How Much is a Bitcoin (BTC) Worth Today (06/26/2018)?
Bitcoin's price dropped to a low of $5,756 last Sunday after the market reacted to news out of Japan concerning the defunct Mt.Gox.
Bitcoin’s price dropped to a low of $5,756 last Sunday after the market reacted to news out of Japan concerning the defunct Mt.Gox.
That dip represented Bitcoin’s lowest price in 2018 after it had reached the previous low of $5,967 on February 6.
The two lows are only comparable to the top cryptocurrency’s last low price of $ 5,397 reached in October 2017.
Bitcoin was valued at just under $1,000 in early January 2017. If an investor had bought the coins at that price and held until it hit the peak at $20k, the return would have been 20 times higher.
The opposite would have been painful to an investor. Buying at the peak in December would mean a very huge loss going by current prices.
How much then is Bitcoin at the moment?
Currently, the top crypto sells at just above $6,200 according to market information.
If we factor in the prices at its all-time high in December 2017, Bitcoin has lost over 70 percent of its value.
However, compare that to its value at the same time last year and the percentage represents a positive return.
At this time in 2017, one BTC sold at $ 2,590. At today’s prices, bitcoin has gained in value by nearly 140 percent.
It means that though the coin has lost miserably in 2018, it’s still profitable over the last one year.
Bitcoin’s value, like all other cryptocurrencies, is mostly dependent on how much the investors are willing to trade it for.
Being highly speculative, the virtual currency experiences huge waves of volatility. It can rise and fall on mere sentiment or event within the industry.
For instance, Bitcoin dropped at the beginning of this year after the hacking of Coincheck. It had led to the loss of over $500 million worth of crypto assets.
It triggered a bearish momentum that saw prices fall further to Bitcoin’s major dip at the time. Bitcoin dropped to $6k before rallying to reach $10k after just a week.
Recent hacks involving Bithumb and Coinrail also led to bitcoin prices plummeting.
Another drop in March saw prices drop once more to a similar level. But positive news from the G-20 summit and an FSB letter helped stabilize prices.
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” read the letter from FSB.
It didn’t take away the threat of regulation to digital assets, but it did help prevent more losses.
But regulatory concerns could end up being beneficial to Bitcoin. The short-term effects may be disastrous as the market is still growing. However, as fake projects are weeded out, stability comes into the picture and will help make prices regain lost value.
Events affect Bitcoin prices
One of the many things that affect Bitcoin prices is the effect of events relating to the crypto industry. This year has seen a fair amount of FUD arising from negative events.
As a result, the top coin has experienced several death crosses and calls of it being in a bubble.
According to some in the cryptocurrency space, “… drop in prices and uncertainty in the current market is heavily influenced by a mix of an unfavorable news cycle and speculation fuelled by the media.”
Bans on cryptocurrency and ICOs in China and South Korea have all seen prices fall. The same has been felt after the US SEC declared a crackdown on token offerings.
Lately, news that the CFTC and other regulatory bodies were looking into price manipulation allegations have all affected prices.
In March, Facebook, Google, and Twitter all announced an intention to ban cryptocurrency advertising. The market reacted and assets lost value as a result.
Various predictions have put Bitcoin way past its peak 2017 prices.
Even though prices have continued to trend lower, the majority of analysts still believe that the market will recover and BTC will hit new highs in 2018.
Bitcoin bulls like Tim Draper and Tom Lee of Fundstrat have all maintained that Bitcoin will rally. Others like John McAfee see it hit over $500k in a few years.
However, BTC must remain on an uptrend and regain momentum towards reaching recent highs at $10k.
Today’s price of $6,200 means that it must gain value by over 50 percent to hit the price.