A bullish trend is expected to begin in the crypto market soon as the status of the digital currency market is still red. Bitcoin remains a struggling currency as it broke below the $6,000 and $5,000 levels recently. The digital currency is now valued at around $3,600.
Ethereum’s market performance is one of the most heartbreaking. Its performance today is nothing compared to its glory days. Ethereum’s trading value was almost $1,500 last year December, but today, it is down by about 90% and currently trades below $100.
The Worth of Bitcoin Today
Bitcoin, which is often called the king of cryptocurrency, is worth $3,580 at press time. We’re already in December of the year 2018 and Bitcoin’s market value continues to fall which, according to many experts, is to be blamed on the yet to be approved Bitcoin ETF by the SEC.
Anyway, cryptocurrency enthusiasts have set their sights on 2019 with the hope of more a favorable outcome. NASDAQ, the world’s second-biggest stock exchange, has also promised to introduce Bitcoin futures in the first six months of 2019.
Ohio State has revealed her readiness to accept Bitcoin as a means of tax payment while also partnering with BitPay to ensure the success of this arrangement so that every received Bitcoin can be changed into dollars for the tax office. The adoption rate of the digital currency is only going to get better, and this move by the government of Ohio State proves it.
The Cause of Bitcoin Price Changes
The value of bitcoin went from $1,000 to just a little below $20,000 in 2017 and later dropped to around $13,000 at the year’s end. From that time onward, its value has experienced irregularities marked by frequent rising and falling which also affected smaller digital assets like Ripple and Ether.
For beginners, this level of volatility can cause heartbreaks especially if investments were made at the wrong time. With time and greater efforts put into learning about the market, the beginner will start getting used to the crypto fluctuations. Bitcoin’s price keeps changing, and there are reasons behind it. Let’s see them below:
Regulations and Popularity: Two Bitcoin Price Influencers
Individual owners of Bitcoin have very little control over Bitcoin price which helps keep the currency stable due to the stake a lot of people have in the digital coin.
The other reason is the regulation by the government. This regulation could bring about the fall in the price of Bitcoin with China and South Korea serving as an example, but the future looks good with government regulation in the picture because it is expected to eliminate fraudulent businesses from the crypto market. These illegal operations are capable of bringing down the entire cryptocurrency concept and also to reduce speculation to the barest minimum.