Bitcoin (BTC) turned 14 in January of this year, so it looks like it has stood the test of time. According to a report by Statista, an online platform for consumer data, Bitcoin’s volatility increased from $3,726.51 on September 15, 2017 to $19,650 on December 15, 2017. The first instance of was observed.
In one month, the Bitcoin exchange rate has quadrupled. “The older we get, the less we accept negative comments and incidents,” Shivam Thakral, CEO of cryptocurrency exchange BuyUcoin, told his FE Blockchain.
Additionally, it should be noted that BTC broke all previous records on November 12, 2021, reaching an all-time high of $64,400 per coin, according to CoinGecko data.
However, on November 12, 2022, Bitcoin recorded a value of $16,855.30. This also happened to be the lowest cryptocurrency exchange rate in the last 12 months. However, by the end of 2022, the market had changed significantly, with Bitcoin’s price reaching around 16674.34 as of January 3, 2023, after another cryptocurrency exchange, FTX, filed for bankruptcy.
Industry experts say the cryptocurrency market is no longer just Bitcoin. Expect it to be even more pronounced this year. “Most estimates suggest that some cryptocurrencies are poised to have a very good year in 2023. BTC will weather a bull market and crypto winter,” said a think tank. Raj A Kapoor, founder of the India Blockchain Alliance, added.
Moreover, various economic factors such as inflation and macroeconomic factors have impacted the cryptocurrency market. Prior to the current market crash, the price of cryptocurrencies such as Bitcoin was as high as $67,000 in early 2022. ‘ added Edul Patel, his CEO and co-founder of cryptocurrency exchange Mudrex.
According to Statista, Bitcoin will run out by 2040 despite more powerful mining equipment. Because it gets harder and consumes a lot of power. For this reason, Bitcoin mining transactions could rival the energy consumption of a small country in 2021.