Details
The purpose of this analysis is to compare the bitcoin price statistics in one day during the past month.
Outline
- Scope of analysis
- Tool
- BTC price in the past week
- BTC price in the past month
- BTC Lowest and Highest Price
Scope of Analysis
Date of analysis: 08.03.2018. Duration of data analyzed: from 07.02.2017 to 07.03.2018 for BTC exchange rates in Rupiah.
Tools
Microsoft Excel creates a graph.
Bitcoin Indonesia official page to get data
Results
Bitcoin prices in the past week
The year 2018 is a bad start for the bitcoin virtual currency. Monday, the cryptocurrency pioneer again declined by almost 20 percent to touch the range of 6,500 US dollars per chip. The total market value of bitcoin was reportedly down by 67 billion US dollars or more than Rp 900 trillion in the past week. The total value of bitcoin in circulation is now in the range of 125.8 billion US dollars. Bitcoin prices are now far behind, with a margin of more than 60 percent, from record highs in the range of 19,500 US dollars per chip recorded in December 2017.
Bitcoin prices had fallen to the range of Rp 157,398,000 per chip / coin on Monday (5/2/2018) yesterday, according to data from Coindesk.
Bitcoin prices in the past month, the lawest value
The exchange rate of bitcoin in the past month also has the lowest value, which is Rp 94.915.000 on that date, but it is not a fixed price on that date. The decline in the value of these virtual currencies is allegedly related to the plan to tighten the rules about cryptocurrency in several countries in Asia.
Bitcoin prices in the past month, the highest value
The year 2017 seems to be the period of proof for Bitcoin as the most calculated cryptocurrency. One climax occurs when the digital currency recorded the highest record with a value of USD 19,796 (Rp 268 million) on December 17 last.
Experts also predict that with these achievements, Bitcoin has the potential to record a much higher value next year. Bitcoin can reach USD 60 Thousand (Rp814 Million) in December 2018, from the results of analysis conducted by researchers during the past month, the highest price only reached the highest number Rp 157.602.000 ,. very far from the price that has been predicted by experts.
Similar to Ripple, the value of digital currency with the largest market capitalization of Bitcoin also collapsed 7.6 percent. The sale and purchase of Coinmarketcap.com digital currency denotes bitcoin prices falling nearly 30 percent.
Bitexin stock index also weakened 10.5 percent in Cboe, had at the level of US $ 15,010 or equivalent around Rp 201.6 million. According to Coinbase, bitcoin prices slumped 7.6 percent while litecoin decreased 6.4 percent.
Different things experienced by other virtual currency, Ethereum. Cryptocurrency of this one value rose and traded 4.7 percent higher at US $ 1,143 or Rp 15.3 million.
Throughout the year 2017, the value of Bitcoin recorded jumped 1,500 percent. While the value of Ripple able to skyrocket 35 thousand percent.
Contrary to many digital currencies, Ripple has worked with major institutions, providing an aura of legitimacy and practicality. However, criptocurrency fans say that centralization is the opposite of technology that digital currencies should have.
Basically the exchange rate Bitcoin to Indonesia (abbreviation: BTC / IDR) is like the exchange of US Dollar to Indonesia (stands for USD / IDR). Differences Bitcoin with conventional currency (Rupiah, US Dollar, Singapore Dollar, and so forth) are in entities that control it.
- Rupiah is controlled by Bank Indonesia.
- The US Dollar is controlled by The Federal Reserve or the FED.
Bitcoin is not controlled by any entity, since the characteristics of Bitcoin are interoperable.
actually the reason why Bitcoin prices are more volatile than other currencies is; the absence of any entity that controls the price of Bitcoin.
Bitcoin prices are determined by everyone who has Bitcoin (regardless of amount).
If you have Bitcoin right now, you're one of those people who determines the Bitcoin price. If you suddenly sell all your Bitcoin, then the price will move down (because supply / supply is now increased).
Posted on Utopian.io - Rewarding Open Source Contributors