Since the launch of Bitcoin a decade ago, this cryptocurrency has experienced a 9 million percent increase in value. This feat according to experts will go down as one of the most remarkable feats in the financial space. While Bitcoin has experienced major ups and downs in price in the last couple of years, this crypto has managed to finish above all the others by a great margin.
2019 happened to be a good year for the Bitcoin cryptocurrency. It experienced an 87% increase in value from $3,843 which it started with to finish above the $8,000 mark. The first quarter of 2019 was a big test for the stability of the cryptocurrency. While most of the speculators and experts were predicting a repeat of December 2017 all over again, that didn’t work out and this affected the value of the cryptocurrency in the early months of 2019.
Aside from 2019 being a big test for the Bitcoin cryptocurrency, the network itself was affected. The hash rate of the network experienced a 150% rise from 40 exashes per second to 100 exashes per second. The year also saw a number of big companies roll out amazing products like the features product.
What To Expect From Bitcoin Network in 2020
One of the many things Bitcoin enthusiasts should expect from the network is the Bitcoin Block Halving which is expected to hold in the second quarter of the year. According to the White paper of the network, it was stated that after 210,000 blocks, the block reward miners stand to gain each time they add blocks to the blockchain will be halved.
Currently the block reward for mining on the network is 12.5 BTC but after the block halving scheduled to hold in May, the block reward will be set at 6.25 BTC. With an average of 144 blocks mined on the Bitcoin network each day, at the rate of 12.5 BTC for each block, an estimate of 1,800 BTC is released into circulation daily.
With the halving, the number of BTC coins released to the market is reduced to half, in the process leading to inflation and in months to come an increased value of the crypto.
Market Predictions For BTC In The Crypto Market
With a number of countries that were formerly against the buying and selling of cryptocurrencies already seeing Bitcoin as the future, experts from all over the world have speculated an increase in the value of the crypto.
In addition to the policies enacted by these countries, the block halving expected to take place in the second quarter of the year has provided these experts a framework to predict the price of the crypto. Since the block halving will reduce the number of BTC released into the market daily, there is a possibility we’ll experience scarcity of this crypto. With scarcity comes an increase in the value of the crypto. This is especially one of the main reasons experts predict that the crypto may surpass the $20,000 mark before the end of the year.