Bitcoin Price History and Prediction: Bitcoin Outperforms Silver
Bitcoin fell to a seven-week low on 24 June, marking a turbulent mid-year period. Following this, various micro and macroeconomic factors drove its price fluctuations. For example 50 basis points rate cut by the Federal Reserve in September and “Uptober” brought Bitcoin back to 70,000. The significant breakthrough came after Donald Trump election victory, amid expectations of a favorable regulatory environment, Bitcoin price surged to new high again.
In June, MarketCap global asset ranking data shows Bitcoin dropped from the ninth to tenth world’s largest asset at the price of $1.21 trillion. However, Bitcoin once showed its potential to surpass silver briefly in March this year, when it hit a historic high at $71,000. Under this bullish market and Trump’s positive policy approach toward crypto, Bitcoin demonstrated its magic again to surpass Silver to become the eighth world’s largest asset. The CEO of Galaxy Investment, Mike Novogratz, made a bullish prediction that the market price of Bitcoin would hit $100,000 as soon as this year. Could digital gold reach another historical high or even reach $100,000?
Bitcoin Price Changes and History
(Source: Market Cap as of 22nd June 2024)
(Source: Market Cap as of 26th June 2024)
(Source: Market Cap as of 12th November 2024)
Bitcoin has experienced multiple bull markets since its creation. In 2013, Bitcoin surged from approximately $13 in January 2013 to a peak of around $1,100 in December 2013. The second bull run was in 2017 where the price soared from about $1,000 in January to nearly $20,000 in December. Then it came to 2020, Bitcoin climbed from around $7,000 in January 2020 to an all-time high of nearly $69,000 in November 2021 which made Bitcoin a global name.
Price Fluctuations Impact on ETF and Coin Market
According to Investopedia, as of May 2024, there are 34 bitcoin spot ETFs, with combined assets exceeding $60 billion. If the market price of Bitcoin surpasses silver, the performance of Bitcoin ETFs could improve as the underlying asset’s value increases and make Bitcoin ETFs more attractive to investors. The introduction of highly anticipated Bitcoin ETFs has the potential to increase market liquidity.
Historically, Bitcoin’s price movements have a strong correlation with other cryptocurrencies. A substantial increase in Bitcoin’s price could positively influence the broader market, enhancing investor confidence and trading activity. As Bitcoin’s price rises, it often leads to a ripple effect across the market. Ethereum and other major altcoins could see increased trading volumes and price appreciation due to the overall heightened interest in cryptocurrencies.
Points to Consider — Silver Importance and Bitcoin Market Volatility
Silver, often known as ‘poor man’s gold’, is considered a good store of value for centuries. It plays an important role in jewelry making, industrial applications and investment, its popularity and board usage stabilize the price.
While the Bitcoin price movement is a climb. Since it has a limited supply of 21 million, the cryptocurrency undergoes halving events roughly every four years, the past three halvings in 2012, 2016, and 2020 resulted in outstanding price surges. However, after the halving event in April, the increased market uncertainty and the entry of ETF institutions have heightened market complexity, leading to greater volatility. As a result, the profit-making potential in the short term remains unclear. This resulted in a massive sellout to liquidate and lead to a price depreciation.
When and Where to Invest?
Looking ahead, the future prospects for BTC appear promising. Historical data shows that each major bull market for Bitcoin typically begins about six months after a halving event. With the 2024 halving occurring in April, the market is now entering the critical time where a new bull cycle momentum continues, aligning perfectly with past patterns. Data indicates a surge in global crypto users, rising from 420 million last year to 562 million in 2024. This growing user base is likely to fuel investor enthusiasm, as more individuals enter the market, adding momentum and strengthening Bitcoin’s position. Moreover, major players on Wall Street and ETF institutions have continued to increase their BTC holdings, highlighting ongoing institutional support. This institutional interest not only enhances Bitcoin’s credibility but also attracts more capital, increasing its long-term stability and market influence. These factors together point to a bright future for Bitcoin, suggesting strong potential for growth and renewed investor confidence in the months ahead.
Bitcoin remains a major player in the global financial landscape. Beside Mike Novogratz, some analysts believe there will be a considerable rise in the future. Whether you choose to invest now or in the future, the best way is to do your own research and pick the best exchange to start your journey. A good exchange should give you the most up to date price, market information, comprehensive security measures and seamless trading experience. World-leading exchange, CoinEx, provides a selection of trading options for BTC, stablecoins and 1,200+ coins. With access to 1700+ markets, enabling you to keep up with the market trend. The platform ensures stable performance and seamless deposit and withdrawal processes, together with all-round security measures to perfect your trading experience. Founded in 2017, CoinEx always upholds the mission to leverage the transformative power of blockchain technology, guided by “user first” brand ethos.
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making crypto trading easier. The platform provides a range of services, including spot and futures trading, margin trading, swaps, automated market makers (AMM), and financial management services for over 10 million users across 200+ countries and regions. Since its establishment, CoinEx has steadfastly adhered to a “user-first” service principle. With the sincere intention of nurturing an equitable, respectful, and secure crypto trading environment, CoinEx enables individuals with varying levels of experience to effortlessly access the world of cryptocurrency by offering easy-to-use products.
