Bitcoin: A new all-time low record in the last 365 days
Bitcoin or BTC which is the world’s first cryptocurrency and undoubtedly the most expensive one has been facing some serious issues lately. The year 2018 was one of the most terrible years for the world of cryptocurrency. After a terrific boom during December of 2017 and January of 2018, the market has only witnessed downfalls.
Bitcoin is the heart of the cryptocurrency market. Clearly, when the price of Bitcoin increases, the price of all other Altcoins follow and vice versa. If take a look at the stats we see that when Bitcoin was at its all-time high, other cryptocurrencies including Ripple’s XRP and the famous Ethereum were at their all-time high too.
Moreover, this year and at the moment as Bitcoin is surging a majority of the other Altcoins are taking a dip too. This means regardless of the cryptocurrency you have invested your precious money in if Bitcoin’s price rise then chances are your portfolio will show green marks too. Some cryptocurrencies will rise by 10x while other will only grow by 2x, but most probably it will follow Bitcoin’s footsteps.
Today, the 31st of October 2018 marks a sad day for anyone who is involved in the world of crypto. Bitcoin’s price is lower than it was a year back, in short, if you had bought one Bitcoin a year back and held onto it in hopes of profit then you are making a loss at the moment. Even though the entire year has been rough for the cryptocurrency, investors could at least say that the price was higher than the previous year.
Unfortunately, that claim is not valid anymore. The all-time high of Bitcoin was roughly $20,000. That was the peak of it, and we have only seen a downwards slope since then with very little spikes. Last year, at the same time of the year, one Bitcoin was worth $6,249, today that same Bitcoin is worth $6,241.
Each and every passing day, Bitcoin is becoming less relevant, and it seems like the expectations of many investors and crypto experts are shattering.
Bitcoin (BTC) Price Today – BTC / USD
Is now the time to buy Bitcoin?
The short answer is Yes and No. If we look at the stats of the past year then yes, because clearly, people who invested during October of 2017 made thousands if not millions in profits during January of 2019. However, on the other hand, if a year back you would have stored the money in a bank then you would have made over 2% in profits.
In the case of US stocks, you would have made as high as 3% plus dividends. In fact, you could have made well above 35% if you would have invested in Netflix’s shares. And if you stuck to the crypt market then your portfolio is in a loss right now. John McAfee seems to be very confident about his price prediction of Bitcoin. He first predicted that Bitcoin will be worth over $500,000 by July of 2020.
However, his recent prediction seems to be even more optimistic stating it will be worth over a million US dollars. Now, for the good news, a Chinese court (The Shenzhen Court of International Arbitration or SCIA) has reached the decision of allowing the ownership and trading of cryptocurrencies.
The government states: “[Bitcoin] should not be used as a currency in the market. However, there is no law or regulation that explicitly prohibits parties from holding bitcoin or private transactions in bitcoin, but rather reminds the public about the investment risks.”
If you have some spare money sitting in the bank which is making no money and you can take the risk of investing in the highly volatile crypto market, then you can go right ahead. However, it is essential to bear in mind that while some people have made millions of dollars in profit, others have lost their entire savings in hopes of getting rich overnight. Therefore, only invest money you can afford to lose, or else you are better off not getting into the crypto-market.