The last year was a very uncertain one for almost all the investors from every market in the world. However, of all these markets the crypto market had a very bumpy year for the investors who saw the prices of bitcoin fluctuating by great deals. During the end of the last year, the same BTC which traded at around $23,000, skyrocketed at the beginning of this year to up to $41,000. This shows how volatile the crypto market and BTC alone can be for the investors in the crypto market.
Towards the mid of last year, particularly at the beginning of the coronavirus pandemic in the United States, the BTC price per coin revolved around $4,000. This price trend can be a huge source of gains and losses for both the buyers and sellers of BTC in the virtual currency market. For viewers and market spectators like us, however, it was more like witnessing an entertaining market show with fluctuations and a rapidly changing market environment. Learn more about the Bitcoin and crypto market on bitcoindigital.io.
For a currency, a virtual one, 2020 was generally a positive one as it showed an upward price trajectory in essence for the bitcoin. We witnessed bitcoin, which has been in the market for more than ten years now, mature to a wider degree.
With these observations, we now move on to what we think and believe are going to be the three main general trends during the course of this year, 2021:
1. A Wider Global Acceptance for BTC
One of the major problems regarding BTC over the course of time is the lack of its acceptance in the global market. Given it’s a relatively newer currency, people, mainly investors and traders have generally been more skeptical about it – although the number of these people has been decreasing at an increasing rate over the last few years. For example, during 2020, several major companies and corporations of the world purchased BTC and joined this race, PayPal, Microsoft, Tesla, and Square being the most prominent names of them all.
This year, we expect a steady or an increased continuance of this mainstream adoption from several other companies and asset management financial institutions, who might be looking to hold and manage these digital assets for their clients and users.
2. Innovating the Global Payment Technology
Of all the things and services associated with the use of BTC, the most prominent underlying aspect of the world’s leading digital currency, BTC, has been the increasing amount of influence it has had on the big companies throughout the world, in terms of offering newer digital currency and payment options which incorporate crypto like BTC and others in the market.
All the big and even smaller companies in the global market know that besides the existence and potential of digital payment platforms, there is also a tremendous amount of true potential within the mode of payment via digital currencies such as bitcoin. This is mainly due to the speediness of the digital currency payments, and relatively lesser processing charges which makes it beneficial and most suitable for people making international payments.
This true potential of making online payments via digital currencies has been identified originally for Bitcoin. Analysts believe that BTC can greatly streamline this payment process and this can be demonstrated from the fact that both Facebook Inc. and Google, tech giants, have shown interest and plans towards introducing digital currency payment plans – something which would be a turning point for BTC’s adoption and acceptance, given the vast worldwide usage of both these digital platforms.
We know that services such as Facebook’s Diem do not fall in the same category as the BTC per se, but given that they become more mainstream during the current year, they might take a chunk from the BTC’s growth.
3. The volatility will surely stay this year too
It is difficult to predict and even comprehend the ways which may cause the price movement of the BTC, given they cannot be predicted and analyzed in the same way as systems like fiat, which have an unlimited supply and demand across the world.
It is relatively harder to predict whether there will be huge losses for the investors invested in BTC, as some experts have even predicted price rises for BTC to up to $100,000 per coin by the end of this year. Others, however, the more skeptical ones have shown concerns regarding the downfall and subsequent collapse of BTC altogether during this year, which go against the preceding idea of immense gains presented by the bullish experts in the market.
We believe that these three trends are mainly going to be seen during the course of this year and there may be others and the price trend for bitcoin may go in the forward or backward direction. One thing we are certain of is that this year will be similar to 2020 in terms of the wild ride we mentioned earlier. So gear up and get ready for this year too.
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