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. The focus of this article is on the analysis and forecast 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. Bitcoin current market price lies around $4,120 having fallen from $9,986 which is about a 60 percent fall. There has been some successes for example having an open source protocol allowing everyone with skills to contribute towards Bitcoin development and also being the first to implement the second payer scaling solution.
Bitcoin has met with various blows in the past that have affected its price negatively. On of the blow is the rejection of the trade fund proposals by the securities and exchange commission of the united states. 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. There is a strong increase pressure on price of Bitcoin as a result of the high demand due to the limit of twenty one million limit of coins.
There being so much going on in the trade of cryptocurrencies,various people have come up with their varying prediction on the prices of Bitcoin. 2018 was a very worse year for bitcoins due to the fall in the market price. Although Bitcoin has managed to recover in the last months of 2018, it is estimated not to go beyond $4,500 mark. Forecasts show that Bitcoin will have a market dominance of around 50 percent in 2019 which will give it a long term pick. There are new developments in 2019 like the improved lighting adoption that forecasts a growth in the Bitcoin. On the contrary, incredible growth may not be experienced due to the competition of other blockchains.
Bitcoin is likely to face massive competition from other Cryptos in the year 2020 but may be able to maintain its position in the market. This may be achieved as a result of the many developers searching for the solution to the problem of Bitcoin scaling. Beln crypto forecasts that Bitcoin will have the down trend far into the year 2019 to around $3,000. The company also predicts that bitcoin will retain its popularity but with a force to adapt to the diversified market. It is vital to do a good analysis before investing in crypto market.