Bitcoin

Bitcoin FAQs

• 1. What determines the price of Bitcoin?

  There are two schools of thought in determining the price of Bitcoin.
  
  By way of intrinsic value: This typically involves on-chain metrics, project metrics and financial metrics of Bitcoin, collectively known as fundamental analysis. The law of supply and demand, tokenomics, use case, project roadmap as well as regulations and governance involved would affect the value of Bitcoin from a long term perspective.
  
  By way of price action: Primarily analyzed via candlestick chart patterns and technical indicators such as MACD, RSI and the bollinger bands, technical analysis forecasts the price of Bitcoin on the basis that history tends to repeat itself. As the candlestick charts are a general representation of the emotion of the market, news announcements and community sentiment can be significant price action drivers for Bitcoin as well.
  
  HODLers tend to prefer the long term nature of fundamental analysis, whereas short term traders tend to rely on technical analysis more. In reality, both analyses may combine and create interesting scenarios for Bitcoin and the cryptocurrency market as a whole.
• 2. What is the highest price of Bitcoin in history?

  Bitcoin achieved the all-time high of GH₵834068.09 in 2021-11-10, and is currently trading at GH₵419694.08.
• 3. What is the lowest price of Bitcoin in history?

  In 2013-07-06, Bitcoin reached the all-time low of GH₵819.15.
• 4. Should I buy Bitcoin now?

  It is important to remember that Bitcoin, like all other cryptocurrencies, are subject to extreme market conditions, legal policies, project team management and other unpredictable factors. As such, cryptocurrencies fluctuate greatly and it is important to manage your own risk level. Users are advised to do your own research when making investment decisions in the crypto market.