What is Bitcoin rate, price, markings?
What is Bitcoin rate?
Bitcoin is the first and most famous cryptocurrency in the world. It was created in 2009 by a person or a group using the pseudonym Satoshi Nakamoto. Bitcoin’s exchange rate is floating – as is the rate of any “normal” [official] currency, but it depends not on the number of cryptocurrencies created, but on their supply and demand. Every day, every hour, the value of Bitcoin is different. At present, it amounts to over 13.3 thousand USD [American dollars], which equals over 52.2 thousand PLN. At the moment, you could buy this cryptocurrency in an exchange office for about 50.8 thousand PLN and sell it for PLN 53.5 thousand. Today [i.e., October 30, 2020] the maximum daily purchase rate for this digital currency was 52,044.87 zlotys and the minimum 50,343.01 zlotys. When it comes to sales, the highest value was PLN 54,799.26, and the lowest – PLN 52,958.08. Based on these Prices, it can be noted that Bitcoin’s value can change within a few hours by up to several thousand zlotys. The rates of “normal” currencies also fluctuate, for example, $1 is currently worth PLN 3.96, but its exchange rate will also change soon – just like the value of any cryptocurrency. When taking into account the rates of digital currencies and their conversion into official means of payment, you should also take into account the current values of “normal” currencies. This means, among other things, that if you decide to transfer your cryptocurrencies, it may turn out that a person who has the same number of Bitcoins, but lives abroad, will earn more because their Price will be higher. It is also worth mentioning that the daily turnover of this cryptocurrency exceeds PLN 94 million [PLN 94,016,098.52].
When analysing Bitcoin’s Price chart, you can notice many “ups” and “downs”. This is due to its exchange rate‘s high volatility mentioned in the first paragraph. A large number of other cryptocurrencies “go hand in hand” with Bitcoin and almost every such pair has dropped in value. The exception to this is BTCPAX [Bitcoin / Paxos Standard], the value of which increased by 1.22% on the Kucoin exchange, BTCBNB [Bitcoin / Binance Coin] increased by over 5% on the Poloniex exchange, BTCPAX [Bitcoin / Paxos Standind] improved by up to 0.6% on the same exchange, and BTCXRP [Bitcoin / XRP], which rose by 2.16% on Therocktrading. One fact that suggests buying them is particularly interesting, as the value of BTCDDRST [Bitcoin / Digidinar Stabletoken] from the Hitblc exchange has also increased, but its sale is strongly advised. It is also interesting that the BTCGPBP [Bitcoin / British pound] rate on the Gemini exchange increased by 1.36% but fell by 1.68% on the Bitstamp exchange. The biggest drop was recorded by Okcoin’s BTCEURS [bitcoin/stasis euro] as its value changed by -3.92%. The Bitcoin currency has also branched, e.g., on BCT BitBay DASH and BTC bitcoin.de EUR. The rates of both of them have just increased by 2.94 and 1.81, respectively. The “first branch” is now worth PLN 273.72, and the second over PLN 9,200. However, the values of others deteriorated, incl. BTC BitBay BBC, where the rate changed by -2.7, or BTC BitBay LSK, where the value fell by 2.13. The Prices of the first type of Bitcoin are now equal to more than PLN 1,028, while the second – PLN 4.14. It is easy to see that these Prices are very different from each other, so we should also mention Bitcoin’s maximum and minimum daily value. In the case of BCT BitBay DASH, the rate does not exceed PLN 270 and does not fall below PLN 257.15. At BTC bitcoin.de EUR, the highest daily value is equal to almost PLN 12,000, and the minimum drops slightly below PLN 11,300. On the other hand, BTC, the largest BitBay BBC exchange rate is equal to at most a little more than PLN 1.065, and at least PLN 1.020. In the case of BTC BitBay LSK, you can read that the values range from PLN 4.07 to PLN 4.24. It is rare for a cryptocurrency to remain at the same level, although not impossible. Today [October 30, 2020] the values of BTC BitBay Game, BTC BitBay KZC, as well as BTC BitBay XIN have not changed. In the first case, the daily maximum and minimum exchange rates were PLN 0.21 and PLN 0.19, while in other cases, the Bitcoin Prices remained at the same level [PLN 0.11 and PLN 0.01, respectively].
Bitcoin’s Markings – are they positive?
It is worth mentioning that the virtual money exchange rate has fallen by over PLN 750 since yesterday. The amount appears large, but on a percentage basis, it is not as impressive, at 1.5%. If you compare the current Bitcoin Prices with those noted last week, you will see that its exchange rate has increased by almost PLN 3,000, which is approximately 6%. However, if you look at the value of the cryptocurrency from last month, it turns out that it has increased by over PLN 11,000, i.e., over 26%! Bitcoin reached its highest value in 2017, more precisely on December 17, 2017, when it was worth almost $20,000, which currently corresponds to a total of almost PLN 80,000! If you compare that maximal value of the cryptocurrency with its current rate, you will notice a huge decrease of about 32%. However, it should be remembered that almost 2.5 years have passed since then. It’s also worth mentioning what the initial Price of Bitcoin was, as many people are oblivious to it, comparing it with the current value will let you see how things change over time. In the case of this cryptocurrency, the Price changed for the better, since at the start it was possible to buy 1309 Bitcoins for one dollar! Had someone purchased this digital currency in 2009 and for some reason not sold it over the years, they would have been rich! To show how much the value of this cryptocurrency has changed, it is enough to compare its old values with the Prices of various products. Well, in 2010, a small Prince Polo chocolate bat cost only PLN 0.86, which was equal to… one Bitcoin! A year later, for that same Bitcoin, you could buy 2 Marciński croissants, which cost PLN 16.28. It is easy to see that the Price rose significantly over a period of one year. In 2012, with 1 Bitcoin, it was possible to buy, which was worth a bit less than PLN 42! The value of the cryptocurrency has increased more than 2.5 times.
In 2013, the Price of the digital currency increased even more, as the value of one “coin” was equal to the value of a 16 GB iPhone 6, which cost PLN 2,197.65 – within a single year the value of the virtual currency invented by Satoshi Nakamoto increased over 50 times! In 2014, the rate unfortunately fell, but it couldn’t have been considered low, because with a single Bitcoin it was possible to buy a Xiaomi MI4 16 GB sold for over PLN 1.122. In the following year, for 1 Bitcoin you could go on holiday abroad for one week, and in the next year – buy a car costing over PLN 4,000 – Fiat 126p from 1990 with a mileage of 15,000 kilometres. And in 2016 you could pay at a jeweller with a virtual coin for a Rolex Oyster Perpetual 39 watch costing around PLN 23,500! Comparing the Price to products’ values helps illustrate how much the cryptocurrency’s value has risen – from a candy bar to a very expensive watch. We currently have about 16.5 million Bitcoins on the market, and their production is planned to be discontinued at 21 million, which is likely to happen in 2140. This means that the value of this cryptocurrency will probably also increase, although – as I mentioned – in the case of Bitcoin and other digital currencies, the main influence on their exchange rate are the forces of supply and demand. Currently, the market capitalization of this particular digital currency amounts to almost USD 246 billion, which corresponds to almost PLN 974 billion!
In turnover on the market, this Price is notably higher – it equals approximately USD 278.5 billion, which is over one trillion and 102 billion Polish zlotys [PLN 1,102 billion]! It is also worth mentioning that the cryptocurrency I am describing took first place in this week’s currency ranking. I believe that I should also mention Bitcoin’s volume, i.e., its turnover on the stock exchange. Currently, it amounts to almost USD 34 billion, which is almost equal to PLN 134.6 billion. The statistics show how much Bitcoin is worth and encourage you to invest in it. Even though “Bitcoin’s Price” is a rather strange catchword, people use it every day to find out how much they have earned.