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Monitoring the price of Bitcoin gives us a good indication of the overall cryptocurrency market over the last 18 months.
Bitcoin started 2017 at less than $ 1,000 and took a dip when China announced investigations on the trade in cryptocurrency in the country. At that point, most of the Bitcoin trading took place in China, and the price of Bitcoin dropped to lows of about $ 775, while the global capital cryptocurrency cap stood at around $ 15 billion.
Bitcoin has recovered slightly over $ 1,000 but by March 2017 it has fallen back to below $ 1,000 when the SEC has denied the go-ahead for a Bitcoin ETF. The total capitalization has lost $ 5 billion in two days.
In April 2017, Japan declared Bitcoin's legal currency, which saw the price jump over $ 1,000. The total capitalization of the cryptocurrency was about $ 26 billion at that stage.
From April 2017 to July 2017, Bitcoin rose steadily close to $ 3,000, while the total capitalization exceeded $ 100 billion. However, in mid-July 2017, the price fell to less than $ 2000 in a few days when the Bitcoin / Bitcoin Cash split took place.
The effects were short-lived and, at the end of August 2017, the Bitcoin recovered to almost $ 5,000 and the total capitalization of the cryptocurrency reached almost $ 170 billion.
But then, on September 4, China has notoriously banned the ICOs. The move, however, caused far fewer corrections than expected. Bitcoin dropped to about $ 3,300 in mid-September 2017, but quickly recovered and reached $ 4,000 by the end of September 2017. The cryptocurrency market capitalization was just under $ 150 billion at this point.
From here, the price of Bitcoin has really accelerated. At the end of October 2017, it had exceeded the $ 6,000 threshold and ended in November 2017 at just under $ 10,000 for BTC.
In mid-December 2017, it reached $ 20,000, but closed the year at around $ 15,000, while capitalization closed the year at about $ 235 billion.
At the end of January 2018, the Bitcoin price had returned to around $ 10,000 and reached $ 6,000 in February 2018.
In February 2018, we saw Bitcoin back over $ 11,000 and the overall market capitalization rose to around $ 500 billion – after reaching a minimum of about $ 300 billion at the start of the month.
Since then, amid discussions about greater regulation between markets and other barriers, such as Google banning cryptographic advertising, the price of Bitcoin has been steadily declining, despite occasional and short-term recoveries. Beginning in July 2018, Bitcoin is around $ 6,000, with a total cryptocurrency capitalization of approximately $ 250 billion.
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