Hi folks,
As a newbie of this group, i would just to clarify things with regards to the factors or what are the reasons why bitcoin will increase or vice versa. How can I determine the value of the bitcoin? Is it the prices of cryptocurrencies are driven by the laws of supply and demandif more people want to buy, prices increase; if more people want to sell, prices decrease. Due to the nascency of and uncertainty surrounding cryptocurrencies (e.g., regarding regulation, technical challenges, enterprise adoption), supply and demand fluctuate wildly and hence, prices become volatile.
thank you for the enlightment!
Happy earnings!
camsicuya
As a newbie of this group, i would just to clarify things with regards to the factors or what are the reasons why bitcoin will increase or vice versa. How can I determine the value of the bitcoin? Is it the prices of cryptocurrencies are driven by the laws of supply and demandif more people want to buy, prices increase; if more people want to sell, prices decrease. Due to the nascency of and uncertainty surrounding cryptocurrencies (e.g., regarding regulation, technical challenges, enterprise adoption), supply and demand fluctuate wildly and hence, prices become volatile.
thank you for the enlightment!
Happy earnings!
camsicuya
Most of every thing that relates to the price of bitcoin has already been said but I'll try add to the conversation. Supply and demand is definitely a big aspect of bitcoin and there is no doubt that it affects the price of bitcoin.
Something else that strongly affects the price of bitcoin is social media. When influential people say something about bitcoin, people will be interested in it. Say your daily news recommended you to invest in bitcoin. The price would obviously rise since demand for bitcoin will grow.