Bitcoin Celebrates an Unfortunate Anniversary as BTC Price’s All-Time High Was 1 Year from Today
We celebrate a particularly rare anniversary for Bitcoin this year. To the day, December 17th, 2017, the crypto reached its all time highest valuation of 20,000 dollars.
This was, of course, followed swiftly by an even swifter decline into a bearish market, leading to its value being slashed by nearly 85 percent. Now, with BTC reaches one of the newest lows of the year, 2017 is starting to seem more like a fond fantasy of once upon a time.
December 17, 2017: Bitcoin Reaches its Greatest Peak
From the day that it was first formulated and put to work, investors have pushed to buy into the crypto market, it's also been a hectic trip for those that have experienced the peaks and troughs of yesteryear.
There are plenty of instances over its relatively short lifestyle that would make buyers second guess buying into an already volatile market.
In the wake of the hacking and fast accompanying bankruptcy of Mt. Gox, BTC found itself in an incredibly vulnerable position, staring down the barrel of a two years long bearish downtrend which put a lot of doubtful space between buyers and the market.
Even at this point in time, there was an increasing number of doomsayers believing that the crypto was on its last legs, and that the only legacy it would carry is that it was a failed technological experiment that just couldn't bite as hard as it barked.
It was in 2017 that the turning point started to emerge. We see this in the early stages of February 2017 that Bitcoin managed to push past its previous record high of $1,149 dollars, according to CoinMarketCap's data. From then, Bitcoin managed to climb steadily upwards with no slowdown in sight.
Over the course of that year, BTC has proven to be a strong competitor, bouncing back with strength after a number of drops, but steadily went onwards and upwards. It was in October that BTC finally shattered the $5,000 dollar mark, and as a result, the mainstream media started to harp on about it as an unheard of dark horse.
It was from these outlets that the ‘get rich quick' stories came as investors that struck a fortune by buying in at a golden time, sparking a broader buy-in from the international community.
Over the course of this month, BTC had managed to rocket upwards in value, and had come to become one of the most commonly known words amongst the general public. Following this, Bitcoin smashed through the $10,000 dollar market. It wasn't until three weeks later that hype caused a further spike in value as Bitcoin Futures began to feature on the Chicago Stock Exchange.
And it is here that we find ourselves looking back longingly at the crypto's all time high, blasting past previous upper valuations to hit and nearly cross the $20,000 marker.
What a Difference a Year Makes
At this point in time, what has commonly become known as the ‘digital gold' of the crypto world, Bitcoin is currently trading at $3,400, with investors in a celebratory mood as it manages to stay above the $3,000 marker. While this is a good sign, Bitcoin has been hitting new yearly lows at the same point at $3,125.
It was when the crypto's charge had been blunted that it underwent some pretty severe corrections, as it retreated below the $10,000 mark, hitting $5,800, which happened in February 2018. While this was followed by an admirable rally up to $10,000, it subsequently failed, and was followed by a number of corrections over the same year.
And as this descending wedge continues, we see the gap between highs and lows becoming glaringly apparent. As the crypto found itself consistently sliding under the 6k mark which had once been regarded as a previously impenetrable lower support. The breaking of this support had resulted in a wider plummet of a further 40 percent. It is now, looking back that we see Bitcoin has managed to lose 85 percent of its previous value.
So, with that in mind, is a better year yet to come in 2019? One can only hope.