Price Analysis

Bitcoin (BTC) Price Analysis: Surge in Market as Price Per Bitcoin Crosses 5000 USD

eToro

Bitcoin (BTC) is a decentralized digital currency, without any intermediary, that can be transferred between users on the peer-to-peer Bitcoin network. These transactions are verified by the network nodes and are entered in a public distributed ledger called the blockchain. Bitcoin’s transaction properties include Irreversibility, Pseudonymous, fast and global transaction, secure and permissionless. It uses public key cryptography and innovative approach to verify and authorise the transactions at no cost.

Current Status

Bitcoin is 1st largest cryptocurrency and is the base for rest of the coins in the crypto world. It is currently being traded at 4955.70 USD on April 03 at 14:54 UTC. The market value of the cryptocurrency trades at USD 87,322,083,619 for the corresponding 24h volume of $21,288,541,399. The approximate rate of investment currently, as estimated by Coinmarketcap, equals 3,564.94%.

eToro Crypto

Bitcoin (BTC)

Elaboration on the Market Trend

The current market is at its peak with Mcap of BTC opening at 09:34 UTC with USD 88,589,627,060 and selling at 5,027.64 USD per token on April 03. The market opened at 65 billion USD at the beginning of January 2019 and reached a peak crossing 70 billion USD between January 7 and 10. However, the market deteriorated from January 11 until February 08, reaching its all-time low on February 08 at 07:34 UTC with the Mcap trading at USD 59,547,966,963 and its price trading at 3,397.71 USD. The numbers had devalued an average of 18.45% from its peak price. Nonetheless, the overall market has been on the increase after that. The market touched its 2nd peak on February 24 when the Mcap hiked to USD 73,420,015,731, which is lesser than its all-time high by 20.66%. The 20-day EMA exhibits the uptrend in the market with the values rising from USD 68,990,027,383 to the current value with a growth of 28.41%. The rise in price with the differential percentage of 26.34% offers good resistance support.

Bitcoin’s Future Price Prediction

Bitcoin’s price predictions have been majorly on the high with few dips in the market. According to being crypto, there will be a price drop of 65% reaching 3000 USD around September and by the end of 2019, it predicts a rise of 133.33% with the price going as high as 7000 USD. Further by the end of 2020, the price of Bitcoin is estimated to reach 16,500-17,500 USD. Similarly, the crypto ground also estimates a hike percentage of 35.72% in one year with the price touching 6739.1602 USD and by the end of 2024, the price would skyrocket to 22,552.6571 USD with a hike percentage of 354.19%.

Conclusion

On the whole, the current market and if the predictions are right, the future market of Bitcoin is going to provide a huge opportunity to its investors and traders with a huge beneficial outcome. The bullish pressure that is exerted on the market, if consistent, both long terms and short plans will return with high profits in the future.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button