Bitcoin incepted early in 2019. It started getting traded at cents, and then, gradually it created a major upsurge by raising its value as high as $19,000+ per BTC. Bitcoin pioneers had the aim of putting the seller in charge, making transactions transparent by eliminating middlemen and canceling interest fees. They came up with a decentralized system where one can have full control of his funds and can remain aware of what was going on with his digital assets. Within a short span of time Bitcoin gained its popularity all over the world and it is still the top class cryptocurrency among all the digital currencies that are currently getting traded in different crypto exchanges. It is powerful enough to impact the prices of other digital currencies. The most well-known ubiquitous cryptocurrency is Bitcoin or BTC.
Present status of BTC
Bitcoin is currently getting traded at USD 3,896.37 (UTC time 07:46). It is the largest cryptocurrency among all digital currencies. It’s market cap has a striking value worth of USD 68,472,666,011. The number of bitcoins is scarce, and currently, 17,573,437 BTC are available to trade in various cryptocurrency exchanges. Compared to its yesterday’s price, the value of BTC has been increased by 3.26%, and it is now following a bullish trend.
Price analysis of BTC on the basis of bitcoin charts
On the basis of the above chart, it is seen that the current price of BTC is 3,897 USD (UTC time 07:51). Its present market cap is getting traded at 68,489,394,956 USD. Its current 24h volume is worth of 10,259,104,834 USD. The same chart shows that the price of BTC, one month back was 3,670.53 USD. Considering these two price points with one month gap between them, we can say that the value of BTC has been increased by 6.16%. BTC’s earlier price point of 3,747.37 USD has provided a very good support level.
What the future holds for BTC?
BTC has reversed most of its losses and has made it reach the mark above $3,800 against the US dollar. It is currently facing strong resistance at $3,860 due to which it is expected to rise above $4,000. According to majority technical analysts, by 2020, BTC will be so popular that in some countries, people will buy their coffee with this. According to the renowned Crypto analyst, Tom Lee, BTC price can be around $91,000 in 2020. According to his forecast, BTC is susceptible to break its all-time high in 2017 by reaching a peak of $25,000. According to a report in the UK’s Express Newspaper, by the end of 2019, BTC will be trading around $36,000. It is also obvious that to reach this height, BTC will need more investors and capital inflows. BTC has already got a massive number of users including well-renowned business people and big names in the global finance industry.
The market being highly volatile, there will be fluctuations in BTC prices. Moreover, BTC has an earlier history of frauds and thefts due to which its bearish trend was obvious. The number of countries will start trading with BTC, the more it will have the probability to hike its value by 2020.
BTC developers can install Lighting Network Upgrade, and this can be a significant contribution to its future price hike. Time matters in the cryptocurrency arena. From the above predictions and discussions, it is cleared that BTC has the chance to get upraised but, before you invest on it, you should be clear about what it is and what it is planning to achieve.