Price Analysis

Bitcoin (BTC) Price Analysis: Is Bitcoin’s 5000 USD Mark Sustainable?

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Bitcoin is network backed by blockchain technology which is run on consensus. Bitcoin is the market pioneer in the crypto sector. Bitcoin (BTC) has been created to create a system for payment system which will be unique from the conventional ones. It also is void from any centralized authority to approve the transactions. The creation of Bitcoin (BTC) has been with many versions. However, it was established in 2008 by an individual or group of individuals with a hidden name “Satoshi Nakamoto.” Bitcoin (BTC) is described as a payment system based on peer-to-peer payment, and it offers an alternative of the established financial institutions.

BitcoinWith 3611 % return on investment (ROI), Bitcoin (BTC) is the largest as well as the most renowned cryptocurrency in the market. The maximum possible supply of coin stands at 21,000,000 BTC, and the current supply and the total supply stand at the same figure of 17,626,287 BTC. The current market cap of Bitcoin (BTC) on 04th April at 02:29 UTC is 88,552,672,440 USD. The value of each coin in terms of USD is 5023.90 USD, and the 24 h volume stands at 22,250,479,757 USD at the same UTC.

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The past month Bitcoin (BTC) has seen enormous growth. Exactly a month ago 4th March Bitcoin (BTC) was traded at 3855 USD, and the market cap was 67,741,834,164 USD. The current market cap is 30.72 % more than the figure of the past month, and the value of each coin in USD is currently 30.321 % inflated from the value of March 4. But, the past one week has seen most of the growth, and apart from that period, the growth track was more or less stable. Till 1st April the price of each coin was hovering around the 4000 USD mark.

The legendary coin, Bitcoin (BTC) has outperformed all other crypto coins in the last few years, and it has been growing at the same rate as well. The crypto winter has affected Bitcoin (BTC), but experts believe that it would ultimately help the growth story of Bitcoin (BTC) in the long term by eliminating speculators. The price of each coin was hovering around 4000 USD – 4100 USD. But the recent increase to 5000 USD shocked everyone. The 25 % increment over just 24 hours has raised concerns about the growth. It is very premature to say if the coin will be able to sustain the growth. If it sustains, the next target should 5500 USD for making a handsome profit. Long term investors are advised to hold to their positions, and it will surely give dividends equally of the pre-winter market.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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