Last week Bitcoin witnessed a drop of $600 in the small time frame of half an hour; it went below the $10,000 mark and eventually hit the weekly low of $9,362. The price has gradually improved since then and Bitcoin is currently trading at $10,419, up at 6.71 %. It is now the highest valued cryptocurrency in the market.
BTC Price Graph
Bitcoin’s price graph has witnessed its highs and lows from the beginning until now. It was in April 2011 that Bitcoin was valued at $1 after that it showed a steady increase in its trading rate and on 11th April 2013 it was trading at $266; after that, it has crashed, then rose and the prices continued to fluctuate. On 15th December 2017, Bitcoin’s price reached $17,900 and on 17 December 2017 it reached an all-time high of $19,785.06, the value was up by 1,824% since January 2017. The prices fell to $6,200 following the December high on 5th February 2018. Bitcoin has reached over $10,000 again after going through many ups and downs. Other Cryptocurrencies like ETH (Ether) and Ripple’s XRP are hoping to trade steadily for now.
Other Cryptocurrencies & Market Volatility
After Bitcoin, Ether is the most popular digital asset and it is valued at $178.53, up by 4.5%, it is slowly picking up momentum. Ripple’s XRP is trading at $0.260 with a gain of 2%; because XRP’s tokens are sold constantly by its founders, it has been an underperformer among major cryptocurrencies.
ETC (Ethereum Classic) has gone up over 8% and is trading at $6.72. BCH (Bitcoin Cash) and BSV (Bitcoin SV) both are showing gains of 4% and are trading at $295 and $135 respectively. Litecoin has gone up by 2.48% and is trading at $66.99.
There are many other cryptocurrencies which witness losses and gains daily with the market rate. The Cryptocurrency market capitalization is over $265 billion and Bitcoin’s share alone accounts for 70.1%. last week Bitcoin was dropping at $600, Micheal Novogratz, a Cryptocurrency investor and CEO of Galaxy Digital stated that Bitcoin was going through a consolidation phase and he also said that Bitcoin started 2019 at $3,800 and is now trading above $10,000, so it’s already up by 200% and thus its journey from the beginning of the year till now has been a hugely successful run.
How Is Bakkt Involved In Bitcoin Adoption?
Bakkt is a business institution designed to permit institutions and consumers to buy, sell, spend and store digital assets. Bakkt has a backing of many big companies like ICE, Microsoft, Starbucks and many more; some say, that Bakkt could turn out to be a breakthrough which will enable Bitcoin to become mainstream and allow the cryptocurrency market to expand further. Bakkt’s main goal is to make Bitcoin a feasible option of payment in the economy. Though Bitcoin is a decentralized entity, some view Bakkt as an institution which is trying to control the use of Bitcoin. Bakkt also announced that it will start accepting deposits for its custodial service Bakkt warehouse in Bitcoins. There have been mentions that Starbucks may start accepting Bitcoins for its in-store purchases. Bakkt has planned to do all future contracts in Bitcoins, meaning, investors will receive BTC and not dollars.
Earlier this week the experts were predicting that BTC will bounce back, and if the BTC/USD pair picks up the boost it needs then there can be a yearly high above $13,000. Now, BTC has picked up its momentum but that doesn’t mean that Bitcoin is free of challenges and problems; investing in virtual currency should be done keeping in mind that cryptocurrency is a rapidly changing and developing money community with a number of risk factors involved.
Bitcoin is the leading Cryptocurrency in the global market and contributes the most in Market capitalization, being the oldest cryptocurrency, Bitcoin’s history of price dealing has seen the most changes and this new rise of its trading value has become a worrying point for other altcoins, which are not as popular as BTC and are priced at much lower value.
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