Bitcoin Price: What Is The Price Of Bitcoin Today?

In this article, we’ll help you understand the factors that influence the Bitcoin price, its current price, the effects of the network, market manipulation and Bitcoin price predictions.

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Bitcoin Price: What is the price of Bitcoin today?

 

Calculator to buy Bitcoins with dollars

Use our dollar calculator to convert to Bitcoin so you can easily buy bitcoins by credit card.

 

Bitcoin value in different currencies

Below, you’ll find our Bitcoin chart with changes in currency values (USD, EUR, MXN, FEV), which, when studied carefully, gives you good revenue and billing opportunities.

In addition, you can analyze the Bitcoin price in the form of lines (showing the behavior of the currency over a period of time) or candles (candles) with detailed information such as the opening price, the highest and lowest value within the time period, and the price trend.

Bitcoin price in relation to other cryptocurrencies

In the following table, you can follow the development of Bitcoin’s price (BTC) in relation to the main cryptosystems: Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and Dash (DASH).

 

Factors that influence Bitcoin’s price: Supply and demand

There are many factors that drive Bitcoin’s price, but it’s all about supply and demand.

When it comes to the supply of Bitcoin, basically it’s 21 million Bitcoins, this is also known as controlled supply, so there is no quantitative relief, no new money is injected into the market at random, but we know exactly that in every 10 minutes there are new Bitcoins which are halved every four years.

It’s estimated that more than three million pre-mined Bitcoins are lost in space because many people have lost their private keys in their Bitcoins, reducing the total of 21 million units to about 18 million that will always be in circulation.

Also, Satoshi has about 1 million Bitcoins that he never touched and probably never will, so it really comes down to about 17 million Bitcoins.

When it comes to demand, there’s a huge amount of demand that continually increases making the value of Bitcoin even greater.

In addition, the supply continually decreases every four years, which also makes the value of Bitcoin even higher, because every four years the block reward is to have fewer and fewer bitcoins, while the difficulty of extracting those coins continually increases, which also means that the cost of mining will increase and that will also increase the price of Bitcoin.

Another economic effect is that the value of Bitcoin will increase, the value of the trust coins will decrease, making the value of Bitcoin even higher.

 

Demand and Network Effects

Everyone talks about Bitcoin, maybe not all the time, but there is a continuous increase in terms of people wanting to know more about this digital currency.

For example, those who used to hate it for reasons like it was used on “the dark web” are now looking to invest in Bitcoin or at least considering the possibility.

Those people are skeptical because new headlines are constantly appearing in the media but they are now learning from this in this regard.

Another key point is that Bitcoin is legalized everywhere, which makes it even easier for people to participate.

Bitcoin had a bad name for years because it was used as a payment method to buy drugs, and according to statistics, the largest payment instrument to pay for illegal activities is still fiat currencies such as the dollar.

Bitcoin is semi-anonymous and transactions will always be traceable in the blockchain, but on the other hand, withdrawing $20 from the traditional ATM and spending that on drugs is much easier, anyway, the problem seems to be the mistaken belief among criminals and drug users that Bitcoin is completely anonymous, which is not correct, but they were using it anyway.

The payment instrument used by criminals should not be judged, but those who have bad intentions.

Criminals also use the Internet, cell phones, but in terms of money, they also use dollars or even fast bank transfers, but normal people without criminal intentions also use the same technologies and the same money, so no technology or money should be blamed.

Bitcoin had a bad name for years, but this is changing as more and more people understand that it was all about a bad image in the media.

The press always loved to use dramatic headlines so they could get more attention.

In terms of the effects of the network, in January 2018 there were about 2000 Bitcoin ATMs in 61 countries, and by July 2019 that number had grown to 5370 Bitcoin ATMs in 75 countries around the world.

Bitcoin exchanges are also on the rise, and there are now more than 12,800 exchanges worldwide.

bitcoin price

 

Market Manipulation and Price Predictions

In terms of manipulating the price of Bitcoin, when it became internationally recognized, it really started in 2017, when we all witnessed a “bull market”.

News from the China market dominated all the news channel newspapers all the time.

Most of the Bitcoin mining is in China because of the cheap electricity costs, so Bitcoins mining in China is the most profitable.

In less than a year, it’s now a little bit changed because many Chinese miners moved their operations to other countries, but it all started with China announcing that they will probably ban cryptocurrencies followed by a drop in cryptocurrency prices.

Then they announced that they had only thought about banning it and then the price went up again, but a week later they announced that they were thinking about banning Bitcoin, so the prices went down again.

Two weeks later they said they wouldn’t ban Bitcoin and the prices went up again, so this was the game they were playing for a while.

 

The role of the Chinese government

In fact, the Chinese government played very well in the end, as they have managed to ban most of the exchanges and ICOS (initial offers of currencies), which is very good because most of them were a scam anyway.

They also managed to ban most forms of Bitcoin mining or also known as “Bitcoins Farms”.

What also happened is that the Chinese who were heavily involved in mining or conducting online exchanges simply moved out of China.

Today, they are all over the world, where they have to pay less as in Canada or Iceland where they no longer have to worry about cheap electricity for mining.

They can basically save even more money than before, either because they have to pay fewer taxes or less money to spend on mining because most of these countries are always cold and no cooling systems are required.

Before all these ads threatening to ban ideas, it was estimated that 70-85% of all Bitcoin mining was in China, but now it’s down to 55-70%.

 

Volatility with Chinese news

The Chinese news announcements have had a big impact on Bitcoin’s stock price, for example, when China announced that it would reopen the Bitcoin exchanges only one month after closing them, the value of Bitcoin increased from $6,000 to $7,800.

Due to this tremendous price volatility, the numbers have reached a level we’ve never experienced with any other currency and Bitcoin has become a paradise for traders.

Many people have left behind traditional trading with fiat currencies or precious metals to learn about and invest in cryptocurrencies.

 

Tips from “the pros”

Risk analysts, technical analysts, fund managers, hedge funds and other financial organizations not only started investing and trading with Bitcoin but also advised their clients where they should keep their money.

More and more hedge funds and money managers are making all kinds of predictions about the price of Bitcoin.

For example, they would announce that the price of Bitcoin would reach $100,000 by the end of 2018 and would be $500,000 by 2020 and so on to try to convince a large part of the population to buy Bitcoin.

They don’t tell you to go and buy Bitcoin, they just predict it, so what happens is that many of these people think that these hedge fund managers must know something and when people start buying bitcoins the prices would go up which creates a network effect to buy even more and the prices would go up for a while, maybe for a few days, even for a week and then a week later the price would suddenly drop.

So the game they play is simple, they try to convince people to buy without saying so, of course, and this creates higher prices and then sell once the price is high enough for them.

What they don’t say in their public ads, is that they are responsible for other people’s money and many have invested in Bitcoin when the price was higher and would suddenly want their money back because it’s a bear market in Bitcoin and maybe they found a better short-term investment, maybe they can’t wait any longer, maybe they are running out of patient or money or both.

Read also: Is investing in Bitcoin risky? Read about them here

So before they sell they would make sure they get a better price by manipulating the market and, since they can’t buy obviously, they would make unqualified investors buy for them by pumping the price out of the top.

Well-connected people in space who have a five-minute interview on a well-known news channel can be quite convincing, so you should always be on the lookout for those types of ads.

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