Bitcoin gained an immense surge of popularity and immediately shot to fame when its value hiked in the end of December 2016. Since then, BTC has been going strong and continues to hold the top spot at the coin market. But as time progressed, the value of BTC started coming down. Will Bitcoin go back up in the coming year? What would be the faith of BTC in 2019? Let’s find out.
Bitcoin – the Ultimate Cryptocurrency
Although Bitcoin happens to be the first digital currency in the crypto market, it would be hard to believe that it still does not have an official development team. This means that there are no revisions, no pending updates, or changes being performed regarding some of the obvious shortages that are found in the BTC network.
One of the shortages that BTC network has reflected in its scalability because now the BTC transactions are tending to become slow as well as more expensive. This is making it quite non-practical for the users when they have to send small amounts of BTC to the other addresses.
Despite the shortcomings, Bitcoin is still managing to retain the top spot at the crypto market, which indicates that its value still has a great potential in the market.
It’s true that none of the digital currencies have managed to reach a record value of $18,000, unlike Bitcoin. This only means that there is a possibility of Bitcoin again reaching its record price sometime in future.
Will Bitcoin go up and what is the faith of BTC in the next following months?
Will Bitcoin Go Back Up Again in 2019?
So, what is the faith of Bitcoin in the coming year? Will Bitcoin go back up again in 2019? These are some of the questions that would concern the Bitcoin investors, especially those who are thinking to invest in BTC in 2019.
In the previous year, the prices of several cryptocurrencies have significantly dropped especially by the end of 2017 and the beginning of 2018. Bitcoin is also included in these cryptocurrencies. The severe drop in the values of Bitcoin has killed the general buzz for the majority of crypto enthusiasts and they have started to question whether it would be wise to invest in BTC at all.
Bitcoin lost its value by -66% in the market since the end of the last year. Looking at the trading analysis of BTC, we can say that Bitcoin has been trading at an all-time high of around $18,000 per one BTC but now is being valued at under $7000 with only sporadic price boosts that have managed to drive BTC up to the value of $7000 many a times during the last few months.
Bitcoin is likely to increase in the following months and may even break the resistance of $7000 just in case its value shoots up.
If we look at the most recent market rebound that took place on October 15th, we see that Bitcoin shot up its value by 5% in the course of twenty-four hours. However, soon after the rebound, just a day later, BTC was seen close to 0%, trading at the value of $6,618.
For now, the biggest possible concern for BTC is that there are no frequent changes and updates in its network which means it still remains one of the most expensive blockchain-based networks for making monetary transactions.
Having said that, Bitcoin still holds the possibility of going back up again at the beginning of 2019 because it represents the most popular investments in the blockchain industry.