Today’s Bitcoin price is at $17,234.48. That’s up 2.39% from the previous trading day. See more price analysis and historical price data below.
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Today’s Bitcoin price of $17,234.48 is up 1.55% from a week ago.
Bitcoin opened 2022 at $47,738.59 (that’s $47.74 mBTC.) Today, Bitcoin is down 63.9% from it’s year opening price.
This guide explains what you need to know about Bitcoin prices, like what factors drive the coin’s value, and how Bitcoin price compares to other cryptocurrency prices.
We also break down historical Bitcoin price performance, and how this digital asset compares financial staple commodities like gold.
Bitcoin Price Compared To Other Cryptocurrencies
|DASH||[ERROR, no price data for: month]||[ERROR, no price data for: week]||[ERROR, no price data for: yesterday]||$39.33|
|ZEC||[ERROR, no price data for: month]||[ERROR, no price data for: week]||[ERROR, no price data for: yesterday]||$52.60|
Bitcoin vs Gold Price
|Today's Price||$16,915.54||$1,790.29/t oz|
What Moves Bitcoin Prices?
Despite the characteristics of digital assets like Bitcoin, prices are still determined by supply and demand — just like traditional assets.
Once you understand the following pillars of Bitcoin’s supply and demand cycle, you’ll be able to notice more logical reasons for Bitcoin price movements:
- Speculation: Bitcoin has gathered a reputation of being an over-priced, speculation, and hype-backed asset. Arguably, this attitude contributed to spikes and dips in Bitcoin prices, though retail speculators do not have enough buying power to send prices sky-high or to make them plummet. Professional investors have also levitated towards Bitcoin, pouring millions of trust fund investment into the cryptocurrency. We can call this sophisticated speculation, perhaps the greatest speculative driver of Bitcoin prices.
- Institutional funds — including companies like Tesla — now account for billions of dollars invested in Bitcoin. The most recent rally from June 2021 lows of $32,482.13 up to $64,128.40 in November is a great example of a price hike which retail investor budgets are incapable of doing in a $1 trillion+ dollar market.
- Functional Value: Bitcoin is referred to as a decentralized system. The underlaying alghorhithm responsible for processing transactions is called a blockchain. There are different types of blockchains with different characteristics (PoW, PoS, DPoS, and more), and such characteristics impact the use-cases of blockchain technology in existing industries. With better technical understand among developers, as well as retail traders, Bitcoin’s price may become more dependent on adoption as a payment system.
- Competition: There are well over 10,000 listed cryptocurrencies today. Cryptos like Ethereum are beginning to look like a threat to Bitcoin as a digital currency, though most upcoming altcoins aim to serve fundamentally different funcitonalities. Still, there are other cryptocurrencies like Ripple and Dash that can easily serve as a form of payment, just like Bitcoin. Adoption and speculation over competing cryptos ultimately impact the amount of money flowing in and out of Bitcoin.
What is today’s Bitcoin price?
Today, Bitcoin’s price is at $17,234.48. In mBTC that’s $17,234.48. One unit of mBTC is one thousandth (1/1000) of a Bitcoin. BTC’s price is up 1.55% from the previous trading day. Compared to its price one week ago, Bitcoin is up by 1.55%. See how Bitcoin performed against other cryptocurrencies over the past month.
Why do crypto exchanges have different Bitcoin prices?
Cryptocurrency exchanges may present you with different Bitcoin prices because their data provider can vary. Bitcoin prices can also vary due to other factors like inclusive trading fees, prices presented to different decimal points, and the like. If you see a variation in Bitcoin price on a crypto exchange and are concerned, research the exchange’s applicable trading fees for your chosen asset.
What price did Bitcoin start trading at?
In the month of July 2010, Bitcoin started trading at $0.0008 US dollars — that’s less than a tenth of a cent. Before the end of the same month, Bitcoin’s price climbed a hundred-fold to $0.08 and carried on a series of up-and-down rallies since. By 2011, Bitcoin had reached the $1 mark,