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Price Analysis

Bitcoin (BTC) Statistics at Glance: Bitcoin Remains Unputdownable Due To Support From Over 35 Million People

Bitcoin (BTC) first initiated as an authored paper by bitcoin’s creator Satoshi Nakamoto. It is an electronic peer to peer cash system which came into being in 2008. It is a decentralized cryptocurrency that doesn’t require any poking of central banks for verifying transactions verified on their distributed ledger network. Bitcoins are actually created to serve as rewards in the process of mining.

Current status of BTC

BTC is currently getting traded at USD 5,078.86 (UTC time 05:10). With a vast market cap of USD 89,631,310,577 and a limited circulating supply of 17,647,925 BTC, it is the most leading cryptocurrency in the market.

Price analysis of BTC

BitcoinThe above chart shows that BTC is currently traded at 5,072.97 USD (UTC time 05:13). Its current market cap is worth of 89,526,349,335 USD with a 24h volume of 11,991,902,639 USD. The same chart shows that approx. One month earlier, BTC had a trading value of 4023.80 USD. So, within this period, the value of BTC has been on a bull trend by 26.07% with 4752.05 USD as a good support resistance.

Future predictions of Bitcoin

Investors have unbound hopes from bitcoin, no matter how much fluctuating it is in this volatile crypto sphere. Just a few days earlier, after a major bearish trend, Bitcoin surged up by 15% overnight, and analysts said that this happened as nobody is eager to learn their lesson even after a major crash. Many predictors say that as Bitcoin Exists, it is valuable and it will increase its value if more people start adopting the currency. So far bitcoin is concerned, over 35 million investors all over the world support Bitcoin. These are authenticated users as per the latest survey of Cambridge University. This huge level of participation makes it harder to reduce the value of BTC as the days pass by.

Keeping all these facts in mind, we assume that BTC can trade around $23,500 by the end of 2019.

Conclusion

BTC has high propensity to be upraised as many investors are hooked to this for its immense value. But it will definitely fluctuate due to the high volatility of the crypto market.

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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.
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