The price of the Bitcoin is always determined in the same process as the U.S. Dollar value determined to demand and supply of them, the demand of the bitcoin increase like in the fiat currency, and the price increases, the price falls when the demand for bitcoin.
There are so many factors through which we can determine the price of the single bitcoin, these factors like demand and supply, their regulations or competitions, the new developments will alter also influence the perception about the cryptocurrency and its market.
One value of bitcoin and its value can be estimated by calculating and computing by the average minimum cost of the bitcoin production in the time of any given point it is based on the price of electricity, on the reward of the block, energy efficiency mining difficulty and the mining hardware on the year 2021 November 10, bitcoin will reach to the high time of the $68790.
The supply is the reason why the Bitcoin price is affected, the markets demand it and competing cryptocurrencies and the availability, we can say that there are a finite number of bitcoins and in the year 2140 the final coins are estimated to projected to be mined.
The case of the fiat currency or other most of the cryptocurrency like for example bitcoin does not inherit any intrinsic value like they are nor backed by any silver or gold, the value of the currency can become from the sponsorship of the state or region, and also based on the faith and trust people have over their government.
