When it comes to cryptocurrencies, multiple different types of them are available these days. However, the first-ever to be introduced is Bitcoin. Recently, the value of bitcoin reached an all-time high of $ 68,000. The previous record of bitcoin was $ 67,000. However, there was always a chance that it would break this record.
It also needs to be mentioned in this regard that though the value of bitcoin has reached a staggering figure of $ 68,000, however, prior to that, there have been lots of ups and downs in its value, and there was a time when its value dropped below $ 30,000. Though it has reached a new high, the volatile nature of bitcoin remains persistent. According to some experts, in the days to come, the price of bitcoin is likely to go beyond $ 100,000. You can also gain more knowledge about cryptocurrency by visiting ICP Crypto.
If you’re a bitcoin user, in that case, you must know all the features and mechanisms associated with it. If you are a bitcoin user, in that case, are you sure that the application you are using is safe, secure, user-friendly, and flexible? If you have any doubts about either of these four factors, in that case, it is time to go for a change.
A brief insight into Bitcoin’s price hike
Bitcoin broke all its earlier records and has managed to attain its all-time high price hike of $ 68,000. This is the spot price of bitcoin. If you’re not sure what spot price is all about, you need to know that it is the current price at the market where types of assets like currency, commodity, or security can be sold. As mentioned, the earlier all-time high price of bitcoin was $ 67,000.
The recent price hike took place after the first-ever it kind exchange-traded fund or ETF was introduced in the United States of America. Presently, the dedicated trade volume for cryptocurrencies is worth $ 39.6 billion and is considered to be the sixth most valuable asset present in the world.
As far as the market capitalization of bitcoin is concerned, it is worth $ 1.24 trillion. When it comes to the value of entire cryptocurrencies that are operating in the market, it has exceeded $ 2.5 trillion, which is an unbelievable rise. This price rose to place after BITO or Proshares Bitcoin Strategy ETF was listed on the stock exchange of New York.
Should you deal in bitcoin?
Dealing in Bitcoin or investing in it can appear to be quite a lucrative prospect. Which indeed it is. As mentioned, when it comes to the price and value of bitcoin, it has always been very volatile.
One moment you see that the price has skyrocketed, and the next moment they will be stiff and descend in the graph. Therefore, when it comes to investing in bitcoin requires a lot of study, experience, and, at the same time, knowledge about the market condition. If you’re relatively new in the domain of bitcoin, in that case, you shouldn’t straightaway jump into investment.
To begin with, you need to educate yourself and learn how the entire mechanism and process operates, keep a close eye on the market, and notice the trends in terms of price hikes and falls. Most importantly, you must get in touch with an expert who already has a fair amount of experience in bitcoin trading under his belt.
Wrapping it up !!!
The above discussion highlights how Bitcoin’s value fluctuates, and the market can sometimes be so unpredictable. But if you have already planned to invest in bitcoin, in that case, to begin with, go for small amounts. Investing heavy amounts carries many risks, and there are chances that you might end up losing a significant amount of money. It is always smart to invest in a small volume in bitcoin, to begin with. Keeping some basic tips in mind while investing will save you from losses and earn profit.