Bitcoin has seen a remarkable surge at the start of the year, with the price of the world’s largest digital token up roughly 28% since the start of January [1]. This was fuelled by the increased probability of interest rates being lowered, as well as purchases by large buyers known as “whales” [1].
This rally is likely to make the cryptocurrency market more volatile in the short term, but may lead to a more stable long-term market. Bitcoin is a digital asset that uses public-key cryptography to record, sign and send transactions over the Bitcoin blockchain [3]. As of February 6th, the market capitalization of Bitcoin is $439,717,774,278.57 [3].
References:
[1] Why is the bitcoin (BTC) price rallying in January 2023? – CNBC [2] Bitcoin pumped 43% in January 2023! What to expect in … [3] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk
However, Bitcoin Price in past 5 days down 4.06% to $22,772.80.
Bitcoin’s price has been volatile over the past few days, with a 4.06% decrease to $22,772.80. This follows the collapse of FTX and the subsequent bankruptcy of BlockFi, a major crypto exchange and lender. The SEC has charged FTX founder Sam Bankman-Fried with fraud, and this market meltdown may prolong the current ‘crypto winter.’ [1], [2], [3]
References:
[1] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk [2] Bitcoin’s Price History – Investopedia [3] Bitcoin Price Tracker (BTC/USD) – TIME
Today, Bitcoin price is loosing 0.71% with a current price of $22,772.80. Bitcoin is down 2.53% in the last 24 hours
Bitcoin has experienced a turbulent year in 2022, with the price plunging by more than 52% year-to-date, according to [3]. This dip in price has caused the overall market capitalization of crypto assets to drop from its November 2022 peak of $3 trillion to less than $1 trillion [3].
Standard Chartered has even predicted that Bitcoin could fall to $5,000 in 2023 [3], so long-term investors should be vigilant when buying Bitcoin and should pair long-term conviction with the purchase.
Currently, the Bitcoin price is $22,772.80, a -0.71% change only today of 11:39 a.m, according to [1]. So far this year, Bitcoin has experienced a change of 38.17%, with a market capitalization of $439,717,774,278.57 [1]. It is important for investors to monitor Bitcoin’s key indicators, such as market capitalization, volume, and price, to get a better understanding of the long-term trends [2].
References:
[1] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk [2] Bitcoin Price Tracker (BTC/USD) – TIME [3] Bitcoin has lost more than 50% of its value this year. What to …
