down to $12, 000, further down to $8,000 and worse still to a low of USD 5,000. By this time, Bitcoin is traded in most currencies of the world including EUR.
The good story goes on about the emergence of this innovation. This gave much publicity to the term ‘Bitcoin bubble’ which has come to be a significant part of the market to date. As a pillar in the industry, some casualties were recorded in some Altcoins getting affected by this unprecedented bull run of Bitcoin.
Bitcoin is traded at over $8,200 at the moment in October 2019. Despite the crash, millions of people still trade Bitcoin over the Internet adopting different strategies.
There is a strong belief that BTC price could experience another bull run not too long from now and we can’t but agree less. We are optimistic it has a good future ahead of it.
From the past experiences in the cryptocurrency market, it is difficult for anyone to predict the price or future of Bitcoin. Traders should view the asset to still be in the experimental stage and so, pegging the price or accurately predicting the future may be a mirage in some way. That’s because the technology does not follow the principles of the historical currencies that we are familiar with.
Owing to the uncertainties surrounding the new development, many pundits would have tried to see the end of this digital asset but all efforts have been futile. That aside, Bitcoin has kept its growth and remained the most valuable digital asset that tops the list in all exchanges around.
Improvements are made to the network periodically in the various forks that have been experienced in the market. At the current period as we speak, there is strong optimism in the market that price will once again come up strong in the rest of the year.
With this in mind, we are delighted to bring you up to speed with the trends and expectations of the future in our Bitcoin price prediction for the upcoming years.
Bitcoin in 2020
The year 2020 promises to be a year when Bitcoin is hoped to attain a great deal of maturity in the cryptocurrency space. The developers are hoping that the network will be more affordable and faster as well.
They gave the Bitcoin Lightning network as the instrument that will facilitate this. Also, some notable retailers will begin to accept the currency as a means of payment.
We’ll also see third-party applications making a conscientious effort to adopt Bitcoin payment. Countries will find Bitcoin a solace as an option for their failed fiat currencies, the case of Venezuela quickly comes to mind when talking about this.
Users will enjoy low fees during Bitcoin transactions because miner rewards that determine this will be halved come 2020 when more improvement is seen. More scarcity of the digital currency should be expected as there won’t be sufficient Bitcoin to go round everybody as its mass adoption gears up.
This invariably gives more value to Bitcoin as a potential legit currency. The speculation will once again increase leading to the FOMO (fear of missing out) experience where people will rush to own some amount of the coin. Let’s keep our fingers crossed that the experience of 2017 may repeat itself in 2020. We will moderately say Bitcoin price stand near $15, 000.
Bitcoin in 2021
By this year, it is expected that all Internet users will know what Bitcoin is. Think of it that a substantial number of Internet users will have used the digital asset. The acceptance will be so strong that the rest of the world will be reaching to have a hold of the currency.
The laws of demand and supply will drive the price of Bitcoin high up in the sky. The trading of Bitcoin will be such that a little fraction of the coin will be traded. At this instance, let’s view the price of Bitcoin going up as high as $100, 000 even to a million USD.
Many hold the belief that Bitcoin’s future is going to be a reality before all. We stand in between the divide because Bitcoin is difficult to predict. It may stand strong or if the unusual happens, fail.
Bitcoin is promising, no doubt, but will the consistency that is seen in the development stay? Analysis of the bright future is simply on sight and a brighter one in years to come.
Factors Affecting Bitcoin Price
BTC price is not a stable one. Generally, there is strong volatility in the cryptocurrency space. To all digital assets, volatility is one word that is associated with each. There is no one single factor affecting Bitcoin price but we are taking a closer look at the most prominent.
1. Events and News
As the news spreads and many people are coming to terms with the use of the digital currency, demand and supply factor influences the price. News such as the attack on Mt. Gox by hackers made investors see vulnerability in the system, leading to many users wanting to give away their asset for a low rate, the supply becomes higher and the price begins to fall.
With many willing to sell, the price tends to drop for the period until favorable news stabilizes things once again.
In the situation when the news is a favorable one, the FOMO factor will also set encouraging many to buy in a rush to not miss out on the gains. This drives the price up considerably also.
2. Trading on Exchange
In the earlier days of Bitcoin, the price starts to rise because many people can easily access the digital asset from exchanges with EUR also coming in as a trading pair. As many exchanges sprang up, trading the currency increased giving it more value, making it an important digital asset.
More interestingly, it has gone beyond the traditional exchanges. Conventional markets are now including Bitcoin prices in their list of assets. It is traded against well-known fiats beside the USD.
It is not uncommon to find it being paired with EUR, pounds and other fiat currencies all over the world. This is a positive one that will impact nicely on the currency and drive its course forward tremendously.
3. Government Interest
It is not possible to take away the effect of government regulation on Bitcoin prices. The interest shown by different governments in various countries has significantly affected the price of the digital currency.
It can be on a positive light for some users while others may pass this off as a threat to the system.
Those who believe in government regulation will start buying into Bitcoin the more while those who don’t will want to sell off what they have. The price will swing in any direction depending on which of the two wins the supremacy battle.
To the supporters of government regulations, it assures them of Bitcoin price, its sustainability, and usability. To the opposing end of support for government regulations, the fear of unfavorable laws is what they don’t want to abide with.
This can lead many selling out there assets and if they are in the majority, the price drops.
4. Increasing Acceptance of Bitcoin
The value of Bitcoin price increases as many people use the coin for their purchases. It is no longer news that some businesses over the Internet now accept Bitcoin as a means of payment.
This gives strong credibility to the coin and strengthens its performance. Notable companies like Dell and New Egg now see sustainability in digital currency and are allowing their customers to have their hands on the cryptocurrency.
You now have BTC/EUR on trade pairs, not only with the dollar.
The talk of Goldman Sachs constantly fills the air and the introduction of the Ethereum payment network by JP Morgan as positives to push up the price of Bitcoin. The fact also that automated teller machines are now installed to trade Bitcoin expands its use much further.
You can point to many other factors that affect the Bitcoin price. Interests from regions like Asia, a continent with a significant amount of the world’s population has shown in the past how government restriction and an ultimate ban on the digital currency have driven the Bitcoin price downwards.
Mining is yet another factor that cannot go unmentioned. With many people using and wanting to access the very limited number of Bitcoin in circulation, the network difficulty also becomes increased, leading to more consumption of resources and subsequently higher fees passed on to the traders in every transaction they make.
There you have it. Bitcoin price will always be an interesting one. Though the price of the digital asset is strongly influenced by speculation, we try as much to put aside sentiments and only give our readers information that we feel is the best to enhance their knowledge base and to help them make an informed decision when they have to.
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