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.
of course supply and demand take a part in bitcoin industry. when people want to buy bitcoin, there must be another people want to sell bitcoin. with growing of bitcoin, many people want to buy bitcoin and it cause the price is high, the other time, when some news especially bad news happen in bitcoin, then the price is drop. but this will not stop bitcoin to reach the top price in future, bitcoin will be grow and become famous and now the price is trying to reach new level price.