Bitcoin is known as the worlds first digital currency. While this is true, cryptocurrency is highly volatile, making traders speculate. At the beginning of 2021, most investors invested in cryptocurrency. Since there was a bull run, the market gave them higher returns on their investments. However, the market declined suddenly towards April and May. In this article, we shall look at the bitcoin predictions for 2021.
Will Bitcoin reach 100,000?
Over the last decades, Bitcoin price has been rising tremendously. The price will continue to rise, seeing that nobody can predict accurately when the market will remain high or drop. Bitcoin value is currently at $50k, but experts predict that it will reach $100k.
That being said, its important to note that the market highly influences the prices. Therefore, the chances of Bitcoin reaching $100k this year are minimal. For Bitcoin to reach $100k, the price has to multiply. This will make the market cap double. This large amount of money needs institutional investment.
Last week, the price of Bitcoin soared by 0.6%, reaching $63,077. The recent launch of Bitcoin futures ETF has been recognized as one of the key reasons for the sharp rise in Bitcoin prices. Bitcoins initial upward target is higher than $65,000, close to $72,500, and then $89,000, and is considered to be within the range of the peak before the breakthrough, said independent investment search boutique Fundstrat.
Bloomberg analyst Mike Magron conducted a detailed analysis on Twitter, saying that Bitcoin may reach $100,000 sooner than expected. He said that as more and more people begin to adopt Bitcoin as a valuable investment option, cryptocurrency will make progress in 2021.
Besides BTC, these competitive cryptocurrencies are worth paying attention to
The rise in the price of Bitcoin has driven the price movements of other currencies. The following is a list of several currencies that have seen a significant increase in trading volume recently.
Shib Inu is a decentralized ecosystem. Although it was coined as a Joke, it has grown to become a very useful token. Currently, daily trading volume of Shib Inu ranks first in the crypto market. Its daily trading volume reaches $354 million.
Ether is the worlds second-largest cryptocurrency by market capitalization as of 2021. ETH has started to upgrade to Ethereum 2.0, which includes a transition to proof of stake and aims to increase transaction throughput using sharding.
Dogecoin was born as a joke, but its performance is surprising. Dogecoin price created three higher lows and two higher highs as it rallied 44% from September 29. According to CoinMarketCap, Dogecoins market cap is $33 billion. Experts predict that dogecoin price will explode 50% as Shiba Inu profits head to DOGE.
Ripple is a real-time gross remittance network, settlement system and currency exchange created by Ripple Labs Inc. Its daily trading volume reaches $70 million. Previously, San Francisco-based blockchain payment company Ripple has partnered with Pyypl in the Middle East and Africa to use XRP for cross-border payments in the Middle East. This has boosted the volume of XRP transactions in the Middle East.
There are 3 reasons why Terra (LUNA) price hit a new all-time high. First, the successful launch of the long-awaited Columbus-5 upgrade is one of the factors in the ascension of LUNA price. The second reason is its integration with the Inter-Blockchain Communication (IBC) standard. Third, LUNA has been the networks growing ecosystem of DeFi protocols that have helped push the total value locked on the protocol to a new all-time high. Its daily trading volume has reached $66.7836 million.
How to buy Bitcoin
Investing in Bitcoin is easy when you know the steps. There are many exchanges growing today. Investors need to consider security and privacy issues. Hew is steps to how to get Bitcoins:
Step one: Choose an exchange
The first step to buying Bitcoin is to choose a reliable exchange. Gate.io is one of the most popular exchanges available in many countries. The platform has been operating for over 8 years. In addition to that, it is among the platforms offering the largest collection of coins. This allows traders to access and match hundreds of tokens and coins.
Why choose Gate.io
- Secure: Gate.io is a secure and legitimate trading platform. It offers security protocols to ensure your funds are safe from malicious threats.
- Good user experience: the platform is aware this criterion is significant for investors. This makes it easier for one to trade available cryptocurrencies.
- Affordable fees: Gate.io has affordable fees without hidden transaction fees.
To trade on Gate.io
- Go to your account, or create one if you dont have one.
- On the homepage, click the trade button on your preferable market to choose a trading pair.
- Place an order depending on your price.
- If the opposite order is matching, the order will partially fill or fill. Moreover, partially filled orders will display more orders.
- You can cancel the order if it keeps open.
Choosing a stable exchange is important
Bitcoin is a long-term investment. For this reason, a trader or investor needs to choose a stable exchange. A legit exchange will ensure your investment is protected from threats. This is because they have security tools to provide safety. In addition, they also have a transparent and open trading mechanism and strong liquidity
Get more income through financial management
Bitcoin holders can use Bitcoin for financial management. For instance, you can make money by buying short or long positions. When you buy a short position, and the price goes according to your speculation, you will earn returns depending on your stake. When you buy a long position and the price rises according to your speculation, you earn money proportionally to your stake.
Follow related news
Cryptocurrency is highly volatile; hence the market prices change suddenly. As a trader, you have to keep up with the market. Gate.io blog, live streaming and market news provide traders with facts and professional analysis to help you study the market.