The Bitcoin cryptocurrency was introduced in 2009. It marked the beginning of the cryptocurrency age and brought hundreds of cryptocurrency projects to the industry – popular metaverses, GameFi platforms and NFT marketplaces offering cryptocurrency owners numerous income opportunities. However, Bitcoin is still the market leader, as it is the most promising asset on the market with the biggest trade volume.
To check the price of cryptocurrency live, you can turn to trusted cryptocurrency platforms (because they offer the average market price). For example, the WhiteBIT exchange offers the current BTC price of $19,102 (the end of September 2022).
Cryptocurrency rates are incredibly volatile. They show daily fluctuations, allowing traders to generate income from frequent buying and selling of coins on crypto trading platforms. Also, crypto rates change in the long term. That are significant price rises or drops occurring over months or years. Let’s see what affects cryptocurrency rates.
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Factors that Impact Crypto Rates
Here are some factors that affect crypto prices:
- The market sentiments.
- Crypto whales’ decisions.
- Complexity of mining.
- Competitive new crypto projects emerging.
Why did BTC Rate Fall?
In spring 2022, we faced a crash in cryptocurrencies. It started with BTC, and then all other market values followed this downtrend. There are several reasons for the fall of Bitcoin:
- News background.
- Interest rates rose by 0,50%, the biggest rise since 2000, which shook the world’s economy.
- Temporary freeze on BTC withdrawals on the Binance crypto exchange.
However, we should remember that every crisis opens opportunities. Many people decide to join the market at its drop because they understand the prospects of the crypto industry. So maybe buying crypto at the market drop is the best decision for now. To purchase digital assets and become an investor, go to the WhiteBIT crypto exchange. It is suitable for beginner traders and easy to use.