Bitcoin (BTC) Price Analysis: Will Bitcoin Rally Begin Resulting In Phenomenal Growth?
Bitcoin (BTC) is the world’s first cryptocurrency introduced in 2008, which works on the blockchain technology. It is a peer to peer decentralized digital currency that requires no central authority like banks. Anybody who owns bitcoins can trade online. Each bitcoin is a computer file which is stored as a “digital wallet” app on a smartphone or computer.
On April 30, 2019, at 7:34:00 UTC, the market price of BTC is 5,256.91 USD. Price is up from the last closing price. Currently, BTC market cap is around USD 92.47 billion, 24 h volume is at USD 13.52 billion and ROI is at 3,767.49 %. Bitcoin is currently ranked number one in the cryptocurrencies market. In the last 24 hours, the highest price was 5,319.19 USD, and the lowest price was 5,216.83 USD. As on Mar 30, 2010, at 10:54:00 UTC, the price was USD 4,080.83 USD. There has been an upward trend in price over the last month to the tune of 28.82%. Though there have been fluctuations in prices over the last few months due to the crypto-market downturn, now there seems to be a slow upward movement in bitcoin prices.
Prediction for Bitcoin:
Few analysts are not convinced about Bitcoin’s upward price trend, especially those who are working on blockchain infrastructure products. They feel the present bearish market is set to continue.
But the majority of analysts believe, on the basis of past and present trends, that the crypto-market is going through a positive wave which is expected to continue. 2019 is considered to be the year of adoption of blockchain technology. There will be a huge demand for digital assets due to this adoption. Despite being skeptical about blockchain, many countries in the world are slowly moving towards adopting blockchain technology. BTC network along with Lightning network will ensure faster transactions at lower fees and provide high-level security. BTC has the highest adoption rate amongst cryptocurrencies, and this trend is set to continue. New Institutional investors, traders and supporters are showing interest in the coin and leading the positive trend. BTC price rally is just the beginning as the risk factor has subsided and investors still have trust in the cryptocurrency. BTC has a decentralized payment system and you own the transactions, as such there is a high level of transparency involved, so most investors prefer it. Bitcoin developers are continuously working on improving the scalability of the network.
Bitcoin being the largest and the most popular cryptocurrency, its demand is very high and the coin is always scarce. Since the beginning of April, the prices in the crypto market have been mostly on the high. Bitcoin is currently trading on a slow upward trend. Veteran Investor and renowned bitcoin bull Tim Draper has predicted that it will be just a few more years before everyone starts using bitcoin advising people to invest before it’s too late. Despite current short-term lows, Bitcoin is eventually poised for a long-term gain.