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As cryptocurrency takes on new meaning, interest in its application in the fast-paced, ever-changing global economy has grown. Even within its macrocosm, crypto
As cryptocurrency takes on new meaning, interest in its application in the fast-paced, ever-changing global economy has grown. Even within its macrocosm, crypto
Cryptocurrency has made many people successful millionaires, but at the same time, it has also pushed many towards suicide and crippled…
Cryptocurrency has made many people successful millionaires, but at the same time, it has also pushed many towards suicide and crippled…
Thailand’s central bank has ordered all banks and other financial institutions to cease all dealings with digital currencies, citing…
Thailand’s central bank has ordered all banks and other financial institutions to cease all dealings with digital currencies, citing…
The positive news that El Salvador had officially recognized Bitcoin as a legal tender generated a lot of excitement in the crypto markets…
The positive news that El Salvador had officially recognized Bitcoin as a legal tender generated a lot of excitement in the crypto markets…
Blockchain is one type of database that is different from the normal database. This stores information differently, that is, in blocks…
Blockchain is one type of database that is different from the normal database. This stores information differently, that is, in blocks…
As a newbie in the cryptocurrency space, it’s normal for you to get confused of the difference between coins and tokens. In most cases…
As a newbie in the cryptocurrency space, it’s normal for you to get confused of the difference between coins and tokens. In most cases…
In the past week, the prices of most cryptocurrencies have remained in a quiet range as the trading volumes declined to a 4-week low…
In the past week, the prices of most cryptocurrencies have remained in a quiet range as the trading volumes declined to a 4-week low…
Market sentiment is a phrase used in finance to describe a highly subjective feeling about the state of a market. It’s the general reaction…
Market sentiment is a phrase used in finance to describe a highly subjective feeling about the state of a market. It’s the general reaction…
Elon is at it again, and this time it’s not great news for the Bitcoin market. Elon Musk took yet another jab at Bitcoin when he tweeted on…
Elon is at it again, and this time it’s not great news for the Bitcoin market. Elon Musk took yet another jab at Bitcoin when he tweeted on…
What Determines the Price of Bitcoin
Bitcoin first made the news rounds in 2009 when it was created anonymously by someone named Satoshi Nakamoto. At that time, there were mixed reactions from enthusiasts and business analysts. While some invested in this digital currency, many ran away from the opportunity out of fear. However, those who decided not to invest in Bitcoin early now regret that decision. Â
When it first started, the value of Bitcoin was not up to a cent. But some twelve years down the line, the price of Bitcoin now ranges between $30,000 and $50,000. In April, Bitcoin reached an all-time high of over $60,000. That means if you had about ten Bitcoins in 2009, the value of those coins would have hit more than three million dollars. Â
The stability of Bitcoin, over these years, has made many traders investors. For this reason, more and more people are picking up interest in Bitcoin and cryptocurrency as a whole. However, not many people understand the rules of cryptocurrency. Since Bitcoin is the most influential and popular currency, many enthusiasts want to know how the value of Bitcoin is determined. Â
What Affects the Value of Bitcoin
Because Bitcoin is a cryptocurrency, many forget that it’s a commodity. Like many other commodities, some factors will affect the price of the entity. A commodity like food increases in value because of the demand from the consumers. On the other hand, commodities like gold have more value because they aren’t readily available. The market trend of Bitcoin behaves similarly to the gold market because Bitcoin is a scarce commodity. Presently, the amount of Bitcoin supply that we have is not up to 20 million. The predicted maximum supply of Bitcoin is 21 million. This is nowhere near enough as Bitcoin keeps increasing in its demand. Let’s look at the factors that affect the price of Bitcoin.
Supply and demand
The supply of Bitcoin depends on the number of Bitcoin available for sale in the market. Every seller has the liberty to choose the price they want to sell their Bitcoin. The moment one seller has a lower price, almost every other seller has to adjust. So, in most cases, it’s preferable if Bitcoin buyers are more than the sellers for the value to increase. Â
Likewise, when the demand for Bitcoin increases, the value of Bitcoin increases. That’s because there’ll be fewer coins in circulation. Supply and demand are the main factors that affect the price of Bitcoin.
Mining
Bitcoin miners are people who help secure the Bitcoin network with their computers. When miners complete a block, they receive rewards in Bitcoin. They can now sell back this Bitcoin into the market or keep it. This amazingly affects the market.
Regulations and media
Government regulations and media play a crucial role in Bitcoin value. Huge players like China have been responsible for many crashes in bitcoin’s worth, including the most recent crash in May. When a government policy or regulation supports Bitcoin, the value increases, and when it doesn’t, the value decreases. This happens because government regulation always affects the demand and supply of Bitcoin. Â
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For it to have survived twelve years, Bitcoin has passed the test of time. However, it’s advisable to do some research before investing in Bitcoin, season and events really matter.
http://www.thebitcoinerworld.com/what-determines-the-price-of-bitcoin/
The pandemic seems to be going on and on. This has led to digitalization globally and betting on traditional sports is becoming a big…
The pandemic seems to be going on and on. This has led to digitalization globally and betting on traditional sports is becoming a big…
The significant increase in the prices of cryptocurrencies in 2020 has attracted investors across the globe into the cryptocurrency world…
The significant increase in the prices of cryptocurrencies in 2020 has attracted investors across the globe into the cryptocurrency world…
Ethereum Classic is a distributed cryptocurrency platform that runs smart contracts and is open-source, decentralized, and…
Ethereum Classic is a distributed cryptocurrency platform that runs smart contracts and is open-source, decentralized, and…
For many years now, cryptocurrency has proven to doubters that it’s here to stay. Not only has it become prevalent, but it has also made…
For many years now, cryptocurrency has proven to doubters that it’s here to stay. Not only has it become prevalent, but it has also made…
The cryptocurrency world is constantly evolving, and as an active cryptocurrency trader, you have to continue to grow. In the crypto space…
The cryptocurrency world is constantly evolving, and as an active cryptocurrency trader, you have to continue to grow. In the crypto space…
The digital currency market was met with mixed reactions of fear and excitement by investors and digital traders across the globe
The digital currency market was met with mixed reactions of fear and excitement by investors and digital traders across the globe
Fanspel plunged to a low of $0.41 from the downward trend that emerged during the weekend. The price of many cryptocurrencies saw a huge…
Fanspel plunged to a low of $0.41 from the downward trend that emerged during the weekend. The price of many cryptocurrencies saw a huge slump during the weekend that prompted a major sell-off in the…