Bitcoin’s Prices Fluctuate since Last Year, an Inclusive Study

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Two years ago price of Cryptocurrency, Bitcoin had soared up to $20,000. Then it fell miserably to its all-time low at $ 3200 which is one year ago. But at the same time, this year matters with this price of Cryptocurrency looks pretty different. After the previous year’s havoc on the Bitcoin price playing everywhere in the two most extremes of the spectrum, this year its prices are going on somewhat in the middle of the range. In May this year, Bitcoin price has touched $ 12,000 and fell back again to $ 7230, as usual, it can go any direction at this point of time. But to find out more about Bitcoin’s price wave, we can do a little analysis of what may happen.

There are two traits that we can see simultaneously like Bitcoin’s price. Exploring the bullish side can reveal a lot of intimate details as we go about it. The co-founder of Troy trade, Kira Sun is pretty positive about Bitcoin’s price movement over the short and long term. As he stated, the vulnerability and volatility of Bitcoin are decreasing over time, and it is a time where Bitcoin’s price is deciding which direction to go. He thinks that the price of Cryptocurrency may see a rise towards the end of the year rather than a fall like in the year 2017. Sun said that Bitcoin’s price is finally showing the signs enough to convince the non-believers of Bitcoin that it is a store of value and it is widely acclaimed among the most famous intuitions with big financial impacts on the society.

bitcoin-price-fluctuations

Image Source: www.newsbtc.com

The continued influx of those beloved institutional investors could increase Bitcoin’s price, or at least reduce its volatility according to Kira Sun. Next, Sun points out Bitcoin’s price where the block reward “halving” event, which is expected to take place in May 2020. The halving event can be explained as a hardcoded general agreement rule on the Bitcoin blockchain, which cuts the block reward that how much Bitcoin miners get for completing complex computational puzzles that take place in half every four years. This will keep going on until the year 2140 when the final 21 million Bitcoin will be mined. He has said that the future of price of Cryptocurrency will be interesting in 2020.

Now we reveal the bearish side of the price of Cryptocurrency. David Gerard, who is the author of ‘Attack of the 50-foot blockchain’, disagrees with the idea that Bitcoin’s price is about to attract institutional investors that’ll, at least theoretically, revamp the price of Bitcoin. Gerard points to Bakkt, the marketplace where Bitcoin is physically delivered which is backed by the Intercontinental exchange (that also runs the New York Stock exchange).

bitcoin-price

Image Source: www.newsbtc.com

In the first week of trading, Bakkt made $ 5.8 million which is not a small amount, but compared to the price of Cryptocurrency, it is far smaller than the Bitcoin futures contracts that got launched in the Chicago Mercantile Exchange back in 2017. CME in 32017 traded of about $460 million in the first week itself. In this context, Bakkt’s figures are supposed to be more valuable because they are delivering the coins physically. It has been found that very little Bitcoin has changed the hands of different parties. Resultantly, he is not very positive about it that Bakkt can do anything about the Bitcoin’s price.

As a baseline, it can be said that Bitcoin is gaining more popularity than ever because more and more people are getting to understand that Bitcoin is not only for fraudulent transactions and illicit deals on the dark web it is also a store of value.

Source: Decrypt


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