Bitcoin Price Today: Bitcoin (BTC) is down -14.85% to $24,057.93 in the last 17 hours

As of 3:39 p.m., the price of Bitcoin is $70,617.53. This is a change of -12.30% in the last 24 hours. But when the trading week came to a close, there was a little separation between the two assets.

While Bitcoin had a 2.5% increase from 4 p.m. ET the previous day, Bitcoin Cash had a nearly 7% increase by Thursday late afternoon. The impending Bitcoin Cash event was a key factor in this.

Bitcoin is the world’s first decentralized cryptocurrency. It is a type of digital asset that uses public-key cryptography to record, sign, and send transactions over the Bitcoin blockchain, all without the supervision of a central authority.

The Bitcoin network (with a capital “B”) was started by an anonymous computer programmer or group of programmers using the name “Satoshi Nakamoto” in January 2009. The network is a peer-to-peer electronic payment system that uses a digital currency called bitcoin (small “b”) to send money over the internet or store value like gold and silver.

Despite Bitcoin’s notoriously unpredictable price, it has outperformed all other asset classes in the last decade, increasing by a whopping 9,000,000% from 2010 to 2020. This includes stocks, commodities, and bonds.

Coinciding with Satoshi Nakamoto’s mining of the Bitcoin genesis block—the first-ever block on the Bitcoin blockchain—at the cryptocurrency’s inception in early 2009, 50 BTC entered circulation at a price of $0.00.

Until the initial halving event in November 2012, fifty bitcoin continued to enter circulation with each block (produced every 10 minutes; see below). Satoshi Nakamoto included a mechanism for halving Bitcoin’s supply in the cryptocurrency’s source code. It basically means that every 210,000 blocks, the amount of fresh Bitcoin that can be entered into circulation is automatically cut in half.

The first time the price of Bitcoin was equal to the dollar was in February 2011. In the four months after the milestone, the price of bitcoin continued to climb, eventually reaching a peak of more than $30, as it attracted new investors to the market.

Each bitcoin is made up of 100 million Satoshis, which are the smallest units of bitcoin. This means that each bitcoin can be divided up to eight places after the decimal point. This means that anyone can buy a small amount of bitcoin for as little as one U.S. dollar.

Also Read : How To Buy Bitcoin on Etoro App

The price of Bitcoin (BTC) surged above $70,000 for the first time in 10 days, leading to a slight uptick in cryptocurrency prices earlier this week. This represents a recovery from the recent declines, with a weekly increase of over 7%. During the same time period, Ethereum (ETH) also saw gains, increasing by 6%.

The general belief that the worst of this downward correction has passed is likely due to the fact that short-term intraday traders saw the drop as an opportunity to purchase Bitcoin at an advantageous entry point.