In the past 24 hours, the price of Bitcoin has decreased by 2.0%. It's price has dropped by 5.7% in the last 7 days. The current price per BTC is $28,552.13 AUD. There is a current circulating supply of 19,156,431 BTC.
The candlestick chart above shows Bitcoin price in Australian dollars (AUD). This chart tracks the price of Bitcoin back to 2013. These price charts give traders the ability to select custom timeframes and view daily pricing candles of their favourite assets.
Understanding how to read a candlestick chart is crucial when performing crypto technical analysis. Candlestick charts track the daily price movements of an asset and are often used to track patterns in the market.
To learn more, check out our guide to candlestick charts on Swyftx learn.
Historically, Bitcoin’s price has been quite volatile compared to traditional assets like stocks and commodities. The Bitcoin price fluctuates based on a number of factors. Often, bad news will cause the price to drop. For instance, When China announced that they would be banning Bitcoin mining, the price of BTC dropped by over 30% in a couple of days.
It must be noted, however, that following every Bitcoin crash, the market has bounced back stronger than ever. After the historic Bull run of 2017, the market crashed 88%. This caused many people to questions if Bitcoin would ever recover. Between the crash and the All-Time High of 2021, the price increased by 2,500%.
The price of Bitcoin is determined by its supply and demand, the same way that the value of traditional assets like fiat currencies (Australian dollar), stocks and commodities are valued. When the demand for Bitcoin increases, the price increases and vice versa for when demand decreases. This is the same for all other digital assets in the crypto market.
The price of Bitcoin (AUD) listed on the Swyftx exchange is reflective of global trading volumes from exchanges across the world.
The value of Bitcoin is determined by its supply and demand. Bitcoin is considered to have value due a number of reasons including scarcity, divisibility, and durability. Bitcoin is a scarce asset because it has a maximum limited supply of 21 million. There are currently over 19 million BTC in circulation, with the last Bitcoin expected to be mined in 2040. Bitcoin is divided up to 8 decimal points making it more divisible than standard units of fiat currencies.
Bitcoin’s utility still yet to be to be fully realised as most people do not use it for retail transactions. This is partly because Bitcoin transactions are much slower compared to traditional payment processors like Visa. The Bitcoin lightning network is a scaling solution to designed to improve the efficiency of Bitcoin transactions.
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