Examining the Amazing Feat of Bitcoin Truly Growing Continuously for a Decade and Counting
When BTC launched in 2009, hardly anyone knew about it. Those who did know about the project hated it passionately or they loved it for the potential it had. At the time, the haters were winning. There were many bashful articles written about it. Despite this, BTC has seen sustained growth for a decade in spite of the broader downturns.
BTC Lows Have Been Growing Yearly
According to existing data, BTC lows have been growing year-on-year. Save for 2014, when the crypto market was hit by its first major hack when Mt. Gox went down, the BTC has seen its annual low growth significantly.
For instance, in 2012, BTC had a yearly low of $4. By 2018, the yearly low has risen to $3,200. This is 80,000% growth in just seven years. Very few other assets in any category can claim such growth in such a short time.
With this evidence, a crypto expert calling himself Rhythm said that BTC had seen sustained growth for a decade. However, the BTC price is not the only statistic that has seen sustained growth in that time. In that time, the hashrate has grown as well. In 2012, the hashrate was just ten terahashes. In 2018, the hashrate has hit 38 million terahashes. The BTC transactions have grown too. Today, there are about 250,000 transactions daily.
The Industry Fundamentals Are Still Strong
Despite the downturn in 2018 that saw crypto lose over 80$ of its market cap, the fundamentals have remained solid. A crypto expert who is also the chief of technology at Casa, a crypto solutions firm, said the BTC system was growing. This was especially so when you eliminate price.
For instance, the ATMs that support BTC have grown a lot in the recent past. In 2018, the ATMs increased by 100% while the hashrate doubled in the same year. The crypto community on Reddit also grew a lot. This led to a discussion about finding scaling solutions. The solutions thus far are SegWit and Lightning Network.
Another industry fundamental worth noting is the growth of institutional activity in crypto. Bakkt was unveiled with similar measures being announced by backers of ErisX and by Fidelity Investments. OTC desks have also become quite popular in the crypto world. Other service providers in the sector have tried to capitalize on institutional money flowing into crypto. For instance, Binance, Coinbase, and BitGo have all ventured into OTC/dark pool industry.
Many experts in the crypto world believe this will continue in 2019. Jeff Berwick, the Dollar Vigilante, as he is known in the crypto community, recently said that 2019 should haul in money from Wall Street on BlockTV. In his opinion, this will change the crypto world forever. He stated that the flow of Capital from institutions would grow a lot. In his opinion, there are trillions on the sidelines just waiting.