Looking back, 2017 has been a breakthrough year for the world’s original cryptocurrency – and on November 28th, 2017, the bitcoin price blew past the psychological barrier of $10,000 to nearly $20,000 with unprecedented pace before correcting nearly 30%.
2017 Was A Great Year for Bitcoin holders, and probably contributed to some new grey hairs in others, as many just got in before the correction. So whether you bought a new Lambo with Bitcoin (As ridiculous as this sounds, it actually happened in California) or got in right before the dip and had some explaining to do after smashing the home computer..
I think we can all admit it was a wild ride. Packed with all of the drama of a Kardashian episode or Little People Big World (we don’t judge.) Or even better yet- if you actually have any taste: Goliath, Suits or Billions. You get the point.. Let’s reflect on last year’s journey with an awesome infographic because 90% of you (ourselves included) are too lazy to read.
Today’s infographic from Blockchain Intelligence Group helps to visualize the ups and downs of this incredible journey to $10,000.
THE JOURNEY TO $10,000 BITCOIN
Here are some of the key events that transpired over the last 11 months:
| Timeframe | Description |
|---|---|
| January 2, 2017 | Bitcoin closes above the $1k mark for first time in 1,124 days |
| Mid-January 2017 | China cracks down on crypto, partly to help control capital outflows |
| March 2017 | The number of GitHub projects related to Bitcoin passes 10,000 |
| May 4, 2017 | Bitcoin surpasses $25B in market capitalization |
| August 1, 2017 | Bitcoin forks into two digital currencies, Bitcoin (BTC) and Bitcoin Cash (BCH) |
| August 5, 2017 | Bitcoin surpasses $50B in market capitalization |
| September 4, 2017 | People’s Bank of China announces that it’s implementing a freeze on ICO funding. |
| September 8, 2017 | It’s leaked that China is shutting down all Bitcoin exchanges in the country |
| September 12, 2017 | JP Morgan’s Jamie Dimon calls Bitcoin a “fraud” |
| September 28, 2017 | South Korea bans raising money through ICOs |
| October 20, 2017 | Bitcoin passes $100B in market capitalization |
| October 24, 2017 | Bitcoin again forks into two digital currencies, Bitcoin (BTC) and Bitcoin Gold (BTG) |
| October 30, 2017 | Vietnam bans Bitcoin and other crypto payments |
| November 26, 2017 | Bitcoin passes $150B in market capitalization |
| November 28, 2017 | Bitcoin trades at $10k for the first time. |
And here is how long it took bitcoins to hit each $1,000 barrier:
| Time | Exact Period | Description |
|---|---|---|
| 138 days | Jan 2, 2017 -> May 20, 2017 | $1,000 to $2,000 |
| 23 days | May 20, 2017 -> June 11, 2017 | $2,000 to $3,000 |
| 63 days | June 11, 2017 -> Aug 13, 2017 | $3,000 to $4,000 |
| 61 days | Aug 13, 2017 -> Oct 12, 2017 | $4,000 to $5,000 |
| 10 days | Oct 12, 2017 -> Oct 21, 2017 | $5,000 to $6,000 |
| 13 days | Oct 21, 2017 -> Nov 2, 2017 | $6,000 to $7,000 |
| 17 days | Nov 2, 2017 -> Nov 19, 2017 | $7,000 to $8,000 |
| 7 days | Nov 19, 2017 -> Nov 26, 2017 | $8,000 to $9,000 |
| 2 days | Nov 26, 2017 -> Nov 28, 2017 | $9,000 to $10,000 |
Note: These time periods are calculated based on closing prices for the Bitcoin Price Index on Coindesk.
THE YEAR OF THE ICO
While the journey to $10,000 bitcoin is an incredible one, it is part of a wider story as well.
Initial Coin Offerings (ICOs) for other cryptocurrencies have also boomed, and more than 92% of all funds raised through ICOs happened in this year alone. With this mechanism hitting the mainstream, about $3.8 billion have been raised through ICOs in total.
Further, they’ve been profitable as well for speculators. A report from Mangrove Capital last month noted that the average return across 204 ICOs it was tracking was 1,320%.
ICOs have become so popular that well over 90% of total funds raised through this mechanism came from this year alone.
While it’s hard to put this sudden ICO explosion in context, we think today’s animation does the phenomenon sufficient justice. Coming from Max Galka at Elementus.io, today’s animation shows a timeline of ICOs and funds raised since early 2014.
In an added dimension, each ICO is also classified based on geographic region. The colorful fireworks that happen throughout 2017 help to make it clear that we are indeed living in the year of the ICO.
YEAR OF THE ICO
Despite bans in China and South Korea, there is no shortage of fervor for new cryptocurrencies or tokens.
In their short history, there have been three ICOs that raised over $200 million – and six more that surpassed the $100 million mark.
While some have gone on to successful campaigns, many have turned out to be Frauds. The SEC has issued a statement on ICO’s and Cryptocurrencies in light of recent scams in the space in an effort to protect investors from being taken advantage of.
ICO’s in general are very speculative investments, in our opinion your much better off doing your own research and selecting cryptocurrency investments with specific functions or a “niche” in what could be another year of explosive growth for Blockchain Technology. The future applications of the technology have the ability to revolutionize many industries as we know them today.
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