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There is no more news that the cryptography market is struggling with its price performance last year. 2017 was the year when people saw the cryptic price potential. It has led experts and bulls to predict that the bitcoin could reach $ 100,000. However, bitcoin price performance strongly indicates that these figures may not be reached this year.
Why Bitcoin has collapsed?
The experts revealed that the collapse is the result of a massive transfer of the digital currency from holders to new investors during the bull market in 2017. Therefore, when the price fell in January, these investors were panicked.
How does the Bitcoin 2017 price model work compared to 2013?
For once, let's forget about 2017 and its price spikes and focus on another bitcoin bearish run in 2013. At the time of writing, the price of the bitcoin is $ 6517, while its price on September 27, 2013 was of $ 133, In addition, the total market capitalization of bitcoins on the same day was $ 1,516.019.968 while today's figure is $ 112,600,835.832. What this tells us is that, regardless of the price collapse, the market has come a long way from what it used to publish every day.
Secondly, the market has matured considerably regardless of price crises. As a result, the market is increasingly monitored by institutional investors. They know that things are not as they were in 2013 when the market was uncoordinated.
Furthermore, the bitcoin price model in 2018 is similar to the one recorded in 2013. Both price models showed a certain level of stability during the same period of time. However, the price of the bitcoin at the end of 2013 recorded a surge. The price rose sharply from the $ 130 price range of September to the peak at $ 1.177 in November. Therefore, in less than 2 months, the price of bitcoin has increased by 90%. However, this was short-lived as the price declined at the start of 2014.
Can Bitcoin win $ 20,000 before the end of 2018?
The peak of 90% in 2013 clearly shows that it is possible that bitcoins have the same volatile increase. However, history shows us that the volatile increase in encrypted prices is closely linked to major events. Last year's bullish run was the result of the ICO's exponential growth and the introduction of Bitcoin Futures. It is safe to say that a volatile increase in bitcoin prices strongly depends on SEC's September 30 decision on the application of Vancock's bitcoin ETFs.
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- Hyperbitinization – Currency crises are driving nations towards cryptocurrency
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