Bitcoin has become the gold and silver of the internet in recent years. This volatile currency is making it a risky investment from many people's perspective, but it could prove a fruitful investment to most. Bitcoin's price in trading terms refers to the latest average sale made on a particular trading platform. Therefore, you don't really have a fixed price that you can follow since the price changes day in and day out. It also varies depending on the country due to differences in fiat currencies that is, the price in Russian rules is not the same as that in US dollars.
Bid prices are the highest made and ask prices are the lowest made trading prices of bitcoins in a day. Here's an example of the day 25th April 2020; the sum of all existing bitcoin was roughly 18 343 126 and it's market value was 138,974,045 billion US dollars. On average one bitcoin was equivalent to 7500 US dollars . The price varied slightly depending on the trading site , for example Karaken price was 7665 US dollars while at CoinBase it was at 7662 at 1420hours . Bitcoin prices are given in U.S. dollars by default, but you can easily convert them into suitable currencies on trading platforms.
Bitcoin trends can be studied using three different forms of data representation: a line chart, the OHCL (Open High Low Close Graphs) and candlestick. The trend, studied from a line graph, shows a rise since Thursday of this week, traders must have their fingers crossed. Wait to see if prices continue the upward trend at 7700 - 8000 or if they will fall back to the 7300 - 7100 range. Prices for the month of March had gone down dramatically, recording lows of up to 3100 US dollars.
The fundamental and technical techniques are used individually and together to help study bitcoin prices and make predictions. Fundamental techniques are futuristic and look outside the box into factors happening in the world of technology that may affect bitcoin price trends. However, the technical technique works with past trends and statistics shown in bitcoin trading to predict how they may behave in the future.
Experts in bitcoin trading are predicting that bitcoin prices will skyrocket as we near the halving event said to happen this coming May. The halving event is whereby the production of bitcoin is reduced by half, reducing the amount produced in every 10 minutes by half; this event occurring every four years . This will see the bitcoin market get rid of any inflation that is creeping in and ensure bitcoin remains in demand. In a Coindesk interview, Antoni Trencheve, head of Bitcoin's lending platform, commented on the recovery of bitcoin after the price fell in March 2020 , " Despite the mid March 2020 bitcoin sell-off, when we saw a close to fifty percent drop, it has now within a month recovered ninety-five percent."
It is probably a good time for those traders looking at making profits to sell their bitcoins . But there are those bitcoin die-hard investors who will hold on and wait for the predicted fifty thousand dollars per bitcoin to come to pass so they can reap the fruits of their patience. You can't really predict bitcoin trends, therefore any move you make should be based on your knowledge of bitcoin trading trends and history as well as future predictions from experts.
There are a few platforms that can help you keep track of the bitcoin market; these top cryptocurrency exchanges include Binance, Coinbase, HitBTC, Okex and Kraken. This may act as a guide to help you make the right moves and take advantage of the prices be it deciding to buy or sell your bitcoins.
Traders are constantly warned to do proper research and understand bitcoin trade before investing big money into it. Bitcoin's volatile nature could bring you great earnings or great losses depending on how smart and timely your moves are.