Bitcoin is a digital payment currency that utilizes digital medium for exchange and P2P technology to implement and govern monetary transactions without the requirement for any intermediaries. This is more advanced compared to the transactions in counter in the financial institutions. The open source network creates the bitcoin and manages the transactions on the platform, and the bitcoin blockchain is the ledger that holds account of these transactions. Bitcoin is produced through a process called mining which is done through the use of computer processing power. BTC is the 1st largest and the major cryptocurrency in the market, due to which it’s volatile. However, the rise in price recently shows the receding volatility feature.
BTC coins are being traded at 5,298.39 USD on April 08 at 10:44 UTC for its relative MCap trading at USD 93,430,444,530. Based on these stats, BTC is the 1st largest currency in the crypto market. This is also evaluated based on the circulating supply of 17,633,800 BTC coins out of a maximum supply of 21,000,000 BTC and its corresponding 24h volume of USD 17,243,726,564. Coinmarketcap assesses the approximate return on investment (ROI) for this cryptocurrency to be 3,806.88%.
Market Trend Analysis
BTC traded at 65 billion USD, with its price per Bitcoin equaling 3,746.71 USD. The 24-hour movement indicates USD 4,643,245,456 worth of BTC was trading at the beginning of 2019. The cryptocurrency suffered a brief downtrend period. However, the overall market has been positive and has been on the uptrend majorly. The gradual increase in price values faced a major upsurge on April 04 at 03:34 UTC. The trading value bounced from USD 73,855,450,228 trading at 4,191.44 USD to USD 84,316,804,351 at the price of 4,785.15 USD and furthermore to USD 91,894,732,517 and selling at price of 5,213.59 USD on April 04. The growth percentages were estimated to be 14.16% and 12.53% respectively. However, the current price and the trading value has risen past up surged values.
Future of BTC
With the bulls in the rule of the cryptocurrency, Beincrypto estimates the price per BTC to reach around 7000 USD by the end of 2019 and further increase by the end of 2020 with the price ranging between 16,500 USD and 17,500 USD. Similarly, according to Investinghaven, the bullish pressure will continue on BTC, raising its price further to reach around 25,000 USD per BTC by the beginning of 2020. This prediction is completely bullish pessimistic.
The current market with its continuous significant rise in the values establishes a steady trend. This will be advantageous to both the investors and the traders to earn higher returns. The market looks beneficial with a long term profitable outcome.