Bitcoin’s situation in 2019
We have another year behind us. Was 2019 a prosperous time for the cryptocurrency industry? Take a look at the analysis made by BuyCoinNow!
Recently, we have given you some tips for bear market trading and how to use such a trend to your advantage. This time, we’re taking a closer look at the market situation in 2019. How was it changing? And what is the forecast for 2020? You will find out in the latest article on BuyCoinNow blog.
We welcomed the year 2019 during an ongoing cryptocurrency crisis. The situationdidn't look good. 2018 was a year of a downturn on the crypto market, and the price of bitcoin dropped significantly. At the beginning of 2019, the leading cryptocurrency was oscillating between $3,000 and $4,000.
The cryptocurrency community was full of both hope and fear for the upcoming months. Some of the traders claimed that the crisis would continue. Others believed that the situation would eventually recover. Fortunately for the Bitcoin, the second prediction appeared to be true.
Comeback in style
At the beginning of April, Bitcoin starts to recover losses from the last crisis. The price was steadily rising, same as traders’ faith in the cryptocurrency. Another bull market began, heralding a good year for the industry, and the blockchain industry could finally take a breath after the recent troubles of 2018.
But the real breakthrough was already ahead. After the announcement of Facebook’s cryptocurrency, Libra, in June 2019, the price for one bitcoin skyrocket rapidly above $13,000. This trend continued for the next months, with the price oscillating around $10,000.
Although opinions about the Libra are variable, we all probably agree that the incoming cryptocurrency has undoubtedly contributed to the improvement of the Bitcoin’s situation. The most popular social media platform entering a cryptocurrency industry was an important sign for traders. It was also an impulse for many people who still hadn’t met with the idea of blockchain to take a closer look at it.
Of course, such a successful situation couldn’t last forever. The initial enthusiasm after the announcement of Libra eventually faded, and the price of bitcoin dropped at the end of September again. But this time, it wasn’t a tragic fall, but a more stable trend, setting the price near $8,000.
The situation changed in November, with the announcement of a shift in the policy of the People's Republic of China towards blockchain technology. The news met with the burst of enthusiasm among traders, pushing up the price once again near the $10,000. Unfortunately, it turned out that the new Chinese policy did not mean lifting the ban on the use of bitcoins - so the initial rapture was quickly over
The end of the year belonged to traders who favor the bear market. The price of bitcoin dropped around $7,000. The situation appeared to be fairly stable, with noticeable increases to $7,500. Such small price fluctuations were surely favorable for traders looking for short-term investments. It was also a moment, when many of the newcomers decided to buy coin. Now, the bear market trend continues
Hope for the future
For the majority of the cryptocurrency industry, such a bear market is a time for holding assets and waiting for the upcoming bull market. It is also the right moment to invest more in Bitcoin since the price is likely to increase soon. Why can we be sure about it?
First of all, the cryptocurrency market is entering the year 2020 in a much better condition than it was at the beginning of 2019. Although there were some price drops over the last twelve months, they are rather insignificant in comparison to the crisis which affected the industry in 2018. The price of bitcoin is also twice as much as it was a year ago. Such a situation is for sure far more comfortable than it was in January 2019.
But the price isn’t the only favorable omen for the new year. The cryptocurrency industry is developing much faster, and people are more eager to use bitcoins and other digital assets. These are the users who are most likely to buy bitcoin with credit card - a service which BuyCoinNow is happy to provide.
Some of the upcoming projects may influence the industry, just like Libra did in 2019. And last but not least, in 2020, there will be the planned halving in Bitcoin's blockchain. The previous halvings caused a significant increase in the price of the leading cryptocurrency - this time the situation is likely to happen again.
As you can see, the year 2020 is going to be a good time for cryptocurrency traders. We can’t wait to see how the blockchain industry will develop in the very near future. Stay with BuyCoinNow, and you're sure to take advantage of the ongoing cryptocurrency situation in your favour.