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Bitcoin is, without a doubt, the biggest name in the cryptocurrency world. It is the OG, the first in the cryptocurrency world and has remained a trend-setter since then. Watching the prices climb and fall has become a full-time job for some.
With the help of a live Bitcoin price chart, it is easier than ever to stay on top of not only Bitcoin, but the entire cryptocurrency market. Let’s take a closer look at Bitcoin, its creation, and what it has been doing in terms of market activity of late.
What is Bitcoin?
It first helps to have a greater understanding of just what Bitcoin is. In 2009, Satoshi Nakamoto introduced the world’s first cryptocurrency by the name of Bitcoin. The idea, backed by the revolutionary blockchain technology, was to give users the ability to conduct transactions safely, securely, and without the need of a centralized government or bank.
There is no physical token of BTC that users can get. This is much different from the physical money that we have traditionally been used to. Money can be sent between users anywhere in the world with great ease and little time spent. The system functions through the backing of thousands of different computers across the globe, ensuring that it remains decentralized.
A good time for cryptocurrency
In the latest cryptocurrency news, things are bright for the market as a whole. Bitcoin hit the $30,000 barrier once again, an important milestone when tracking the success of the cryptocurrency. It has not managed to hit that mark in months, though Bitcoin in general is up more than 70% since the beginning of the year.
Things are so good that Ethereum, which is the undisputed number-two in the cryptocurrency world, is at a 10-month high. It eclipsed the $1,900 mark for the first time in a week, showing growth across the crypto world. Whether this is a trend of things to come or the latest in a market that sees its shares of surges and drops remains to be seen.
The volatility of Bitcoin
Despite being the unquestioned king of the cryptocurrency world, Bitcoin also remains one of the most volatile as well. Since its creation in 2009, Bitcoin has undergone meteoric rises and astronomical falls, oftentimes within short periods of time.
But why is it so volatile? Well, for starters, it doesn’t have the unquestioned backing of major banking institutions. That is why centralized banking remains in control and likely will for some time to come. Until major financial institutions get behind Bitcoin and other cryptocurrency as the best way to operate, it will be seen as a fringe movement.
Additionally, cryptocurrency is heavily influenced by media hype. Take, for instance, the impact that investor Elon Musk has had on cryptocurrency at large. When he tweets about Dogecoin, the memecoin sees tremendous surges in pricing. Bitcoin is not so easily influenced but still faces many of the same factors.
Watching the market
The biggest question is whether this is indicative of positive things to come or just a blip on an otherwise negative radar. Bitcoin has been on the rise this year to date, climbing more than 70%. That said, it still is only at about 50% of its all-time high of more than $64,000, as of 4/10/23 trading at $30,135 per coin.
With the geopolitical climate what it is and other seemingly meteoric coins collapsing entirely, all eyes will turn to Bitcoin. The giant has remained a viable force in the investment world but those looking to follow daily trends will likely see peaks and valleys like no other investment.
