The bitcoin market has been on a tear lately, with the bitcoin price up more than 100% since January. The bitcoin bulls are out in force and looking for an even bigger rally to take the bitcoin price all the way back to its previous highs near $20,000. But will bitcoin remain the top cryptocurrency of the century? I don’t know about that; it may be too early to tell. Here’s why:
Beginning of the Legend
Cryptocurrencies are all the rage now and they may seem to keep flooding the world of finance in particular. The bitcoin journey began in 2008 by an unknown person or group, it is clear that Satoshi Nakamoto’s implementation was released as open-source software on January 9th, 2009 and since then cryptocurrencies like bitcoin miners have become a central part of our lives!
The process for creating these coins works something like this: You mine them—which means you combine other computer users’ power with your own to solve complicated algorithms.
The absence of physical bitcoins is much more subtle. Rather than holding a bitcoin in your hand, you merely keep it on an electronic ledger that everyone has transparent access to (provided each record gets encrypted).
Bitcoin has been on a roller coaster of boom and bust. The dawn of the bitcoin era inspired the emergence of other cryptocurrencies on the blockchain.
Interestingly, the ice ball effect of bitcoin in a short period of time took the world by awe.
Bitcoin and Blockchain
Here is a quick peek into terms “bitcoin” and “blockchain”, their difference, and how they coexist.
- Bitcoin is a cryptocurrency, while blockchain is the technology that powers it.
- Bitcoin promotes anonymity with its reliance on decentralized ledgers and cryptography to maintain security; but in order for this system of trust to work, there has got to be some transparency as well – which gives us all more insight into how things actually operate behind closed doors!
- Blockchain can also serve other purposes beyond just money transactions: anything from property ownership rights (through smart contracts) or even information will be stored securely thanks to this emerging tech.
Bitcoin Trend in 2021
Bitcoin’s year has been a rollercoaster ride, ranging from $28K at the start to an all-time high of around $69K in early November. But now with just days left until 2020 ends and brings us into another Year 1 for Bitcoin trading data collection purposes (Bitcoin is still very young), it seems that we are coming near its 2021 average price point — currently sitting at about 47k USD on Friday morning as Asia starts their holiday celebrations!
Bitcoin is the trend compass of the crypto market as it has been the largest cryptocurrency by market cap for quite some time. The rest of the other coins tend to follow trends set out in Bitcoin, which makes them valuable too!
Bitcoin Legacy
Bitcoin offers stability because many people invest in this currency and want security when doing so; but also, like any asset class there are risks involved with investing.
The bitcoin legacy is a cryptocurrency that has been on the top cryptocurrencies list since its inception, and for many years to come, it will be one of the most stable coins.
In fact, since 2011 there have been spikes and pullbacks which means investors should expect some volatility in their investments but long-term, they are guaranteed growth as well.
It’s more likely that bitcoin will go to $75,000 than it is for the cryptocurrency to drop below $25K.
Conclusion
Bitcoin is undoubtedly a legend in the history of the finance market. It’s going to remain the undisputed crypto champion for many years to come and bitcoin will continue its meteoric rise into 2021, with a bitcoin price range from $23k-$75k according to different expert’s predictions. Bitcoin has been on a roller coaster ride but it always seems to rebound back up after every big dip.
The bitcoin legacy remains strong due to stability and security offered by this cryptocurrency; investors should expect some volatility when investing long-term in bitcoin because there are risks involved, but bitcoin price spikes have been an indicator that you’re more likely going see growth than drop below 25K USDs per coin before 2020 ends.
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