What Is Going On With Bitcoin?

Posted: Nov 11 2019, 9:09am CST | by , in Technology News

 

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What is Going on With Bitcoin?

When Bitcoin first surfaced in 2008 as a reward for mining, it barely had any value. The scenario was such that if you had offered it to anyone for free they would still not have accepted it. But today, a single bitcoin is worth $9,357. Though it may seem like a significant number, we all know that it is nothing compared to what this cryptocurrency has been able to achieve in the past. From being worthless in 2008, to being valued at a jaw-dropping $19,718 in 2017, shows how unpredictable, dangerous, and fluctuating this currency is. But what has been happening to bitcoin recently? Are there any chances that it will explode again? And is it a good idea to buy bitcoin? Let’s have a look at how bitcoin has behaved in 2019.

The cryptocurrency pundits have predicted that every form of value exchange will soon become irrelevant, and Bitcoin will replace them. But, predicting the value of bitcoin is no different than predicting the weather. Not only will you never be able to get it right, but there is no particular formula that can tell you exactly what is going to happen. At this point, the sensitivity of the bitcoins and other cryptocurrencies have indulged the traders in making fast decisions and quick transactions. And that is why now we have bitcoins trading apps, which set a better platform for cryptocurrencies, giving them advantages in the marketplace. Surprisingly, even after all the fluctuation, bitcoin is still seen as a threat to other markets. And if you are interested in Bitcoin and are wondering where you can buy it for yourself, go to xCoins now.

This year, bitcoin’s price has fallen from $13,200 to $9,357. The reason for this fall is believed to be the sellers who took control of the market once the crypto asset went below $11,000. Earlier this year, Bitcoin fell to an all-time low of $3,747 in January. In mid-June, valued at $11,000, cryptocurrency seemed to be recovering and looked like touching that $13,000 mark once again. But the price fell back in July, taking it down to $9,000. This decline continued till the end of September, when it fell below the $8,000 mark, but yet in November, it is valued above $9,000 once again. But what fate is the future holding for this cryptocurrency, and will it rise again or keep falling?

Experts at Forbes are predicting that Bitcoin is likely to take a sudden and significant move and is expected to reach $14,000 (year’s highest) by the end of 2019. However, there is no such guarantee, and there is a good possibility that it can fall again. One of the reasons behind this prediction is the announcement of Facebook’s cryptocurrency. But, so far, the conglomerate industry’s currency, Libra, has not been going well either.

Bloomberg has also reported that the bitcoin’s lower and upper band is at narrowest in the “trading envelope indicator”. But it is still hard to predict where it is going to stand by the end of this year. Experts can only predict so much with the resources available at their disposal.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
Luigi can be contacted directly at ml[@]i4u.com.

 

 

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