What affects the price of Bitcoin?

Another factor that affects Bitcoin's price also relates to supply and demand. Bitcoin became a financial instrument that investors and financial institutions used to store value and generate returns. As a result, derivatives have been created and traded by investors. This influences Bitcoin's price.

How much does it cost to send a Bitcoin transaction?

In early 2021, Bitcoin transaction fees reached an all-time high of $59 per transaction. Most cryptocurrency exchanges will charge you a fee every time you buy and sell Bitcoin. Some exchanges may charge a flat rate, while other exchanges will charge you a percentage of your transaction.

What is the all time high for Bitcoin?

Bitcoin is 75.52% below the all time high of $68,789.63. The current circulating supply is 19,243,975 BTC. The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin.

How volatile is the price of Bitcoin?

Bitcoin is extremely volatile due to its dramatic value changes. Nonetheless, its value has skyrocketed in recent years, turning several people into millionaires overnight. Just like the dollars in your bank account, most currencies are backed by a government or physical commodity, like gold. This isn’t the case for Bitcoin.