Bitcoin is the most primitive asset which laid the foundation of the concept called ‘Cryptocurrency’ in the financial world. Having no value for more than a couple of years since its inception, Bitcoin had a pretty long journey fighting the odds and is now being termed as a ‘store of value’ or hedge against inflation by many. Moreover, BTC price is underpinning all the other major altcoins including Ethereum in the crypto space.
Did You Know: The inspiration behind the development of Bitcoin is said to be the huge financial crash of 2008 which collapsed the banking structure
The idea behind the concept of Bitcoin was first laid on a Whitepaper by a mysterious individual or maybe a group of people called ‘Satoshi Nakamoto’ in 2008. And the ‘Genesis Block’ or the very first block was created or mined on January 03, 2009.
The asset had no valve for a long time until the first-ever single largest transaction took place in 2010 which spiked the Bitcoin price in dollars from a fraction of a penny to $0.09. Since then the asset underwent multiple ups and downs to hit the All-Time High of $68.789, recently.
Bitcoin gained mainstream attention for the first time since it spiked more than 330% within a very short time frame. However, the drastic dip not only in 2018 but also in 2020 and 2021 became the talk of the town. Nevertheless, Bitcoin recovered quickly like a giant and showcased its strength in managing the trembled situation very well than the other traditional assets.
Interesting Fact: Way back in 2010 a person spent nearly 10,000 BTC to buy 2 pizzas and registered the very first commercial transaction. And since then May 22 is celebrated as ‘Bitcoin Pizza Day’ worldwide
What is Bitcoin(BTC) – Fundamental Analysis
Bitcoin is an open-source, decentralized, peer-to-peer digital currency created to curb the financial loopholes of the traditional financial system. It uses cryptography to secure the transactions and all the transactions are verified using a computational process called ‘Mining’ and the people who Mine or create new Bitcoin are called ‘Miners’. It works on the blockchain network and each miner who successfully confirms the blocks receives BTC as a reward.
As mentioned, cryptocurrency Bitcoin has no physical existence and only reflects on the ledgers or wallets. These wallets are guarded using public and private keys which are a unique long string of numbers and letters linked through a mathematical algorithm. The main feature of Bitcoin is it is a scarce asset having a limited supply of 21 million unlike the traditional form of money which has an unlimited supply.
Did You Know: Out of 21 million, nearly 90% of the assets have already been mined as of December 15, 2021
Another interesting part is Bitcoin is divisible into eight decimal places and the smallest part of Bitcoin is called Satoshi. One Satoshi or SATS is equal to $0.00000001 BTC. And hence these main important features of Bitcoin may keep the digital asset in the dominant position in the coming days.
Additional Read: How to invest in Bitcoin
Will Bitcoin(BTC) Price Hit $100K in 2021?
Bitcoin initiated its journey with an almost negligible value much less than a penny. Yet as time went on, gaining huge attention and adoption, the value rose like a monster to hit the highs very close to $70,000. However, the asset underwent multiple corrections and retracements in achieving the highs, yet never remained passive for a long time.
The year 2020-21 is considered as one of the most golden periods in the crypto space, specifically Bitcoin, as the price rose from below $4000 in March 2020 to as high as $69,000 in September 2021. No doubt the asset is hovering a little downside but could flip any time to resume with the bull run.
Price of Bitcoin today is around $48,137 and hence coiling up to hit $100K is a pretty tedious job for the asset. However, a remarkable flip to pursue a healthy uptrend may assist the price to have a yearly close around the ATH close to $70K.
Factors Affecting Bitcoin(BTC) Price Today
In recent times, Bitcoin witnessed huge adoption not only among the traders but also among popular personalities, celebrities, financial giants, etc. And hence they notably fueled the BTC price on time. The most eye-catching moment was when the Wall Street listed company microstrategy poured in its liquid assets into Bitcoin and now they are considered among the BTC whales with nearly 150K BTC.
Many governments are taking Bitcoin seriously and attempting to bring digital assets under the country’s regulation. This may largely impact the BTC price in the coming days. Also, many other factors do affect the Bitcoin price. Also, the positive rounds from governments like El Salvador where BTC are legal tender could uplift the pierce to large extent.
Where to buy Bitcoin(BTC)
Bitcoin is the very first cryptocurrency and hence almost all the crypto exchanges have listed the asset for trade. However, if you are interested in buying Bitcoin and in search of a reliable platform, then CoinDCX is the best-suited option for you.
CoinDCX offers you a wide variety of assets including Bitcoin, Ethereum, XRP, etc many more. All you need to do is download CoinDCX mobile app and enter the world of hassle-free trades at affordable prices. Download now and register following the simple steps mentioned.
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