Is Bitcoin Worth Investing In? Find Out Now!

Bitcoin is definitely the future of the Cryptocurrency Market. Currently, Bitcoin is falling and if you are planning to purchase Bitcoins, its your time. Experts predict the value of Bitcoin may reach 100K in the near future. Invest in Bitcoin if you want to HOLD it for at least few years....

Bitcoin price Analysis as of May

The price of Bitcoin on May 1 was $29,602 with a 24h trading volume of 13.61B. The price then slowly started to plunge. The value was losing its mark and settled at 27,600 at a certain point. It couldn’t hold even there, the price seems to be crashing and reached as low as $26,316 as of May 12, 2023.

The excerpts believe that this downward trend seems to continue this whole month and may have a chance to recover at the end of may or by the beginning of June. Investors are worried after seeing the value being dropping each day.

Moreover, the transaction fees are a concern for traders. The average transaction fee as of May 7 is $19.190. However, the fee has come down to $4.66 (0.00017 BTC)as of today.

On the other side, early investors are converting their BTC coins into buying meme coins like pepe to take advantage of the meme market. The meme tokens have been trending in the crypto market which has seen enormous profits within a short period of time. The trending meme coins include PEPE, Milady meme coin, sponge, Ben.

According to Coinmarketcap, a crypto price analysis website,the price of BTC is $27,064.58 with a 24h trading volume of $13.71B at the time of writing. The price has dropped to 1.66% since last week. BTC has a market cap of $$524,549,769,708 with a total supply of 19,374,681 BTC.

According to bitinfocharts, the block time of a BTC is 9m 36s with an average of 6 blocks processed per hour. The number of transactions per day in the last 24h is 545, 008 and avg transactions per hour is 22, 709.
Reasons for Bitcoin Price drop?

Regulatory and inflationary fears have caused the prices of Bitcoin and other cryptocurrencies to fall.

Bitcoin is not the only coin to tumble, Ethereum too has dropped up to 1.15% since last week and is currently trading at $1,821.41.

Some crypto investors are pulling their money out of cryptocurrencies due to liquidity concerns while some others withdrew due to regulatory concerns. Anyway, it is not a good sign for the Crypto Industry which is recovering from the crypto winter.

The Cryptocurrency Industry is already suffering from numerous issues like scams, frauds, high transaction fees, banking failures, regulations and many more. The crypto Industry has yet to have a wider audience. Due to the insufficient knowledge of the crypto Industry, a lot of people are prone to scams and losing their money or falling prey to pump and dump schemes.

Recently, Binance has had to stop withdrawal due to network congestion which caused the transactions to pile up.

Today, there are 24,182 cryptocurrencies, 625 crypto-exchanges and the market cap of cryptocurrencies amounts to $1.13 trillion. Every 24 hours, $28. 47 billion worth of cryptos are traded with a Bitcoin dominance of $46.59% and Ethereum of $19.4%.

The number of addresses holding 1 full bitcoin surpassed ONE MILLION and the craze for Bitcoin is never going to fade despite the launch of new meme coins. Whales and other Investors are holding their BTC, hoping for a better future for Bitcoin in the near future and the BTC is and will be a prominent player in the crypto Industry.

Conclusion: Bitcoin and other Altcoins seem to have a downward momentum, however , it will recover very strongly in the coming months.