No market in the world is as uncertain and fluctuating as the Bitcoin market is. It shows extreme fluctuation. Therefore, it becomes much difficult for a common man to predict what it is going to hold.
With bitcoin being the first cryptocurrency, it was difficult to predict in the initial days but gradually started seeming simpler. However, it eventually turned up to be extremely volatile today, and so have the numbers increased in the trade of bitcoin. However, because of the high returns, people have gained a lot with time. In fact, you can trade bitcoin visit their website. But without strategies, buying bitcoin is not worth it. You need to calculate your risks and then move forward in the game. Read more to know how to make promising bitcoin profits
Growth of Bitcoin
From day 1 that is 3rd January 2009 this day that is January 2022, bitcoin has grown $775.40 billion. It had a day where the price was $0 and today its price is $43,888. If you study the graph of bitcoin properly you will observe a particular trend. From 2009 to 2017 the graph was always upward. The profit earned by the people was tremendous. It made them more optimistic about their bitcoin investment. That’s the time bitcoin started becoming more popular and the investment also increased. 2018 was the first time when bitcoin slipped down a point in the graph.
From that time onwards, it became a typical graph and then the investors had to use different kinds of strategies to help them gain more profit. Being one of the most unstable markets, bitcoin again started to follow its old pattern. From September 2020 to March 2021, the graph of bitcoin was going up and there were no fluctuations. That time it reached a price of $58,000 which made people excited. At that time,experts predicted it will grow further. It reached its highest point in October 2021 by $61,347. This price hike made people profit millions of dollars.
Bitcoin is a volatile market
Being unstable is the nature of bitcoin, which has come out as a new concept. Due to the fluctuations, the investors need to practically think and form strong strategies which will help them bear a loss. The demand and supply also become a factor to consider why the market is so volatile. Bitcoin is a volatile cryptocurrency, which increases the risk factor.
Bitcoin is risky to purchase as it is not backed up by anything. That’s the reason people prefer the traditional market as the company announcements can predict the growth of the share. In the Crypto market, no one can predict the currency’s value; it is all analysis. In a few countries, bitcoin is illegal, but the gains are so promising that people in those countries are taking risks and purchasing bitcoin. Some of the senior citizens were not ready to take such a risk but after they saw the return on investment; they have also shifted funds to be invested in Bitcoin.
Bitcoin vs stock market
● In the crypto market, bitcoin has more profits compared to other digital currencies.
● Bitcoin comes with a high volume of risk and the share market has low risk.
● Compared to all the stocks, bitcoin volatility is less.
● As known, bitcoin is not backed up by anything but stock is backed up by a company or a government in the country.
● The stock market has working hours so you need to wait to trade. Bitcoin has no working hours; it is 24/7, so the profits are more.
Bitcoin has been an unstable currency but profits like no one for it have given so much profit in the past few years. Since it has gained the trust of so many investors and traders, it has had its highest peak value in the year 2020. Bitcoin is now one of the cryptocurrencies which all traders had in mind and are willing to invest in. The gains are not only in monetary terms but also in terms of assets. If you invest your bitcoin in a company then as the price increases, you also get a benefit from it. You can sell or buy your car through digital currency as well like bitcoin. There are so many ways to profit from bitcoin. Therefore, stating that, bitcoin profits can be promising and will not be wrong.