Why Bitcoin price is so high?

[azmirihaque]

The top 10 most valuable cryptocurrencies in US Dollar ($) in the year 2020.

Name of the coin           Value in US Dollar ($)
Bitcoin                                 9,262.67
Maker                                     463.27
Bitcoin Cash                           236.15
Ethereum                               235.11
Bitcoin SV                              185.00
Dash                                       69.23
Monero                                    63.62
Zcash                                      53.76
Litecoin                                    43.26
Augur                                      19.06

We can see that Bitcoin is the most valuable coin in the crypto world. But it is a matter of concern that the price of it's nearest valuable coin (Maker) is 20 times lower than Bitcoin. Why Bitcoin price is so high? Can you explain please......

[Quart]

Bitcoin price cannot be compared with others because it has own history how the price can improve. The price of Bitcoin can be so high because of its ATH in 2017. The price after the ATH still survives at the high rates, so we can see it untill now.

[signature]

You know why because the demand for bitcoin is so high and at that it price will go up constantly, that is what it is when a product have high demand.

[vegasus]

there are some reasons why the price of BTC is higher than other cryptos and why the price is so high.
1. This is the first cryptocurrency, it has very low price and then growing up having very high price.
2. Many people use and hold this with its limited supply
3. the supply is limited, but the demand of BTC is very high
4. It has very high trading volume
5. It is trusted, worthy, available to use as payment transaction, and more others.

[Jaguar]

Because it is legend in crypto space.
Bitcoin dominate cryptos due to its value and actual and digital world application. Maybe this is what they called digital trend introducing more advance cashless society.

[Michael.sol]

This is happen because bitcoin have oldest coin in Crypto market . Bitcoin have good invester and holder , as well bitcoin demand is really high as compared to any another coin .
This is some reason behind it that's I discussed .

[Alter]

The price of Bitcoin is so high because many demands in the market. So, the price of Bitcoin can be bullish many times. I think some people have the big role to pump the price in previous years. They may pump the price and create hype with good news of Bitcoin future.

[babu10]

The top 10 most valuable cryptocurrencies in US Dollar ($) in the year 2020.

Name of the coin           Value in US Dollar ($)
Bitcoin                                 9,262.67
Maker                                     463.27
Bitcoin Cash                           236.15
Ethereum                               235.11
Bitcoin SV                              185.00
Dash                                       69.23
Monero                                    63.62
Zcash                                      53.76
Litecoin                                    43.26
Augur                                      19.06

We can see that Bitcoin is the most valuable coin in the crypto world. But it is a matter of concern that the price of it's nearest valuable coin (Maker) is 20 times lower than Bitcoin. Why Bitcoin price is so high? Can you explain please......

Because BTC is unique coin and crypto started journey with BTC. If you look at the market volume BTC covers 73% of crypto market and others rest of the market. Not only that rest of the altcoin pair with BTC. So these many reasons BTC price is so high and everybody relay for BTC.

[Andruha1993]

Because this is the first cryptocurrency to appear. And I think he will always come first. That is why its price is so high.

[Prime]

The thing that influences the price to be high is its limited supplies. Additionallly, the BTC has the most valuable crypto in thw world and this cannot be separated.

[Cryptoz]

Bitcoin price is so high because it is most favorite coin for years. More and more people are interested to buy Bitcoin with various number of Bitcoin. Then, because of more interest, Bitcoin price increased in the market and even it could have ATH in 2017. Yep, it is the reason that Bitcoin has high price.

[wahyudi]

I think that, very easily, we could see Bitcoin going up to $50,000 by the end of this year,” said Trenchev.
Trenchev’s Nexo platform allows users to borrow fiat currency against their cryptocurrency holdings. According to Nexo’s researchers and analysts, a massive rise in the Bitcoin price could occur due to the upcoming halving event. A halving event in Bitcoin is when the amount of Bitcoin generated by the network roughly every ten minutes is cut in half. This event takes place about every four years.

[Bobcrypto]

Firstly, i doubt the possibility of Bitcoin hitng 50k at the end of this year, 2020. Bitcoin has the capacity at the current trend of $9k to $10k to touch $15k or little above but $50 is not realistic.

Now, there are many reasons why Bitcoin is very high and some of these are as follows.
1.Bitcoin is the first crypto currency. The had well esterbilish itself many yeay before any other coin in the market, and besed on this, people has adopted to it.
2. Accessibility. Because users are able to send and receive bitcoins with only a smartphone or computer, bitcoin is theoretically available to populations of users without access to traditional banking systems, credit cards and other methods of payment.
3.High Demand. As Bitcoin becomes very popular, and with huge awareness globally, the demand keep rising on the daily basis.
4. Limited supply. Bitcoin as you may know has fixed supply and as the process of mining bitcoin become very difficult, there is tendency that people may betrying to be part of this new digital currency at all cost there by making it more scarce. Everyone want to have a take on Bitcoin 21million supply, hence it's scarcity.

[hair]

Because bitcoin is scarce, bitcoin is the gold of the digital world and is the father of altcoin which inspired coins that currently exist such as Ethereum, EOS, Ripple etc.

[Tanimariya]

The reason for the increase in the price of Bitcoin is that the number of users and investors is increasing day by day. So the demand for bitcoin is increasing. When the demand for any product or coin is high, the price goes up. I have no doubt about the popularity of bitcoin. The demand for bitcoin will increase as the days go by. So the value of bitcoin is much higher.