What drives the cost of Bitcoin: bitcoins into cash? Markets do not develop linearly. Assets or groups of assets then increase their value, they lose it. Digital assets have their own specifics and differ from other financial instruments. If the price of shares in companies or exchange commodities, such as oil, gold, natural gas, metals, etc., has quite definite and measurable parameters and criteria, then the question of how to measure the price of crypto currency is still open. The price of shares depends on the company’s capitalization, the results of its activities, the general situation in the sector of the economy to which the company belongs, the geopolitical factor and others.
Commodities depend on the volume of production or production, the decrease or increase in demand directly related to the economic situation in the regions that are the main consumers, from the balance between supply and demand. So, bitcoins chart.
Bitcoins to cash
Strange things happen with bitcoins, the value of the crypto currency is falling, the transactions remain unchanged, and the complexity of mining is growing. Mining grew 3 times compared to the beginning of the year Bitcoin (BTC) challenges the trend “the miners follow the money” – the price of the crypto currency fell to $ 6,000, and the mining is growing and the activity is even greater than in the past.
Miners are close to break-even point. Many miners express their concern, in particular, it speaks about possible unprofitableness of BTC generation. While altruistic moods of miners are seen, they do not lose hope to earn profits in the short term. It is also curious that the number of bitcoin transactions now does not exceed 200 thousand transactions per day, which is 4-5 times lower than the transfers in Ethereum. With the increasing complexity of the network, the costs of electricity and equipment increase.
Bitcoins wallet and its price: bitcoins in US dollars
The costs for mining bitcoin are about $ 5,700- $ 5,800, with a consumption calculation of 8 cents per 1 kW / h. No one can guarantee that the price of BTC will not be worth $ 1000 again, if there is some disastrously bad news. More chances to win the lottery. Most still believe that Bitcoin’s mining pays for itself, even if there is a further decline in value. For some groups of miners, the breakeven point is about $ 4,400. Thus, the current price is not catastrophic for the generation of crypto-active. Nevertheless, there is no consensus on the breakeven support for bitcoins. It is believed that not all hashed capacities simultaneously enter the network. In industrial data centers, the costs are much different from those of small farms. Investors are eyeing other cryptonyms Mining bitcoin is now at its peak, and the BTC tends to decline. Some believe that there may be a fall of another $ 1,000. And this, presumably – can open a question about the modification of the mining algorithm, which in this case will leave the ASIC devices unsuccessful.
However, over the past few days, the BTC’s trading profile has undergone changes. The Japanese yen’s share is 65%, and the trading volumes in USD and USDT continue to decline. The total share of Bitcoin trades fell to 27%. Altcoins are sliding down, and more and more investors prefer to protect their assets in Tether (USDT). Experts noted that the crypto currency is very different from gold or the official currency, because it has nothing to do with the interest rate.
It is more like a payment network, where there is no commission for transactions. It is emphasized that its price can hardly be calculated using classical means of economic analysis. In addition, bitcoin itself can cost zero dollars, and its real “weight” is determined solely by the degree of demand for the settlement system.
Bitcoins price chart
The Bitcoin exchange rate has failed again, confirming the forecasts of analysts and the recent drop to the values of a month and a half ago. Bitcoin is estimated at 7489 dollars for the “coin”. Trades of the crypto currency started at the level of 7711 dollars, and soon after that reached today’s high at the level of 7754 dollars for “coins”. Then the bitcoin rate went down, and currently at least $ 7,462 per “coin” per day.
At the same time, ForexClub analysts predict that bitcoin may strengthen to $ 7,900 this week amid a generally positive mood in the crypto-currency market. It should be noted that BitMex Executive Director Arthur Hayes recently told CNBC that the bitcoin rate will return to the rapid growth and surpass the previous maximum reached in December 2017, exceeding it by more than two times, having conquered the $ 50,000 mark for the “coin”. So, bitcoins current price: 7 469.23 US Dollar.