Last Updated on July 14, 2024 by Asfa Rasheed
Unless you live under the rock, you must have heard about Bitcoin and cryptocurrencies. It is not the future of payment anymore but something that is fast playing out even in our present age. Bitcoin has proved as an excellent payment method and a means of storing wealth without any fear of government intervention or inflation. Many people have also made huge money trading and investing in Bitcoin.
However, the past few months have not been a good one for Bitcoin and the crypto market as a whole. Many coins have fallen from their highs, and many investors are already panicking about the future of Bitcoin. But like it has always been, Bitcoin has a huge potential of returning back to its high value no matter how much it has fallen.
So, if you are thinking about whether you should buy Bitcoin and add it to your portfolio or not, this article will help. It will show you what the recent happenings around the Bitcoin ecosystem are and why it may just be the right time to invest.
Table of Contents
Bitcoin and Its Market Dominance
Perhaps you are new to all of this; let’s take a quick look at what Bitcoin is and its dominance on the market. Bitcoin is the first cryptocurrency to be created and was created in 2008 by an unknown group of founders referred to as Satoshi Nakamoto.
Bitcoin is a decentralized digital currency that you can only spend online – there is no physical version of the coin. It is decentralized because it is not controlled by any single person or government. Transactions using Bitcoin are performed between peers without the involvement of any third party or middleman. Since it is the first and the most popular cryptocurrency, Bitcoin has a solid dominance in the crypto market. In fact, it determines the price of most cryptos in the market. When Bitcoin falls in price, most other coins will also experience a dip in value and vice versa.
Bitcoin Market Capitalization
This is another important factor to consider when thinking of whether to invest in Bitcoin or not –market capitalization. This shows how a coin is presently performing in the market. It is usually determined by the number of Bitcoin in circulation against its price. Presently, Bitcoin has a market cap of more than $1 trillion, showing that it is a good asset to consider investing in.
What Is the Present Price of Bitcoin
It is still amazing how such a worthless coin like Bitcoin could quickly rise to stardom and become the real things everyone wants to have today. The coin started out in 2009, selling at $0.0001 per BTC. But years after, BTC is now sold for as high as $1,200 in 2017.
As of the time of writing this post, the price of Bitcoin is $32,281. quantum ai is presently experiencing a fall in price, and that is the reason for the present low price. The coin sells for as high as $64,000 a few months back.
Should You Buy Bitcoin Next?
Well, there couldn’t be a better time to invest in Bitcoin other than now. The coin is passing through a lot, and with its amazing potential, anyone looking to be part of the crypto future you think of a way to get on the bandwagon and invest some money in Bitcoin. Below are some reasons investing in BTC now may be a good decision:
· The price of Bitcoin is presently very low
Yes, while this may not be good news for investors and traders currently holding the coin, it may present a great opportunity for those looking to get into the market afresh. Buying Bitcoin now means you will be buying very low, and when the coin bounces back to its feet – which it will eventually do, you can sell high and make a huge profit off it.
· Acceptance is increasing
Lately, more institutions and countries are accepting Bitcoin as a payment method. A country like El Salvador recently accepted Bitcoin as a legal tender, and all merchants and businesses in the country are to use it as another form of currency. At the same time, more businesses and companies all over the world are jumping on the wagon, accepting Bitcoin as a payment method. Companies like Grayscale, Square, and PayPal have all announced their support for Bitcoin. If you don’t want to miss out on the future, investing in Bitcoin now will be a great decision.
· Bitcoin has a real-world use case
Another advantage that Bitcoin has is that it has a real-world use case – being able to be used as a payment option. Whether you are purchasing a home or a luxurious car, you can always do that with Bitcoin. In fact, you can use Bitcoin to purchase even the smallest thing in the store. Of course, it also allows you to pay for services online.
Bitcoin Price Prediction; What the Future Says About It
Let’s look at what the future likely looks like for the cryptocurrency. According to experts, even though 2022 may be a rough year for the crypto market, things will likely start getting back to normal at the opening of 2023. The year will witness more new investors coming into the market, and the price of Bitcoin might likely start out at $64,500. This increase in value will likely continue through the year as Bitcoin settles out of 2023 at $44,607.
2024 will also be a great year for Bitcoin, even though the beginning of the year may not look too sweet because of Bitcoin halving. But experts have predicted that the coin will start gaining its feet again towards the third quarter of the year and will likely settle out at around $57,656.
Will Bitcoin Reach $100k?
Well, no one can be absolute about this because of the volatile nature of the coin. There are many things that determine the price of Bitcoin, including speculations, supply, and demand. While Bitcoin is presently passing through a hard time, some crypto experts have predicted that in a few years’ time, the coin might hit 100K.
Apart from this, if you are interested to know more about Buying RDP for Carding then visit our Finance category.
