Where Is The Bitcoin Value Going?
Bitcoin emerged in 2009, created by Satoshi Nakamoto, and it was established with the aim of being used for purchases as well as sending and receiving money online. Lately, this currency has had ups and downs in its market value.
Many analyses have been carried out regarding its position in the market, most of which try to predict if this currency will survive in the market, and whether it will remain important or not.
It is generally considered that despite the growth in the cryptocurrency market, Bitcoin will continue to lead the pack for the time being as its iconic status still makes it the number one choice for cryptocurrency investors.
There are many theories regarding the future value of this digital currency
According to one market analysis portal, Bitcoin will continue to be the cryptocurrency the largest market capitalization - above Bitcoin Cash, Ethereum and Ripple - which are cryptocurrencies that also have a much promising future.
As the currency with the highest market value, users resorted to using it as a safer choice. While there was more demand for Bitcoin in 2017 than in 2018, the price was constantly fluctuating wildly until it reached extremely expensive levels toward the end of 2017 before it entered a downtrend at the beginning of this year.
Others were of the view that if cryptocurrency prices rise rapidly, speculators and the public would be attracted to generate money through it. The reality check hit rather quickly and Bitcoin and most cryptocurrencies have declined sharply in 2018.
Another overlooked reason why the value of Bitcoin has been decreasing is the emergence of other cryptocurrencies which are also offering good value with their improvements of the blockchain technology and the overall efficiency of digital currencies.
Every participant in the crypto market will always be attracted to that cryptocurrency that has a higher value and better prospects for a successful future. It would be useless to spend time mining a coin that will be unknown in the future, so that’s why everyone is attracted to the mainstream and the most popular cryptocurrencies.
Nevertheless, it's unwise to reach out to conclusions while it's still too early. Hesitation often saves lives when used wisely, and no one can really predict what could happen in this market with foolproof certainty.
According to analysts, Bitcoin is at a delicate moment. Often, it is viewed as a bubble by many economists and some say that it will keep going down from here. Since January 2018, Bitcoin has lost more than 80% of its value as have many other cryptocurrencies. Market capitalization has also plunged to levels last seen in more than a year.
However, some users have continued to hold their bullish positions despite the losses they have suffered. Many still expect a recovery in the price of Bitcoin and a re-establishment of the bullish trend seen in past years.