Bitcoin is making waves as its value crosses $40,000. Despite a challenging economic year, Bitcoin is standing tall. Many people are now exploring the options on how to buy BTC. Let’s explore How to buy Bitcoin on eToro? in this article.
As of today, the price of Bitcoin is $41,600, and it has been quite active in the past 24 hours, with a trading volume of $36.77 billion. The total value of all Bitcoins out there is a whopping $813.76 billion, and Bitcoin makes up more than half of the entire cryptocurrency market, with a dominance of 52.08%. On the last day, the BTC price went up by a modest 0.40%.
Looking back, Bitcoin hit its highest price ever on November 10, 2021, reaching a whopping $68,770. On the flip side, the lowest it’s ever been was on July 17, 2010, at a humble $0.050000. Even after its all-time high, the lowest it went in the recent cycle was $15,599, and the highest was $42,400. Currently, the mood in the Bitcoin prediction space is optimistic, and the Fear & Greed Index is sitting at 75, indicating a bit of greed in the air.
In terms of supply, 19.56 million Bitcoins are circulating out of a maximum supply of 21 million. The yearly inflation rate is a modest 1.79%, which means around 344,579 new Bitcoins were created in the last year. Bitcoin holds the top spot in both the Proof-of-Work Coins and Layer 1 sectors when it comes to market cap.
Over the past year, Bitcoin (BTC) has demonstrated remarkable performance, with its price surging by an impressive 141%. This growth has outpaced 80% of the top 100 cryptocurrencies, showcasing Bitcoin’s enduring dominance in the market.
Notably, it has outperformed Ethereum, a significant competitor in the crypto space. Trading above the 200-day simple moving average is a positive indicator, suggesting a sustained bullish trend. The cryptocurrency has exhibited strength with 17 green days in the last 30 days, accounting for 57% of the period.
Additionally, the fact that Bitcoin is currently trading near its cycle high underlines its robust market position. With high liquidity, reflected in its substantial market cap, Bitcoin remains a formidable player.
It is important to consider the inflation rate, which stands at a relatively low 1.79% annually, further contributing to its attractiveness as a store of value. These trends and indicators collectively paint a bullish picture for Bitcoin, hinting at the potential for continued positive momentum in the foreseeable future.
Is It the Right Time to Buy Bitcoin?
Considering the current dynamics, it seems like a rollercoaster of ups and downs for Bitcoin lately. With its price at $41,600 and showing a 0.40% increase in the last 24 hours, the bulls seem to be flexing their muscles. Bitcoin’s recent history tells us it reached a high of $68,770 and a low of $15,599 in the past cycle. Now hanging out at $41,600, it’s like catching a breather midway on the rollercoaster.
The Fear & Greed Index is whispering some greed in the air, sitting at 75, but hey, who doesn’t get a bit greedy with potential gains? On the supply front, there are 19.56 million Bitcoins out there, and new ones are popping up at a rate of 1.79% annually, adding around 344,579 to the gang in the last year.
Yet, it’s always a bit unpredictable, but with Bitcoin sitting pretty at the top of the market cap game, it’s like the heavyweight champ of the crypto arena. So, if you’re feeling adventurous and have your seatbelt securely fastened, hopping on the Bitcoin rollercoaster might just be the thrill you’re looking for!
Bitcoin Price Prediction: Is BTC Price going to ATH 70K in 2024?
Looking ahead to 2024, people are buzzing about whether Bitcoin can hit or even go beyond its last record of $70,000. For this to happen, Bitcoin only needs to double or even go a bit less than its current price. Considering its track record and the upcoming halving event, which tends to make prices go up, it seems doable. So, seeing Bitcoin reach or top the $70,000 mark in 2024? Totally on the table and looking more and more probable.
What could be the impact of the Bitcoin halving event in 2024?
Big news for Bitcoin coming up in April 2024 – it’s the “Bitcoin Halving“! This happens every four years and is a key part of how Bitcoin manages its inflation. During the halving, the reward for creating new Bitcoin gets cut in half.
This means fewer new Bitcoins are made and put out there. In the past, whenever this halving thing happened, the price of Bitcoin went up. Less supply usually means more people wanting it. So, in 2024, we’re expecting the same story – Bitcoin prices might climb even higher as the supply gets a bit tighter.
How to Buy Bitcoin on eToro?
Since it was made in 2009, Bitcoin has been a big deal in the news and the overall world of cryptocurrencies. It’s the biggest cryptocurrency based on market value and seems like it’s not stepping down from that top spot anytime soon.
If you want to add some cryptocurrency to your investments and are thinking about putting some of your money into Bitcoin, you’ll need to learn how to buy Bitcoin (BTC) on eToro and keep it secure.
Getting your hands on Bitcoin is quite doable in a few ways, but the usual route is through something called a cryptocurrency exchange like eToro. These are like all-in-one hubs where you can do a bunch of things with your digital coins – buy, sell, or just hang on to them.
If you’re looking to buy bitcoin, the first step is to make an account. After that, most exchanges let you link up your bank account right away, or if you prefer, you can go with a debit card. It’s like setting up your space in the crypto world – pick your exchange, make your account, and decide how you want to pay. Easy peasy!
When it comes to buying bitcoin, eToro gives you the option to get smaller chunks of it. You can either spend regular money and get a matching amount of bitcoin in return or decide on a fixed amount of bitcoin and pay in regular money. So, it’s all about what you like or find more convenient. Whether you want a specific amount or are cool with whatever your money gets you, it’s all good. It’s your call!
The eToro trading platform enables you to invest in prominent cryptocurrencies such as Bitcoin, Ethereum, and Cardano. eToro stands out as a great choice for investors because it does not impose any undisclosed fees.
It’s advisable to utilize a demo account before engaging actual funds in a trade. Virtual portfolios provide an excellent opportunity to acquire the skills and knowledge needed to trade effectively on your selected platform.
Here are the step-by-step instructions on how to buy Bitcoin on eToro.
Create an account
To get started on eToro, create an account by selecting a username and providing your email address and password. After registration, users are required to undergo identity verification.
Deposit Funds
Access the “Deposit Funds” option from the left-side navigation bar. Choose your preferred fiat currency for deposit, input your payment details, and proceed by clicking “Deposit.”
Buy Bitcoin
Head to the Bitcoin page and click “Invest.” You have the option to either “Trade” at the current price or place an “Order” to automatically buy bitcoin when its value reaches a predetermined level.
Download the eToro Crypto Wallet
You can further improve security by downloading the eToro Money crypto wallet and storing your bitcoin there. To transfer bitcoin to the eToro wallet, select a position in your portfolio and click “Transfer to Wallet.”