0.04928504 btc to usd in 01 02 2018,Discovering the Value of 0.04928504 BTC on February 1, 2018: A Detailed Dive into the Cryptocurrency Market
Discovering the Value of 0.04928504 BTC on February 1, 2018: A Detailed Dive into the Cryptocurrency Market
Are you curious about the value of 0.04928504 BTC on February 1, 2018? This amount of Bitcoin, a cryptocurrency that has seen its value skyrocket over the years, was worth a significant amount of money at that time. Let’s delve into the details of the cryptocurrency market on that day and understand the value of this particular amount of Bitcoin.
Understanding the Cryptocurrency Market
The cryptocurrency market is a volatile and dynamic environment. It is influenced by various factors such as global economic conditions, regulatory news, technological advancements, and market sentiment. On February 1, 2018, the market was experiencing a period of significant growth, which was evident in the value of Bitcoin and other cryptocurrencies.
The Value of 0.04928504 BTC on February 1, 2018
On February 1, 2018, the value of 0.04928504 BTC was approximately $2.50. This value was derived from the exchange rate of Bitcoin to USD at that time. To put this into perspective, let’s look at the table below, which shows the historical exchange rates of Bitcoin to USD for the first two weeks of February 2018.
| Date | Bitcoin to USD Exchange Rate |
|---|---|
| January 31, 2018 | $9,510.00 |
| February 1, 2018 | $9,490.00 |
| February 2, 2018 | $9,470.00 |
| February 3, 2018 | $9,450.00 |
| February 4, 2018 | $9,430.00 |
| February 5, 2018 | $9,410.00 |
| February 6, 2018 | $9,390.00 |
| February 7, 2018 | $9,370.00 |
| February 8, 2018 | $9,350.00 |
| February 9, 2018 | $9,330.00 |
| February 10, 2018 | $9,310.00 |
As you can see from the table, the exchange rate of Bitcoin to USD was fluctuating during this period. On February 1, 2018, the exchange rate was $9,490.00, which means that 0.04928504 BTC was worth $2.50. This value is significantly lower than the current market value of Bitcoin, which has seen a substantial increase in its value over the years.
Factors Influencing the Value of Bitcoin
Several factors influenced the value of Bitcoin on February 1, 2018, and continue to do so today. Here are some of the key factors:
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Market Sentiment: The overall sentiment in the cryptocurrency market can greatly impact the value of Bitcoin. Positive news, such as increased adoption by major companies or countries, can lead to a surge in value, while negative news, such as regulatory crackdowns or security breaches, can cause the value to plummet.
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Supply and Demand: The supply of Bitcoin is limited to 21 million coins, which creates a sense of scarcity. When demand for Bitcoin increases, its value tends to rise, and vice versa.
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