Analysis Of Bitcoin Prices
Currently, a lot of investors are considering to enter into the world of blockchains. The examples of some of the best blockchains include Bitcoin, litecoin and ethereum. Analysis and prediction of the varying prices of blockchains is very vital before taking any position. In this article we will be more concerned with analysis and prediction of Bitcoin prices. Bitcoin is the popular of all among many people and it was the first cryptocurrency ever created.
Compared to other blockchains in the year 2018, Bitcoin has remained to be the strong one although losing more than 80 percent of its price. The current market price is around $4,120 which is a 60 percent fall from its price of $9,986. Some of all the success include being the first to implement the second payer scaling solution and also being an open source protocol, it allows everyone with skills to be able to contribute to its development.
There are also some blows that bitcoin have met on the way affecting its price negatively. For instance the Bitcoin exchange traded fund proposals that were rejected by the united states securities and exchange commission. As a result of the shift in attention back to Bitcoin in the year 2019, its market dominance has been boosted to about 50 percent. The limit for Bitcoin coins is twenty one million which has created a high demand which pushes for price increases.
There are various people who have come up with different predictions on the Bitcoin prices as a result of the much happenings in the trade of blockchains. 2018 is classified as the worst year for bitcoin due to the major fall in prices. Bitcoin has also managed to recover during the last months of 2018 with a maximum mark of $4,500. Forecasts show that Bitcoin will have a market dominance of around 50 percent in 2019 which will give it a long term pick. A growth in Bitcoin I also predicted by the new developments in 2019 such as improved lighting adoption. On the contrary, incredible growth may not be experienced due to the competition of other blockchains.
In the year 2020, Bitcoin is likely to face a lot of competition from other blockchains but it’s likely that it will maintain its position. This is due to the many developers searching for a solution to the Bitcoin scaling problem. The prediction from Beln crypto forecasts is tat Bitcoin will experience more down trend far into 2019 to about a price of $3,000. The company also predicts that bitcoin will retain its popularity but with a force to adapt to the diversified market. Individual analysis is very important before taking on any crypto investment.