Bitcoin Price Forecasting
If at all you are looking at the cryptocurrency world, the one thing that you need to know of is that the first of these that was ever released is the bitcoin and they as well happens to be the most widely accepted and used. The sole intention behind the creation of bitcoin was to allow its users to store and transfer value without the use of the intermediaries commonly known such as the banks and the other financial institutions.
When you look at the performance of the cryptocurrency bitcoin in the past year, 2018 bear market, it still remained relatively strong in comparison to the other cryptocurrencies competing it in the market even in as much as it still was seen to have recorded such a loss in its value by up to 80% with the base index being the all time high that it hit in value in the previous year, 2017. In a general sense, bitcoin has actually seen its value or price drop by close to $16000.
At the same time last year, bitcoin sat at a price of $9986 and today it sits at $4120, showing the fact that it has actually lost up to 60% over the past 12 months. By and large, ever since it came to the market in the year 2009, bitcoin was actually received with much adulation and many saw in it an alternative that would compete with VISA as a cross-country payment option. Nonetheless, in the subsequent years bitcoin saw much in scrutiny and some of the shortcomings that it came with such as its limited network capacity and the high transaction fees that went as high as $40 were the subject of much media and coverage.
After these were done, the good news is that this didn’t mean the deathbed but instead they responded adequately to such areas of criticisms that saw them do a network upgrade, introducing the SegWit network upgrade, which was actually activated in the month of August in the year 2017. As a matter of fact, this saw it improving its capacity as a blockchain technology which in turn boosted its position against the other alternative blockchain technologies out there.
By all standards, in the past bear market, Bitcoin has actually lost far lesser than any other of the top rated cryptos. In actual sense, this is one of the very reasons that it gets to make as much sense for the experts to arrive at the conclusion that this is one of the types of the cryptocurrencies that would be ideal investing in as they have shown the ability to maintain their relative strength in the bear market going into the future as opposed to the others that lose so much in the value.