According to the communication of economic correspondents in connection with analysts of brokerage companies trading in cryptocurrencies and financial strategists of the virtual currency market, the current prediction of the price of the most widespread cryptocurrency Bitcoin (BTC) in the 45th week of 2023 is set by these experts at 35,000 USD per BTC. The digital currency market is constantly evolving and Bitcoin (BTC) is facing a new set of challenges and recommendations when during the European afternoon of Tuesday 11/07/2023 at approximately 13:48 CET BTC was trading at 34,752.75 on the Coinbase market USD to BTC with BTC down by -0.80% against USD for the day so far.
Since November of this year, 2023, Bitcoin (BTC) has experienced a significant increase in transaction backlog and fees. Since September 15, 2023, which marked the end of the period of reduced activity, over 157,000 unconfirmed transactions have accumulated in the Bitcoin mempool, with fees for high-priority transactions climbing to $3.38. This increase in congestion is largely attributed to the resurgence of Ordinal inscriptions, which processed almost 700,000 transactions on November 4th, making it one of the busiest days in the Bitcoin market. The subsequent influx of more than 800,000 transactions in just two days deepened the backlog of mempools, increasing transaction costs. BTC market movement is currently lateral and is hovering around the critical point up to $34,990, which is of considerable interest to day traders. The immediate barrier for the price lies around $35,360, a level that has seen considerable trading activity recently. A successful move beyond this point could pave the way for access to higher levels at around $36,051 per BTC, followed by $37,018 per BTC, crypto market financial strategists said.
Bitcoin (BTC) is an Internet open-source P2P payment network and also the cryptocurrency used in this network. The main uniqueness of Bitcoin is its full decentralization; it is designed so that no one, not the author or other individuals, groups or governments, can influence the currency, counterfeit it, seize accounts, control money flows or cause inflation. There is no central point in the network, and no one who can make decisions about the network. The final amount of Bitcoins is known in advance and the release of Bitcoins into circulation is defined in the source code of the network. Payments take place on the network at minimal or no cost. The network has been operating since 2009, where it was described and created by a group of people signed as Satoshi Nakamoto. Bitcoin (BTC) is the only asset that is successfully offsetting the global press side of the world’s central banks, according to analysts at brokerage firms involved in the virtual currency trade.
Thanks to a special database that stores an ever-increasing number of records, this technology is called blockchain, which serves as Bitcoin’s ledger. The online database is protected both against unauthorized intervention from the outside and from the users themselves. The final amount of Bitcoins is known in advance and their release into circulation is defined in its source code. A unique feature of Bitcoin is its complete decentralization. It is designed so that no one, not its author or other individuals, groups or governments, can influence, counterfeit, seize accounts, control money flows or cause inflation this currency. Bitcoin is completely independent of traditional currencies, it is not backed by gold or other commodities, but like other common currencies, its value depends on the trust that it will be possible to pay with it in the future as it is today. The value of Bitcoin is based purely on supply and demand on the market, in short-term periods the exchange rate is characterized by sharp fluctuations.