In the world of digital finance, it’s no secret that bitcoin is king. This cryptocurrency pioneer has not only paved the way for secure online payments, but also opened up a whole new trading and investing platform.
With 15 years now under its belt, it’s safe to say that it has had its ups, downs, and controversies – and that markets continue to be volatile. However, its value is still highly regarded and can act as an indicator for overall sentiment in crypto spaces.
What Is the Price of Bitcoin in 2024?
As we enter the second quarter of 2024, bitcoin price currently sits at an attractive $65,440. The market is considered to be in a bullish state, and investors and traders are especially interested in its potential for the rest of the year.
While experts predict that new records will be reached, with a potential average peak of $87,875 on the horizon, there is also speculation that the average low could fall between $20,000 and $30,000.
Bitcoin has had its fair share of ups and downs, and markets can shift entirely in a matter of minutes, so always do your research and be aware of the potential risks before making any crypto-related financial moves.
Key Considerations for Bitcoin Price
Anyone keeping a close eye on the price of bitcoin and the wider cryptocurrency markets should be aware that volatility is the driving force behind digital finance values. Volatility itself refers to how often and how impactful price movements can be (either up or down), with greater, more consistent price swings instigating unpredictability.
Numerous factors can be taken into account to help experts and enthusiasts make the right market moves and potentially experience a profit. When it comes to bitcoin this year, the key considerations are:
Approval for spot bitcoin ETFs
Exchange-traded funds (ETFs) are not a new investment vehicle, but it was only in January of this year that the US Securities and Exchange Commission (SEC) approved this additional trading avenue for bitcoin.
Bitcoin ETFs act as an exchange-traded product (ETP) in an effort to make the digital currency better regulated and more accessible to a host of traders and investors.
The BTC halving event
Every four years, in order to protect against inflation and ensure scarcity, bitcoin’s mining algorithm was programmed to halve the reward for mining bitcoin transactions. This is known as a halving event and typically lowers bitcoin supply while increasing demand.
It’s not especially good news for those who validate transactions, but these events have consistently positively impacted market value since bitcoin’s inception. With BTC halving happening this April, this is certainly a time to be watching movements in bitcoin price.
Historical data supports the math
When making price predictions in crypto spaces, historical performance can act as a significant indicator. The good news is that while the current price of bitcoin is currently sitting at the top spot of the entire digital finance ecosystem, it has consistently held this spot since competitors began entering the market.
Even a cursory look at it’s past performance shows that there have been attractive price increases and not so attractive drops. Overall, there have been price jumps in almost every year since 2009, even if these have only been buy a few dollars.
When it comes to bitcoin price trends largely reflect the sentiments of investors and traders who hope for larger spikes in value so that they can potentially make the most profit.
Bitcoin is a trend-setter and industry disruptor
It seems that digital finance is here to stay, and bitcoin has the unique ability to affect the wider ecosystem. While there have been a whole host of innovators in digital spaces and bitcoin is not necessarily one of them, any changes, updates, or upgrades to the bitcoin ecosystem do have a deep and widespread market effect.
For example, even the most minor bitcoin value changes will have a knock-on effect on many of its biggest competitors. Not only can you gain deep insights by understanding the market and keeping track of the current bitcoin price, but you may also gain additional information regarding digital finance in general.
Is Now the Time to Invest in Bitcoin?
When weighing up the pros and cons of using cryptocurrency for investing and trading, bitcoin was not only the first digital token, but it has continued to be the market leader for over a decade. It is certainly going strong so far in 2024, but as we know, almost anything could happen.
While experts may feel that its prospects are attractive and its value reached an all-time high of $73,750.07 in March, those hoping to get involved should be aware of the potential pitfalls, always practice risk management, and never trade with or invest more than they can afford.
