Bitcoin Price Forecasting
Generally speaking, when it comes to the world of cryptocurrencies, bitcoin is one that came into use way before any other and as well is known for being the most popular. By far and large, the main purpose and the general idea that led to the creation of the bitcoin as a form of currency was so as to allow users store and transfer value without necessarily going through the intermediaries like banks and like bodies.
Looking at the past year’s trading season bitcoin has actually managed to remain relatively strong as compared to the other alternative cryptocurrencies even in as much as it still lost such a significant share of its value since its all time high recorded in 2017. Generally, the bitcoin has actually shed as much as $16000 in its value.
At the same time last year, bitcoin sat at a price of $9986 and today it sits at $4120, showing the fact that it has actually lost up to 60% over the past 12 months. As a matter of fact, bitcoin was actually introduced in the year 2009 and as at the time of its introduction then, was received with a lot of adulation and many saw in it an alternative payment option that would compete the VISA as a global payment alternative. However, in the years that followed, bitcoin went under so much scrutiny and much of the shortcomings that it had such as the limited network capacity and the rising transaction fees that went as high as $40 were the main object of media highlight.
But all this said and done, it still bounced back and responded to the criticisms in which there was done a network upgrade which was activated in August of the year 2017. It is a fact that cannot be underrated that such steps actually went such a long way in improving the capacity of this particular blockchain technology and at the end of the day saw its position rise as well against their competing blockchain technologies.
Looking at the comparative aspects of the cryptocurrencies out there, Bitcoin has actually lost a lot lesser than the share that has been lost by the other alternative cryptocurrencies out there that may be so top in ranking. In fact this is one of the reasons why it would be as sensible for experts to assume that this is one of the strongest of the strongest cryptocurrencies to invest in that will be able to maintain their relative strength in the bear market going forward.