The Facts on Bitcoin Price Prediction
If at all you are looking at the cryptocurrency world, the one thing that you need to know of is that the first of these that was ever released is the bitcoin and they as well happens to be the most widely accepted and used. 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.
When you look at the performance of the cryptocurrency bitcoin in the past year, 2018 bear market, it still remained relatively strong in comparison to the other cryptocurrencies competing it in the market even in as much as it still was seen to have recorded such a loss in its value by up to 80% with the base index being the all time high that it hit in value in the previous year, 2017. In a general sense, bitcoin has actually seen its value or price drop by close to $16000.
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. By and large, ever since it came to the market in the year 2009, bitcoin was actually received with much adulation and many saw in it an alternative that would compete with VISA as a cross-country payment option. Nevertheless, in the following years, bitcoin somehow became the subject of much media highlight and much focus was on the glaring shortcomings that it seemed to have such as the fact that it had such a limited network capacity and as well the fact that it had such transaction fees that went up to $40 were the subject of highlight in many media circles and discussions.
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. As a matter of fact, this saw it improving its capacity as a blockchain technology which in turn boosted its position against the other alternative blockchain technologies out there.
Looking at the Bitcoin in general and comparing its price falling in the past bear market run, you will see the fact that it lost far less as compared to the other cryptocurrencies out there. In actual sense, this is one of the very reasons that it gets to make as much sense for the experts to arrive at the conclusion that this is one of the types of the cryptocurrencies that would be ideal investing in as they have shown the ability to maintain their relative strength in the bear market going into the future as opposed to the others that lose so much in the value.