0
🤷 Opinions
212 views

A Year on From Bitcoin’s All Time High: What Has Gone On?

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
ByBit
  • Darryn Pollock
    🤷 Opinions

    A year to the day, the cryptocurrency market hit its all time high as Bitcoin topped $20,000, but today, things are in a very different place

A Year on From Bitcoin’s All Time High: What Has Gone On?
Cover image via u.today
Contents

 

On December 17, 2017, the price of the major cryptocurrency had rocketed to close on $20,000 after a stellar month which saw the price of Bitcoin break through the $1,000 barrier with consummate ease. The hype and excitement around Bitcoin and cryptocurrencies was at its peak, but it peaked out at that mythical mark.

A lot has happened in the year since then: Bitcoin currently sits closer to $3,000, a price last seen in August of 2017. There have been many factors that have shaped this wild, year-long ride, and these factors have also set up the cryptocurrency market for an uncertain future.

From a speculative bubble to regulatory pressure, the manner in which Bitcoin entered the mainstream has led to it having a volatile ride through the markets. Its own makeup has also seen it expand and encompass many different facets of life, with blockchain technology a potential global disruptor.

Despite being over 10 years old, blockchain and Bitcoin have only really started making an impact in the grander scheme of global life in the past 18 months or so, and because of this, its future path has a long way to be written and shaped.

The speculative bubble

A general look over Bitcoin, year to date, paints an obviously negative picture, as the all time high of $20,000 was reached exactly a year ago today. It has been all downhill from there, with Bitcoin shedding over $7,000 in value from December 17 to the end of the year as it settled on $13,000 as its ending figure.

It has continued to slide downward as a bigger and more ferocious bear market took over. In February, the price dropped to $7,000 quite dramatically before there was a short rebound that took Bitcoin up to $11,500 again. But this was short lived as the decline continued.

What followed was some gentle undulations between $7,000 and $9,000 from April until July before a period of uncommon stabilisation in the $6,000 range took hold from September to November.

The movement of Bitcoin to it's all time high was always because of speculative investors who were trying to get on the bandwagon, and because of this, it is unsurprising that the Bitcoin price ended in a clear bubble.

Putting it in line

Part of the reason that the speculators’ bubble grew so much is because Bitcoin was a new, inclusive, and totally unregulated form of investment. Anyone with a smartphone could get in on it, and there was nothing to stop it or slow it — as a decentralised form of currency.

This drew in the investors, which drew in mainstream interest and more and more money, and eventually, it drew in the regulators who were forced to act to put Bitcoin in line. Businesses operating around the cryptocurrency were totally unregulated, and it was leading to damaging occurrences and hacks.

Because of this, places like China, and even Korea and Japan, took heavy steps in controlling cryptocurrency exchanges. More so, the likes of the SEC also stepped in and dealt heavy blows to fundraising vehicles like ICOs.

This regulator pressure stalled the growth of these blockchain businesses and ICOs and caused the speculators to start checking their actions and getting a bit fearful with their money. Any bad news that came from regulators scared off a lot of investors, and there were numerous sell-offs in this past year that spiraled into a bear market.

What does the future hold?

Based on the speculative investment of the blockchain and cryptocurrency space, many are proclaiming that Bitcoin and the like are dying and will soon be dead. However, its future is far more complex than that.

It has often been equated with the Dot Com bubble, and this is probably apt as like the Dot Com, it had a valuable underlying technology that operated almost separate from the hype.

The same can be said of Bitcoin with its blockchain technology, which is garnering more and more support and investment — steady investment — despite the cryptocurrency downturn. It is likely that the cryptocurrency market can rebound, but it will be predicated on blockchain gaining more adoption, and solid investments advancing the technology without the greed or speculative interest.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
228 views

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
ByBit
  • Yuri Molchan
    📰 News

    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

👉MUST READ

Justin Sun Announces 2 Mln USDT-Tron Giveaway on OKEx Exchange

Justin Sun Announces 2 Mln USDT-Tron Giveaway on OKEx Exchange

XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

Subscribe to the official U.Today Telegram channel. Get news first!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted