Bitcoin is an amazing digital payment technology that emerged in 2008. Bitcoin is also referred to as a virtual cryptocurrency. Bitcoin has the basis of blockchain where all transactions are referred to as “blocks.” Each block enters this blockchain and is then broadcasted to the peer to peer technology of users of validation. Due to this, every user remains aware of each of their transaction which prevents stealing and double pending, in case if someone spends the same currency twice. It also helps the blockchain users to trust this technology.
Current status of BTC
BTC is currently getting traded at USD 4,011.21 (UTC time 08:12). It is the most leading cryptocurrency in the world with a market cap of USD 70,577,541,951 and with a circulating supply of 17,595,087 BTC. Its present value is currently on a bearish trend by -0.25%.
Price analysis of BTC by Bitcoin charts
By the above chart, it is evident that at present BTC is getting traded at 4,049.55 USD (UTC 08:15). Its present market cap has a value of 71,251,153,498 USD with 8,326,106,341 USD as its 24h volume. The same chart shows that nearly one month earlier BTC had a trading point of 3,984.19 USD. So, in this period, the value of BTC has been raised by 1.64%. Price of BTC has been on a bullish trend in this one month and its earlier price point of 3,990.15 USD has provided a good support resistance.
Future of Bitcoin
According to the crypto analysts, the price of BTC is expected to rise to $25,000 by the end of this year or at the beginning of 2020. Although, the experts have confirmed that BTC will not be so steep as its earlier price hikes, it will rise to some extent and will experience a bull trend in its future. Taking into consideration that there will be less volatility in the crypto market at the end of this year, BTC is expected to rise to $25,000. Majority crypto analysts have said that crypto market will experience new heights in 2020. BTC can give a 100% to 200% return on one’s current investment for over three years. If the market volatility sustains all year around, its value can even deter to as low as $3K in 2019. If the crypto market develops and there are more users of BTC, then, it can even trade around $50044.6 after 5 years from now.
It all depends on the crypto market and its volatility. If the volatility sustains, then, BTC can suffer tremendously but, if the condition improves, then, BTC will definitely create an upsurge in the cryptosphere.