Crypto currency market is volatile and subject to very big losses as well as gains. But the people who invest in crypto are not afraid to take risks. As we all know that Bitcoin is close to its fourth having in April 2024. Its prices are close to all time high these days.
Cryptocurrency exchanges act like banks for the people who own cryptography and people exchange their conventional money like dollars or pounds to Crypto currency since their prices go up and down rapidly.
The fear greed index on the coin market cap is as high as 80+ at the moment. And when greed is higher it means people are buying rapidly. Anyone who has some understanding of cryptography knows that the Bitcoin halving event is going to impact a lot of coins and so the bull phase is upcoming. If we talk about Bitcoin, there are a total of 21 million coins. A large number of bitcoin, as much as 2.4 million have been lost. Owners lose their bitcoin when they forget or lose their wallets. There is no customer support in Bitcoin.
Banks own about a million of Bitcoins and are considered the Bitcoin whales. Other than banks, about 1.4 million Bitcoins are yet to be mined. And the creator of bitcoin, Satoshi Nakamoto owns about 1.1 Million of them. Right now one bitcoin costs around 60k USD. And the lowest price of bitcoin was in 2010, when it cost only $0.05.
In 2024 bitcoin is finally breaking out of its compression pattern. As the bitcoin supply is running out there is a big volume rise. Something very interesting is happening with the prices of bitcoin for the past weeks. Price predictions for the price of bitcoin are as high as 150,000.
This bull phase is going to cause significant gains for the people who have already invested but those who haven’t invented yet, are not holding back and investing at a price as high as $60k.
This is because there is no prediction of bitcoin being wiped out and the bitcoin ETFs and the coin itself being hyped up so much is causing instant price uplifts.
Bitcoin is a poW(proof of work) algorithm based coin and it is mined by using SHA-256 algorithm.
As the market is going towards a bull run people are also turning to mining as well, rapidly. Investment firms like Grascale, BlackRock and Fidelity are investing billions of dollars into buying Bitcoin. In the past few weeks these firm have got the title of ‘Bitcoin Whales’And about 1.6m bitcoins are owned by unknown whales. With the rise of bitcoin, many other smaller coins are also getting the hype and people are investing in them rapidly. For instance, XRP, KAS, SOL MATIC, SHIB and dogecoin. And rapid price uplifts have been noticed in these coins as well.
Investors are impatient to see what the bull run brings for them but they are taking every chance
to invest, still.
