Analysis Of Bitcoin Prices
Currently, a lot of investors are considering to enter into the world of blockchains. Bitcoin,ethereum and litecoin are some of the popular blockchains. Before taking any position in the market of blockchains it is very important to start of with analysis and prediction of the price. 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.
The price of bitcoin has also been affected negatively by some blows faced. On of the blow is the rejection of the trade fund proposals by the securities and exchange commission of the united states. However, the attention has shifted back to Bitcoin since the beginning of 2018 increasing its market dominance to about 50 percent. There is also a high demand for bitcoins since only twenty one million will ever be which is the reason for the strong increase pressure on price.
There are a lot of happenings in the trade of blockchains that have pushed various people to come up with varying predictions of the Bitcoin Prices. 2018 is classified as the worst year for bitcoin due to the major fall in prices. In the last moths of 2018, Bitcoin has recovered although the prediction is that it will not go beyond the mark of $4,500. The forecast for the year 2019 is that Bitcoin will have a market dominance of around 50 percent which forecasts a long term pick. A growth in Bitcoin I also predicted by the new developments in 2019 such as improved lighting adoption. It may also be impossible to attain an incredible growth as a result of the competition from other Cryptos.
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. Beln crypto forecasts that Bitcoin will have the down trend far into the year 2019 to around $3,000. They also expect it to retain its popularity with a force to adapt to the diversified market. Individual analysis is very important before taking on any crypto investment.