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. Generally, the bitcoin has actually shed as much as $16000 in its value.
The current price of bitcoin is at $4120 and this tells of the fact that it has lost about 60% of its value over the past 12 months, having fell from $9986, the price at which it sat at such a time the past year. 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. Nonetheless, in the subsequent years bitcoin saw much in scrutiny and some of the shortcomings that it came with such as its limited network capacity and the high transaction fees that went as high as $40 were the subject of much media and coverage.
After these were done, the good news is that this didn’t mean the deathbed but instead they responded adequately to such areas of criticisms that saw them do a network upgrade, introducing the SegWit network upgrade, which was actually activated in the month of August in the year 2017. By and large, such steps saw such an improvement in the capacity of the blockchain technology, augmenting its position against the other competing ones.
By all standards, in the past bear market, Bitcoin has actually lost far lesser than any other of the top rated cryptos. 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.