Whether there will be the future year same rich in events, as well as 2017?
From the appearance of bitcoin less than 10 years ago, for the cryptocurrency market, undoubtedly, yet there was no more brisk year than 2017 — Year of the Rooster. Now in anticipation of the Chinese New year, year of the Dog, it is worth looking back and evaluating the passable stage.
In January 2017 everything began rather imperceptibly when the bitcoin overcame a mark of $1 000, but then cryptocurrencies got to the center of attention of all mains and the global markets.
The bitcoin met 2017 above the table of tokens, marks of $1 000 are a little higher. For such cryptocurrencies as Bitcoin, Litecoin and Ethereum — the principal players on capitalization volume — year began slowly.
Easy roar in the second quarter
Only in the second quarter, the situation began to be heated, and volatility caused the sharp jump in prices. Such rapid growth drew public attention, news reports included more and more messages about cryptocurrencies.
By the end of May, the price of bitcoin doubled while Litecoin jumped up from $3 to $25 for the same period. Efirium grew more than by 1 400% too.
The growth of the market of cryptocurrencies generated a set of ICO and new tokens entering the market. In April the market of ICO grew from $6 000 to $150 one million as more and more companies decided to try a new type of financing.
Boom on ICO and interest in them from new investors popularized cryptocurrency community. More and more investors entered new waters that led to increase in prices of the majority of the principal coins and also start all of new and new ICO.
End of civil war
Bitcoin and its large partners grew, and each of them needed the increasing and bigger support. However, inside bitcoin community civil war which reached the culmination when the token network very much tried to cope with an influx of new users raged.
It was offered or enter a hard fork, or software fork for users. This splitting of judgments caused confusion in the market of bitcoin, and different factions fought with each other to the last to insist on them.
However, though the market continued to fall up to August 1, the result was much better, than it was possible to expect for bitcoin and recently launched Bitcoin Cash currency. It was made the fork, and the Segwit technology, therefore, the markets reacted positively to the end of opposition is launched.
New wave of interest
After the end of conflicts the new wave of interest in bitcoin, the wave generated by money with the Wall Street came. The players avoiding bitcoin because of its volatility began to enter the market. Interest and judgments of players with Wall Street provided to bitcoin the front pages in the central media, and in process of growth of interest also the price grew.
However the bitcoin and other cryptocurrencies were still often considered as dark tools of hackers, and, considering lag and skepticism of the governments to hostless monetary systems, it was possible to prepare for a storm. China began with the general prohibition ICO which market was in this country on rising, and then went further and forbade the exchanges.
Russia soon followed the example, but by then the market fell and was recovered only after regulatory repressions in China. In practice, the market moved a little because of news about the prohibition of access to bitcoin exchanges in Russia only a little.
It became obvious that it is so simple not to break bitcoin and other cryptocurrencies, they became too big. And when negative news could not shake digital currencies, interest in them returned, and the prices flew up.
The bitcoin exceeded a mark of $10 000 at the end of November and then with ease overcame steps in $1 000, having risen to deafening $20 000 after the mind-blowing 18-day race.
Large correction and boom on the principal tokens
All-time revitalizing forced to start talking about the future of the cryptocurrency markets. Investment tools with Wall Street legalized digital currency and helped ordinary people to join a cryptocurrency race.
The shortstop for $20 000 became peak for bitcoin before its rollback up to $13 000. At the end of last year, the cryptocurrency very much tried to win former heights. However, it was the last rays of the sun for the largest coins, such as Bitcoin Cash, Ripple, and Ethereum.
New Year’s bubble
Correction of bitcoin and other cryptocurrencies continued, and the market began to be derailed sharply in January. Many claimed that it is caused by preparation for the celebration of New year according to the Chinese calendar, drawing parallels with similar statistics of last year.
However, when the bitcoin crossed a mark of $10 000, having lost a half of cost, the principal media were overflowed with speculation and messages which dragged the price further away down. There were many concerns and uncertainties about a situation in South Korea which were false alarm about the potential prohibition of cryptocurrencies. In the same way and in India: Media misinterpreted the speech in case of the approval of the budget.
The price of bitcoin fell up to $6 200, and many predicted a fast decline of the principal cryptocurrency. However, the bitcoin returned itself a mark of $10 000 and continues to grow in process of approximation of the Chinese New year.