What Bitcoin Owners Need to Know
Bitcoin prices have been all over the place lately, but where is the digital currency headed next? According to a group of industry experts, we can expect continued volatility in the short term but bullish momentum in the long run. So what does that mean for investors and cryptocurrency enthusiasts? Read on to find out!
What Exactly Is Bitcoin?
Bitcoin is the first cryptocurrency and a proof-of-work-based blockchain created in 2009. It’s a decentralized digital currency that uses blockchain technology to enable trustless peer-to-peer transactions. Bitcoin has become one of the most popular investment assets in recent years. Aside from the fact that it can be highly profitable due to the high volatility of the crypto market, it is also very simple to invest in BTC. All that is required to obtain Bitcoin is an Internet connection.
There are numerous factors that can influence the price of Bitcoin. Unlike most altcoins, it is not as reliant on the rest of the crypto market and is usually the one to set the trend. However, BTC is still sensitive to major crypto news, particularly those affecting the industry or other major players.
Cryptocurrencies such as Ethereum and Shiba Inu Bitcoin’s price is also influenced by non-crypto news, as evidenced by its price movement in the spring of 2020. Another area of interest for those who have invested in Bitcoin or are planning to do so is ecology. Like any other asset, Bitcoin is influenced by news, whether it is about Bitcoin itself, crypto exchanges, or blockchain technology. When there is news about mass adoption, new technological breakthroughs, and so on, cryptocurrency prices usually rise. Any uncertainty, on the other hand, can cause its value to plummet.
Most cryptocurrency enthusiasts are familiar with Bitcoin’s price history. This coin has grown from nearly worthless to one of the world’s most valuable assets. Bitcoin’s market cap was once greater than that of several established businesses.
Looking at this chart, one thing becomes clear: Bitcoin’s price cycles are getting shorter. Furthermore, despite the coin losing value regularly, the average value of Bitcoin continues to rise. This indicates a promising future trend. According to the most recent data, the current price of Bitcoin is $$18,934.98, and BTC is currently ranked first in the entire cryptocurrency ecosystem. Bitcoin has a circulation supply of 19,185,406 BTC and a market cap of $363,275,247,383.85. The cryptocurrency’s current value has dropped by $234.79 in the last 24 hours. Bitcoin is having difficulty competing with other crypto coins. BTC has dropped by nearly 3.89% in the last seven days. With concerns about the associated risks growing recently, we don’t believe the coin would be a profitable asset for short term, despite having strong fundamentals. BTC’s price has dropped by 1.75% in the last month, subtracting a whopping average of $331.36 from its current value. This sudden drop indicates that the coin is currently downtrend.
Expert Bitcoin Price Predictions for 2022 Bitcoin is, without a doubt, one of the most popular assets to invest in these days. Because the crypto market has a low barrier to entry, even people who have never traded before can quickly become crypto investors. As a result, numerous Bitcoin price forecasts are available, all aiming to answer one simple question: Will it rise again in the future? The majority of experts are bullish on Bitcoin. Some, such as Wallet Investors, believe that the Bitcoin price will reach nearly $150K in the next five years. Others, such as Digital Coin Price, have a more reserved outlook: their BTC price predictions state that the asset will most likely have reached “only” $100K by 2027. On the surface, the crypto market appears to be expanding rapidly: many businesses are introducing crypto-related products and services. Fendi, for example, is collaborating with Ledger to launch a crypto wallet, and Twitter has recently introduced NFT profile pics. However, many experts are beginning to question the technology’s long-term viability. While significant public opposition to new technologies can be explained away as fear and misunderstanding of something unfamiliar, increasingly harsh regulations worldwide are making many experts wary of investing in crypto.
Although cryptocurrency is a relatively new investment, it has already seen significant fluctuations in price. Bitcoin, in particular, has had a rocky road since its inception in 2009. Despite this volatility, many experts are still bullish on the future of bitcoin and believe its value will only grow as time goes on. If you’re thinking of investing in cryptocurrency, it’s essential to do your research and understand all the risks involved before making any decisions. With that being said, 2022 could very well be the year of Bitcoin, and other cryptocurrencies, so keep an eye out for these digital assets!