Hello everybody, I am new to the bitcoin and bitcointalk forum. I just wonder what/who make the price of bitcoin, and what does it depend on?
The price of bitcoin, specifically, depends upon the market supply and demand in the market. Since new investors and old ones are continuing to invest despite the market, it increases the demand/supply depending upon the situation. Another thing that significantly contributes to the price of bitcoin is the hype it created. With its high-volatile price, bitcoin has attracted investors who invest their money hoping that it may increase in the future. With this kind of mindset, the price hyper inflated, making it the number one cryptocurrency to date.
Hello everybody, I am new to the bitcoin and bitcointalk forum. I just wonder what/who make the price of bitcoin, and what does it depend on?
We, the market, together with the supply and demand of bitcoin, are making price of bitcoin. The more people buying bitcoin, the price of bitcoin increases. The more people selling bitcoin, the price of bitcoin decreases. Also, the more supply and less demand, less price of bitcoin and the other way around.
As long as investors retain their money to their investments, the price of bitcoin will continue to increase/decrease depending on the circumstance. Whales play a significant role on its price as they may manipulate the market supply/demand due to the number of bitcoins they posses. But bitcoin revolves around the law of supply and demand depending on the number of investors who keep/sell their resources.