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Bitcoin Price Index - Real-time BTC rate

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Bitcoin Price Summary

Bitcoin is still the number one cryptocurrency in the world, and it is currently trading above $39k per coin at the time of writing. The price is down by nearly 50% from its recent all-time high above $64k. However, in recent weeks, Bitcoin has maintained the $30k price level, leading some investors to believe it has bottomed out and could embark on a rally after this bearish cycle.

The decline in price came after nearly a year of rallying. The rally began in 2020, with Bitcoin’s price going up by over 500% to reach $29,000 by the end of the year. The bullish momentum continued into 2021, with Bitcoin’s price doubling to reach an all-time high above $64k on 3 April.

The crypto market is notoriously volatile, and Bitcoin follows the same rule. Following the bullish movement, Bitcoin’s price has dropped to the $35k level, down by nearly 50% from its all-time high. Although the volatility creates profit-making opportunities that attract numerous traders and investors, it is important to remain up to date when it comes to price changes. The changes can be sudden and sometimes unpredictable. Staying up to date allows you to make smart investment decisions.

Bitcoin Price History

Bitcoin has been around since 2009. However, the first real-worldtransaction took place in Jacksonville, Florida, in 2010 when Laszlo Hanyecz bought two pizzas for $0.01 each. This was one of the key moments in Bitcoin’s history, and a year later, the price had reached $1. The massive price increase made some community members believe in the potential of the leading cryptocurrency.

In the years that followed, Bitcoin’s price rose and dropped multiple times. This is due to Bitcoin’s price volatility. By 2013, Bitcoin’s price had gone up significantly to reach around the $800 level. By that time, Bitcoin’s adoption had also increased, and more people knew about it. The community had grown stronger and more investors were entering the market.

Over the past years, Bitcoin’s adoption has seen increased adoption in countries with high inflation levels or political unrest.

In Venezuela, the high rate of Bitcoin adoption was due to the US sanctions, leading to economic hardship and hyperinflation. This caused many people to store their wealth in Bitcoin to limit the effects of inflation. In Zimbabwe and Nigeria, the declining value of the local fiat currencies and high inflation levels also resulted in Bitcoin’s massive adoption.

Bitcoin’s price reacts to market news, and the news that China would ban Bitcoin and stop banks from working with cryptocurrency exchanges led to a massive price decline in 2014.

It was in 2017 that Bitcoin began gaining massive attention. Bitcoin rose to a then-record high of $19,783 per coin. The news of China banning Bitcoin again in 2017 didn’t alter the price as expected.

The market underwent a bear cycle from 2018 till early 2020 before the current bullish trend began. In this cycle, Bitcoin reached an all-time high of $64,804 per coin. The rallies of 2017 and 2021 were fueled by the Bitcoin halving events that took place in the prior years. The Bitcoin halving event happens every four years, leading to a reduction in the mining reward. The scarcity caused by Bitcoin’s reduced mining rewards pushes the price higher. 

Bitcoin Price Prediction

As we have explained earlier, the volatility of Bitcoin’s price means that you have to look at its price prediction from multiple angles. There could be a sudden price drop or price increase, depending on the market condition. However, responsible risk management is important when making probability-based predictions.

Adoption is one of the key things that drive adoption, and over the past year, we have seen numerous retail and institutional investors enter the market. Traditional financial institutions such as JPMorgan Chase have started granting their wealthy clients access to cryptocurrencies. The market has also seen the entry of hedge funds, and asset management firms like Paul Tudor Jones, Brevan Howard, and several others have started investing in Bitcoin. Many hedge funds expect to hold at least 7% of their assets in cryptocurrencies. Adoption from leading financial institutions could be one of the key movers of Bitcoin by 2022 and beyond. The rise in inflation levels in various parts of the world has convinced more people to invest in the cryptocurrency as they believe it is a way to hedge their wealth. The continuation of this trend could see Bitcoin’s price perform better in the long term.

By holding the $30k support level, it increases the probability that Bitcoin’s price has bottomed out in the current bearish cycle. Cryptocurrency community members believe that the price could only go higher from here and are optimistic for the rest of 2021 and 2022. More people are entering Bitcoin to have an alternative to centralised banking.

Bitcoin is also getting the Taproot upgrade before the end of the year. This is the first upgrade the Bitcoin network has seen in years and will lead to greater transaction privacy and efficiency. The Taproot upgrade will also unlock the potential for smart contracts.

Expert Tip on the Price of BTC

Bitcoin’s price has moved massively over the last decade, making it perhaps the most valuable and profitable financial asset globally. Bitcoin is gaining more mainstream attention. To look at Bitcoin’s price, you have to analyse it using fundamental and technical analysis. Look at the historical price levels to find out the best entry price. Experts use varying tools and indicators like the FIB levels, the MACD (Moving Average Convergence Divergence) and the RSI (Relative Strength Index) to speculate on Bitcoin’s price. Market trends and news also help with fundamental analysis.
- Hassan Maishera

About Bitcoin

Bitcoin came into existence following the global financial crisis of 2008. Satoshi Nakamoto published the whitepaper called “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008 and proceeded to launch the cryptocurrency a year later. Bitcoin was developed to be a peer-to-peer network that can carry out online financial transactions between strangers with complete trust and security.

To make it a valuable financial asset, Satoshi Nakamoto ensured scarcity by limiting the total supply to 21 million bitcoins. The finite nature of the asset is one of the key features that make it valuable.

Since its launch in 2009, BTC has experienced several bullish cycles and bearish markets, with its global outreach expanding massively to virtually all parts of the world. As the market continues to grow, evolution continues to take place. Developments within the community continue to shape the larger cryptocurrency market. Developers continue to work hard to fix some of the flows, such as high transaction fees and scalability issues.

Bitcoin Price Compared to Other Cryptocurrencies

Frequently Asked Questions

  1. Bitcoin reached an all-time high at $64,804 earlier this year. Despite dropping to the $35k, most investors are optimistic that the bull rally could resume soon.
  2. With Bitcoin, it is hard to tell when it is the right time to start trading. The market has always been volatile, providing investors with numerous opportunities to earn money. However, ensure you conduct a fundamental or technical analysis to have an idea of when to enter the market.
  3. Volatility has always been present in the crypto market. Its price changes virtually every day. After rising by 100% from January to reach an all-time high above $64,000 by April, Bitcoin’s price went down by over 40% to drop below $40k by July 2021.
  4. Bitcoin investors usually hold the asset for the long term to accumulate profits, while traders capitalise on the short-term price volatility to make a profit.
  5. It can be described as both. The price increase over the years pushes the argument that it is an asset, with some people holding it for potential profits. However, several businesses and retail outlets now accept Bitcoin, and people pay for goods and services with it.
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