Satoshi Nakamoto is the mysterious individual who blessed us with Bitcoin. Since then, this cryptocurrency has undergone tremendous changes, sometimes increasing in value while at other time declining.
But how does the value change? How can you tell Bitcoin’s current value? Converting this cryptocurrency into the fiat currency of your choice is the best way to determine its worth.
The decision to buy Bitcoin, sell or retain your coins is hugely determined by its current value. If you find it to be more than what you bought, you are more likely to sell because it will generate more revenue.
Even as you do so, you have the overall goal of making sure that returns are maximized. This is only possible when the Bitcoin Price Graph is carefully analyzed.
And you need to have a basic understanding of it, regardless of whether you trade crypto coins using systems like Bitcoin Loophole or you go directly to exchanges.
Basic Bitcoin Price Graph
A quick Google Search about Bitcoin Price Graph mostly reveals results dominated by a line pricing chart. The price may seem complicated but this is the most basic chart anyone who has interacted with graphs knows.
With a Bitcoin line pricing chart, it becomes possible to keep up with price changes that 1 BTC undergoes in comparison to 1 USD (the standard chosen for these comparisons). Even though the US dollar is mostly used, the BTC line chart is flexible enough to let you incorporate other fiat currencies of your choice.
There are so many capabilities that come with the Bitcoin Price Graph. For instance, you can modify it to display numerous windows of time including hours, days, weeks, or even years. The time shown can be backdated as far as 10 years ago.
While evaluating the figures displayed on the Bitcoin Price Graph, you will see the X and Y axes, characters we are so used to. The X-axis (horizontal line at the chart’s bottom) is used to represent the selected timeframe. On the other hand, the Y-axis is a representation of the Market Price. This basically represents the value of 1 BTC in USD.
The plotting of this graph is in such a way that both axes have points representing Bitcoin value on any given date. There is a line connecting the points which helps with the visual representation of the value movements. As such, you do not need to be an expert to understand what is going on.
Bitcoin Price Graphs provides the easiest and quickest way to keep up with the value of BTC. That’s so since they cover an extended period of time. If you were to be provided with just a three-day window as well as some starting/ending points, you would not have an idea of the broader picture.
Identification of BTC’s value is the very first step in your decision to invest in the cryptocurrency. Having known this, you can move on to the next step which involves knowing any influential factors. This knowledge can then be used to make accurate market predictions of what future behavior might be.
Almost all reputable Bitcoin exchange platforms or wallet providers have a basic line pricing chart. Such charts entail customizable features. It is important to keep up with past and current price trends before you can make a major investment decision.
The pricing chart is designed in such a manner that you are given access to values over a period of time. This is exactly what most Bitcoin users are always looking for. However, that’s not to say that they are the only ones that you can consider in your trading efforts.
There are a couple of charts which are designed to factor in high-frequency trading which gives a clear picture of crypto market speculation.
All in all, if you want to apply a successful trading strategy to your trading, you will need a basic understanding of the graphs.
Why Bitcoin Price Goes Up & Down?
As you analyze the Bitcoin Price Graph, one thing that is apparent is that the Bitcoin price has been going up and down over the years. For newbie traders, this is something that can get them worried and even choose not to be a part of this highly lucrative industry. However, you ought not to be worried. As a matter of fact, it is very normal for such changes to take place.
So, what causes the Bitcoin price to change this much? The truth of the matter is that this is not a question with a straightforward answer. But there are a couple of possible explanations.
First and foremost, Bitcoin operates with the idea that money shouldn’t be controlled by some kind of central authority. This means that there are no regulatory changes in the cryptocurrency. This means that any changes it goes through are purely as a result of demand and supply.
Just like the industry has always operated over the years, when demand is high, supply tends to be lower which in turn makes the prices or value to increase. The reverse is also true.
The idea of demand and supply in the Bitcoin world is as a result of the way Satoshi Nakamoto built the blockchain. It is in such a way that every four years, the Bitcoins are available are halved. When the halving happens, definitely a great impact is felt on the supply which in turn impacts demand. A combination of these two goes a long way in determining BTC’s value.
There is also the idea of Bitcoin continuously becoming the mainstream. There is a growing number of businesses that accept it as a means of payment. As this happens, people see how important it has become and desire to have more of it. In the long run, the value and prices shoot up.
But things are not always rosy. When the political world tries to meddle in the meticulously designed nature of BTC operation, its value takes a significant fall. This mostly happens when an announcement is made that the government plans to regulate Bitcoin.
The truth of the matter is that this is not something that would happen easily. Bitcoin is completely decentralized, meaning that all loopholes for controlling it are sealed.
In conclusion, when you want to have a better idea of BTC value, the best thing to do would be to have a look at Bitcoin Price Graph. Carefully assess it before making the purchase order.
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