Bitcoin: A Year In Review

Bitcoin: A Year In Review

The very first article we posted in 2018 was titled 5 Blockchain Prediction For 2018 and for our first prediction, we said it would be chaotic and that the chaos from 2017 would be sticking around for a bit longer. How right we were. Not just for blockchain but for the cryptocurrency market as a whole. At the end of last year, we saw Bitcoin reach highs of nearly $20,000 and then we saw it quickly plunge, then it rose again and since then it has been slowly tumbling down with only a few signs of false hope where Bitcoin had gone up only slightly.

There has been a lot of chaotic moments for Bitcoin throughout 2018 and we’re going to go through the top highlights of the year.

Welcome to our year in review for the world’s number one cryptocurrency, Bitcoin.

January

During January we published a number of stories about Bitcoin, it was an exciting time to be a Bitcoin investor and things really did look very positive at the start of the month.

From the 1st - 10th January 2018 we could see the price of Bitcoin trying to recover from its price drop from the $20,000 mark. On New Years Day 2018 the price jumped between $13,500 and $14,000 until it slowly crept up to $15,000 before eventually hitting $17,000. After this, everything seemed to move downhill. From here the price continued to crash throughout January as Bitcoin reached the low price of $9,600. Eventually, Bitcoin did see a slight recovery to $11,000 by 20th January, before closing the month at a respectable $10,100.

February

To kick off February we published several articles, one of which was titled As An Asset, Bitcoin Is As Good As Gold in which we mention that Bitcoin is starting to look like a less viable cryptocurrency by the day.

If we look at Bitcoin from the 1st - 10th February we see a strange pattern that almost looks like it imploded into itself. To start off the month the price of Bitcoin was around $10,000 and since then it just kept sinking down until the 6th of the month when it hit a low of $6,200 before a sudden climb back up to the $10,000 mark by the 10th. After this, things started to look up for the leading cryptocurrency which by the 20th climbed over $11,000. This however  was short lived as the price slowly sunk to around the $9,000 mark, before a final move back up towards $10,000.00 as we moved into March.

Between January and February, we witness some of the most important months in cryptocurrency. Sadly, the successes of these months now seem to have been somewhat short lived, as we will now go on to explore.

April

April brought with it a wealth of promise for Bitcoin, after a devastating March, we all hoped that the $20,000.00 all time high would finally be back on the cards.

The month of April started relatively steady with the price of Bitcoin jumping between $6,000 and $7,000 only to see a massive surge on 12th April where the price went up nearly a thousand dollars in under an hour. Sadly, this was not enough to pull Bitcoin back over that sought after $10,000 threshold.

 

July

Over the few months after April’s bull-run the price slowly plummeted to the $6,000 level which remained as a consensus price going into July. Little did we know that $6,000 would eventually prove to be very sticky indeed.

On the 17th of July, the prayers of investors were answered as the price of Bitcoin surged in under a day to the $7,300 region through which it climbed until the end of July. The peak for the month occured on the 25th of July when the price of Bitcoin hit over $8,000 before closing the month on $8,180 exactly.

August

July did inspire some promise as we entered August. August was significant as it promised to see the launch of a number of Bitcoin ETF’s, as a result of countless ETF applications filed within the United States Securities and Exchange Commission. Huge speculation surrounding this was sadly short lived, as no huge ETF based announcements managed to surface in August, in fact, the SEC continued to let the community down, right through till after October by continuously moving their deadline for ETF decisions, backwards.

November

“Remember remember the 5th of November”

Well okay, the 5th of November wasn’t of any significance as the price was holding steady but what followed was something out of a horror film. Halloween had clearly done a number things to the crypto space this year and it seems we got a late ‘trick’ rather than a highly sought after treat.

Before the 12th November, the price of Bitcoin seemed to be doing well at $6,400 but on the 12th everything seemed to go topsy-turvy as the cryptocurrency was sent crashing down below three key resistance levels, to the low price of $3,600. It knocked the wind out of our sails and caused ripples through the crypto markets. Now, it seems that the November market crash was almost as significant as least years Bitcoin surge, what an ironic way to draw the year to a close hey?

What next for Bitcoin?

2019 remains to be a very promising year for Bitcoin. In terms of value we can only hope that Bitcoin will rise. In terms of adoption, we also hope to see bigger steps taken in this arena, steps that will secure Bitcoin as an option in the mainstream financial world. Moreover, we expect that institutional investment could take off through 2019 too, paving the way for products such as the famous Bitcoin ETF. 2019 could very well be the biggest year for cryptocurrency yet. Hold on, sit tight and let’s see what the next year throws at us!

No matter what happens, remember that Crypto Daily will always be here for you!

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