There are hundreds of crypto assets presented in the market. Some of them are well-known, and others are young and little-known. The market’s leader is Bitcoin – the first digital asset that the world knew. As of November 2022, the BTC to USDT pair is traded at a little over $20. It is the most traded pair in the cryptocurrency market.
Let’s see what you can use BTC for:
- you can trade it;
- you can buy and hold it long-term;
- you can pay with BTC for services and goods.
We found out where you can use BTC and how much is Bitcoin; now let’s see what its value depends on.
Factors impacting the Bitcoin rate:
- Overall situation with the economy in the world, inflation – all that can affect people’s ability to invest.
- The market trend (either dropping or rising market).
- The complexity of receiving one coin (mining).
- Investor’s sentiment.
- Local regulations imposed on mining and trading in some countries.
Let’s see how the Bitcoin rate changes through 2022.
BTC Price Fluctuations in 2022
The year 2022 started for Bitcoin at the level of $46.311, and as of November 2022, the Bitcoin rate is $20. During the year, the price dropped to $19 in June 2022 and raised to $47.45 in March 2022. We dare to say that in 2022 the new crypto winter started. This is the name for periods when the market is decreasing and all crypto rates are dropping. That works like a snowball – large investors sell their BTC, and the market feels that, demonstrating a downtrend. Other investors see the price decrease and start to sell their coins too. It creates panic in the market, lowering the demand for the coin and reducing the Bitcoin price.
However, we should not forget that the crypto market is cyclical – every time an upward trend changes crypto winter. So maybe now is the best time to invest in BTC at a relatively low price and hold it long-term.
You can learn more about crypto investments on the WhiteBIT blog.