Despite the volatility of the cryptocurrency market in 2022, Bitcoin (BTC) remains a popular choice for investors in 2023.
The value of BTC underwent a dramatic change at the start of the year, now for one US dollar you can buy 42% less satoshi (the smallest unit of bitcoin) than at the beginning of 2023.
Satoshi is the minimum indivisible part of Bitcoin, named after Bitcoin creator Satoshi Nakamoto, is equivalent to 0.00000001 BTC, which means 100 million Satoshi equals one Bitcoin. With only 21 million Bitcoins available and demand high, they have become an attractive asset for traders and investors alike; however, this drop in Satoshi per dollar is not surprising, as the BTC has soared by 70% since January 2023.
InTheMoneyStocks.com chief market strategist and trader Gareth Soloway said that thanks to a more stabilised financial system Bitcoin could fall to the $13,000 mark and then go back up again. This is an unexpectedly bright outlook for a chaotic economic situation.
