29 Feb 2024 17:17
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Learn more about Bitcoin
Introduction of Bitcoin
Bitcoin (BTC) is a pioneer of the crypto market. It came along in 2009 when Satoshi Nakamoto mined the first block. Its development revolutionized e-payments. Interest in new money was fueled by the crisis, which undermined people's confidence in the traditional banking system. Initially, the flagship cryptocurrency was popular solely among enthusiasts. With time, however, it gained global popularity. Unlike fiat, BTC operated without government or central bank oversight, which made it even more attractive among investors. In 2010, a user spent 10,000 BTC on two pizzas, the first recorded purchase of a physical good using Bitcoin. Back then, those pizzas were valued at about $50. Today, they would have been worth over $390 million. In 2011, the first crypto exchanges appeared, where people could convert BTC into real money. In 2012, some websites and American universities started using Bitcoin. Bitcoin has also been through periods of stagnant prices, preceded by hacker attacks and technological problems. However, it did not stop BTC from growing and becoming the world’s most popular digital asset. Notably, each country has a different policy on Bitcoin. For instance, Germany and Switzerland have legalized crypto. Meanwhile, Saudi Arabia and Vietnam have penalties and even prison sentences for operations in crypto.
Growth chart of BTC per year
If we analyze the entire BTC price history, we can see how volatile the coin has been. It has been through rough ups and down as well as smooth corrections. Initially, Bitcoin was worth 1,000 times less than the greenback. Two years later, it was valued at $1. In 2013, the price broke the $1,000 barrier. By the end of 2014, the price had fallen several times. BTC managed to break the $1,000 level again only in 2017. In late 2017, BTC soared above $18,000. The rise came when Japan legalized the use of digital assets and Chicago’s marketplaces introduced BTC futures. All in all, BTC showed steep growth in 2017 and remained resilient to various woes, including China’s restrictions. Between 2018 and 2020, BTC quotes were extremely volatile, bottoming at $3,200 and peaking at around $27,000 (eight-time difference). Meanwhile, the year 2021 was a period of record highs and record lows. In spring, China banned all mining and crypto operations. As a result, BTC quotes plummeted to $37,000 from $57,000. In the fall, the coin hit an all-time high of $68,000, showing a 230% gain since the beginning of the year. BTC closed at the $48,000 level at the end of 2021. That period became one of the most favorable investing periods in the history of BTC. Over the past 10 years, the exchange rate of Bitcoin swelled by $24,000. A $10 investment in 2011 would have brought a $240,000 profit in 2021.
BTC had a bumpy start in 2022, especially if we compare the quotes to the all-time high recorded in the fall of the previous year. In early 2022, the price approached the $48,000 mark. At the moment of writing, it traded below the $40,000 mark. Experts name several drivers behind that. Thus, the main driving force for BTC quotes was a correction in stock markets at the end of last year and turbulence caused by mass protests in Kazakhstan. It is one of the leading crypto-mining countries in the world. Analysts partially believe that the current price depends solely on the demand/supply ratio of Bitcoin.
What affects prices
Many people wonder what affects BTC quotes that they fluctuate so sharply. The analysis of quotes and events shows that the price depends on numerous factors. We will outline the most important price drivers. Factors affecting BTC quotes: Functionality. Digital assets are more attractive if they can be used for buying goods and services; Popularity. The more attention a coin gets, the more potential investors it can attract. Political events, legislative decisions Cloud technology news High-profile crypto. When a famous person invests or simply plans to put money into a digital asset, its value surges.
BTC streaming chart
Streaming charts are created for tracking changes in the value of assets. A range represents different time intervals. Streaming charts resembles a streaming river. This is where their name comes from. Each and every trading instrument has a streaming chart. A BTC chart is a histogram showing its price dynamic. Data is updated online and gives a general idea of market trends. It shows what happens to quotes and how price changes. The chart tracks BTC price changes at various time intervals, including opening/closing levels and daily/yearly highs and lows. Different trading instruments can be used for comparison.
IFXBIT offers an array of indicators, including Japanese candlesticks, bars, lines, Heiken Ashi, etc. Various time frame options have been created for your convenience. Beginners can monitor quotes on streaming charts. Meanwhile, savvy traders can also make forecasts for the future. By analyzing changes in quotes, you can predict their future behavior. However, you should never forget about factors that can trigger either a bear run or a bull run. We have already outlined these factors. By analyzing quotes, you can see how other BTC traders behave. The IFXBIT platform updates the latest changes online. It shows trading volumes, prices, and the amount of bought/sold BTC.
Earning on BTC
The army of crypto fans is growing. BTC attracts not only large investors but also beginner traders and celebrities. Bill Gates and Elon Musk are both enthusiastic about the flagship cryptocurrency. In fact, the list of crypto billionaires is constantly expanding. Trading BTC is simple. An IFXBIT account is all you need for trading and withdrawing funds. The right trading style and strategy as well as clear goals always pay off. Crypto trading strategies: Crypto trading serves two purposes: speculation on price fluctuations and long-term investing. If you have not decided on a trading floor yet, we offer IFXBIT to your attention. Here you can trade via a unique platform or MetaTrader 4. Leverage and a low minimum deposit will help you yield even more profit.
- Intraday trading is about opening/closing positions during the day with bets on daily volatility.
- Trend trading and arbitrage strategy involve placing a position based on price changes. You sell when the price goes up and buy when it goes down.
- Hedging. You open a reversing trade to reduce risks
- Scalping. You open small short-term trades.
- Buying and long-term storing
Bitcoin and altcoins
Bitcoin is not the only available digital asset in the cryptocurrency market. However, BTC is a flagship crypto. You can find out why in the article Bitcoin Dominance Chart. Blockchain technology allows users to create an unlimited number of new cryptocurrencies. Notably, there are more than 7,000 of them in the world. All crypto launched after Bitcoin are called altcoins. Their main difference from the first cryptocurrency is in the way they are coded. The first altcoin was Namecoin (NMC), which appeared in 2011. Since that time, other alternative digital currencies have been created. By inventing new cryptocurrencies, developers wanted to overcome the drawbacks that Bitcoin had. For example, they wanted to speed up transactions, add additional encryption, and expand functionality. The most popular altcoins are Ethereum (ETH), Binance Coin (BNB), Tether (USDT), Solana (SOL), Litecoin (LTC), and others. They were created after Bitcoin. Nevertheless, they managed to take their share of the cryptocurrency market. At the same time, it is proven that their quotes follow the BTC price. Bitcoin's real-time quotes show that it is more expensive than altcoins. Thus, many traders consider them a more affordable investment. Importantly, transactions with any cryptocurrency have advantages and risks. The crypto market is developing and the areas of application are expanding. At the same time, high volatility can bring big profits as well as heavy losses. To avoid disappointment, you can diversify your portfolio and invest in different coins.
The company's assets speak for its size. The same is true for digital money. You can learn more about the BTC market capitalization in the article Bitcoin Market Cap Chart. The total crypto market capitalization exceeded $2.2 trillion in late 2021, which was the value of all the coins on exchanges. This figure is comparable to the market capitalization of Microsoft and it is $0.5 trillion less than Apple's market cap. In November 2021, this value exceeded $3 trillion amid the sharp growth of crypto. This suggests that cryptocurrencies are a strong force in the global financial market. Bitcoin is the most important of them. It has the largest market cap. Ethereum and Tether are also in the top 3.
Cryptocurrency capitalization: Bitcoin (BTC) – $732.5 billion; Ethereum (ETH) – $335 billion; Tether (USDT) – $78.6 billion; Binance Coin (BNB) – $70.5 billion; USD Coin (USDC) – $42.9 billion. The bigger the market cap, the greater the confidence in digital assets. As a consequence, demand and price for them increase. In 2021, almost all coins had a successful year with some of them adding incredible gains. For example, Polygon (MATIC) quotes increased by more than 11,000%, and its market capitalization approached $14 billion. The price of Terra (LUNA) increased by 9,500%. The capitalization of this crypto hit $23 billion. Solana (SOL), Dogecoin (DOGE), and other altcoins were also on the list of top-gainers. As for Bitcoin, its price soared by 60% in 2021.
BTC and USD
Usually, BTC are exchanged for US dollars. Read about their ratio in the article How many BTC you can buy for $100. Initially, the two currencies were compared informally. The first Bitcoin trades took place in 2011. At that time, BTC was only worth a few dollars. To calculate how many Bitcoins you can buy for the USD now, you need to check the BTC/USD pair's exchange rate. It is available on the websites of trading platforms. You can store BTC in a cryptocurrency exchange or in an electronic wallet. The main advantage of the first option is its security and the second one is more simple and more convenient. In the world of finances, the US dollar is considered the main competitor to Bitcoin. Among the main advantages of the US currency are its solid history, global recognition, and relatively low volatility. Bitcoin is rapidly gaining popularity but its area of application is narrow. The same cannot be said about the US dollar, which almost all the world's economies use. In addition, digital money still does not have clear tax regulations in some countries. At the same time, the US dollar is more vulnerable to inflation. At the end of 2021, inflation in the US exceeded the forecasts and was over 6%. Meanwhile, BTC showed growth. The BTC/USD pair’s chart shows that news about US inflation is pushing the BTC’s price higher. This happened at the beginning of 2022 when data revealed that the US dollar’s purchasing power declined. The same happened in 2021.
Future of BTC
Analysts make different forecasts for Bitcoin prices. Read about the BTC price expectations for the near future in the article Bitcoin: Monthly forecast. US American financial company Quantum Fintech Group head Harry Yeh believes that the BTC price may increase to $400,000 in 2022. He reckons that demand from investors can trigger such an increase as investors see Bitcoin as a way to protect their money from inflation. Representatives of Finam Investment Holding have a less optimistic outlook. Analyst Sergei Perekhod is sure that Bitcoin can reach $400,000 only under one condition. It will happen if the advanced world economies switch to cryptocurrencies. He predicts that Bitcoin is likely to trade in the range of $20,000-$50,000 in 2022. Some analysts believe that Bitcoin is more likely to reach $80,000-$100,000 in 12 months. BTC upside potential in 2022: The growth of the acceptance index. In 2021, this global indicator increased almost tenfold; Demand on the part of institutional investors; Protection against inflation. It is difficult to predict the value of Bitcoin, as well as other assets. Its quotes are affected by many factors, and some cannot be foreseen. In a short period of time. they can both boost prices or collapse the market. For example, in January 2022, Bitcoin dropped to $38,000 from $43,000. This happened against the news about Russia's intention to limit Bitcoin transactions.
Bitcoin is a highly volatile asset. This factor is unlikely to fade in the future. At the same time, BTC becomes a hedge against inflation along with gold. Both analysts and financial institutions recognize this. They all predict a bright future for the first cryptocurrency. If you decide to invest in Bitcoin, do it with the IFXBIT crypto exchange. Your trades will be safe and trading will be simple and convenient.
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