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Opinion: Bitcoin [BTC] during its history, during this period of the last year, it has seen one of its most prolific bulls, to push cryptocurrencies to attract attention and to guide many economists to define it as a bubble of epic proportions. With the cryptocurrency market as a whole worth over $ 800 billion, the crypts-HODLer were at their final destination: the top of the moon.
Top 10 cryptocurrencies on 12 November 2017 | Source: CoinMarketCap
However, the landscape has changed significantly since then, with the market losing over $ 600 million to reach a value of just over $ 200 billion. Most ICOs have lost more than 95% of their value, with the main currencies continuing to suffer significant losses.
Many have called this crypto-winter due to the general erosion of the market in the months following its rapid rise. With a year's delay, it is interesting now to look back and see the start of the exaggerated increase in bull power.
In this period of last year, the price of Bitcoin was $ 7,195 and fell to $ 5975 on November 12th. This was the last significant drop that the price saw before its upward run. Within 1 month and 4 days, the currency has risen by 228.9% from 12 November to 17 December to reach its all-time high of $ 19.655.
This was also accompanied by an increase in media hype for the currency, with daily price updates continuing to increase the bubble-like nature of the currency. While the consequences of the price hike have seen the currency languish around the $ 6500 range currently, last year has been full of regulatory, infrastructural and development progress in the cryptocurrency space.
Likewise, Bitcoin Cash [BCH] rose 379.6% from $ 758 – $ 3636 in one month and 11 days from November 10 to December 21. This was also preceded by a hike in the price of BCH due to its then recent hard fork.
The XRP dominated the position in percentage increments and was closely documented by the crew of CNBC's Fast Money program, which also created detailed tutorials on how to buy and sell the currency. It rose 1391.803% from 8 December to 4 January from a price of $ 0.244 to $ 3.64 in just 27 days.
Likewise, Ethereum [ETH] rose 348% from $ 300 to $ 1344 over a 2 month period between November 14 and January. litecoin [LTC] has achieved a growth of 506.667% from $ 60- $ 364 from November 10 to December 19 in 1 month and 8 days.
While nobody really knows if the crypto-winter is finished or not, it is very clear that space has added more value in terms of progress made in this period. Regulators are beginning to take a more transparent approach to the cryptocurrency market, with many like Malta creating a regulatory framework to attract new companies. In addition, the movement of institutional investors in space can be seen with the forthcoming launch of futures contracts physically established by the parent company of the New York Stock Exchange known as Bakkt.
The market continues to be filled with more interesting news for each currency, generally pushing forward the definition of how the blockchain and cryptocurrency industries are perceived by the general population. The volatility and strong fluctuations of the mature market may be behind us, with the next upward movement led by the general population, the use of existing tokens and their general integration into existing financial infrastructures. Whatever result, one thing is certain. Cryptocurrencies are here to stay.
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