There are many people who are currently considering investing in cryptocurrencies. Some of the well known Cryptos include the Bitcoin, ethereum and litecoin. Analysis and prediction of the varying prices of blockchains is very vital before taking any position. Let us now focus on the analysis and forecast of the bitcoin prices. Bitcoin was the first blockchain in the market and the most popular among many investors and people.
In the year 2018, although losing more than 80% of it’s price, Bitcoin has remained to be most strong as compared to others in the markets. Bitcoin current market price lies around $4,120 having fallen from $9,986 which is about a 60 percent fall. There has been some successes for example having an open source protocol allowing everyone with skills to contribute towards Bitcoin development and also being the first to implement the second payer scaling solution.
There are also some blows that bitcoin have met on the way affecting its price negatively. For instance the Bitcoin exchange traded fund proposals that were rejected by the united states securities and exchange commission. However, the attention has shifted back to Bitcoin since the beginning of 2018 increasing its market dominance to about 50 percent. There is also a high demand for bitcoins since only twenty one million will ever be which is the reason for the strong increase pressure on price.
There are various people who have come up with different predictions on the Bitcoin prices as a result of the much happenings in the trade of blockchains. Tue fall in the market price of Bitcoin in the year 2018 was the worst making it bad year for Bitcoin. In the last moths of 2018, Bitcoin has recovered although the prediction is that it will not go beyond the mark of $4,500. It is predicted that in the year 2019, Bitcoin will have a market son Nance of about 50 percent indicating a long term pick. There are new developments in 2019 like the improved lighting adoption that forecasts a growth in the Bitcoin. On the contrary, incredible growth may not be experienced due to the competition of other blockchains.
Bitcoin is likely to face massive competition from other Cryptos in the year 2020 but may be able to maintain its position in the market. This will be achieved as a result of the many developers on the ground looking for a solution to the major problem of Bitcoin scaling. A price of below $3,000 is predicted by Beln crypto forecasts far into the year 2019. They also expect it to retain its popularity with a force to adapt to the diversified market. Individual analysis is very important before taking on any crypto investment.