Bitcoin is notoriously unpredictable. Since its inception almost 10 years ago, this cryptocurrency has gone through boom and recession that often defy logic – with some people calling it the “magic internet money”.
Still, with this shaky history, bitcoin’s abrupt price rise on 12 April 2018 was exceptional. In about one hour, its value rose by over $1,000, driven by busiest 60 minutes trade volume since its inception. Where over a billion bitcoin dollars’ worth of the cryptocurrency was traded.
The bulging price, which saw bitcoin trade at $8,000 plus for the first time was even more surprising considering that the cryptocurrencies were losing value from late 2017. Significant market change can be attributed to negative or positive news in this market, but analysts failed to explain that change.
Bitcoin Value History from October 2017
Here we will look at some key dates that bitcoin price rose or fell.
• October 13th, 2017 – The price rose to $5,600 from $2,900. Bitcoin’s price had dipped on September 12th, 2017 due to China’s bitcoin exchange and ICO crackdown of traders following illegal practices. The price rose as the globe moved past this incident.
• October 21st, 2017 – The price rose further to stand at $6,180 as the looming forks drew near.
• November 6th, 2017 – The price rose further to an all-time high of $7,300.
• November 17th-20th, 2017 – On 17th November, the price had risen to $8004.58 at around 0114hrs (UTC) but later dropped to around $7,988.23 at around 0535hrs (UTC). This price continued for a while and by 20th November, the price ranged from $7,600-$8,100. The explanation for this trend believes to be due to the 2017 Zimbabwean coup de tat.
• December 15th, 2017 – By now the price had risen to $17,900. The future of bitcoin currency seemed to be getting brighter and brighter every day.
• December 22nd, 2017 – Here comes the unexpected dip in bitcoin’s price. The price dipped to as low as $1,300. It lost at least 1/3 of its value within 24 hours, hitting the below $14,000 market.
• February 5th, 2018 – The price continued to drop and settled at $6,200. This meant that bitcoin lost about 50% of it valued within 16 days, going below the $7,000 mark.
• October 31st, 2018 – Since February, the price of Bitcoin had been below the $7,000 mark trading at $6,300. This has been one of the lowest prices since its inception about 10 years ago – very volatile.
What Might Have Caused The Rise and Fall?
Some of the major events that might have caused the dipping in the price of bitcoin include:
• On December 6th, 2017, Steam stated that it would not accept bitcoin as a mean of payment for its goods, citing price volatility, high fees, and slow transactions speeds for transactions.
• On January 22nd, 2018, South Korea enacted a rule that compelled all traders to disclose their identity, hence, banning anonymous exchange of bitcoin.
• On January 24th, 2018, stripe stated that it wouldn’t recognize bitcoin as a mean of payment by April 2018, citing rising fees, longer transactions times, and declining demand as the reasons.
Bitcoin market has been unpredictable over the years. It can rise or fall in the future. We can only wait and see where the market takes us.
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