Bitcoin Price Forecasting
By and large, talking of the cryptocurrencies, bitcoin is known for being the first one ever released and as well the one that remains the most popular. The sole intention behind the creation of bitcoin was to allow its users to store and transfer value without the use of the intermediaries commonly known such as the banks and the other financial institutions.
Looking at the past year’s trading season bitcoin has actually managed to remain relatively strong as compared to the other alternative cryptocurrencies even in as much as it still lost such a significant share of its value since its all time high recorded in 2017. In a general sense, bitcoin has actually seen its value or price drop by close to $16000.
As at the moment, the price of the bitcoin is at $4120, which tells of the fact that it has actually shed an average of about 60% of its value over the past 12 months as it has actually fell from a price of $9986 as of last year such a time. As a matter of fact, bitcoin was actually introduced in the year 2009 and as at the time of its introduction then, was received with a lot of adulation and many saw in it an alternative payment option that would compete the VISA as a global payment alternative. However, in the years that followed, bitcoin went under so much scrutiny and much of the shortcomings that it had such as the limited network capacity and the rising transaction fees that went as high as $40 were the main object of media highlight.
But all this said and done, it still bounced back and responded to the criticisms in which there was done a network upgrade which was activated in August of the year 2017. By and large, such steps saw such an improvement in the capacity of the blockchain technology, augmenting its position against the other competing ones.
Looking at the comparative aspects of the cryptocurrencies out there, Bitcoin has actually lost a lot lesser than the share that has been lost by the other alternative cryptocurrencies out there that may be so top in ranking. It is actually on these facts that experts generally see this as one of the cryptocurrencies that can be considered as the most stable and such that will be able to maintain their relative strength in the bear market even going forward as such an ideal crypto to invest in.