Bitcoin celebrates the first anniversary of its enormous price peak

It’s a year on from Bitcoin’s absolute price peak – and things have changed a lot in that time…

One of the reasons that so many people jumped aboard cryptocurrency over the past 12 months was the enormous spike in prices that took place at the end of last year. In particular, Bitcoin hit its absolute high of just shy of $20,000 a coin.

That was on December 17th 2017, and was the point in the history of the cryptocurrency where millionaires were being made. Even at the end of 2017, the price was still soaring.

Bitcoin celebrated the first anniversary of that price point a long, long way down from that peak. Trading in the currency yesterday was just north of $3500, just a couple of hundred above Bitcoin’s absolute low for the year. For a good chunk of 2018, Bitcoin has been stuck between $6000 and $8000, before the dramatic price falls witnessed from the middle of November.

As it stood, Bitcoin celebrated the anniversary of its absolute peak around 80% lower than where it once stood. On the upside, there was a surprise rally in the price of cryptocurrencies yesterday, although it’s hard to pinpoint just what the catalyst was this time. Still, few are going to sniff at a near 10% daily increase in the price of Bitcoin, especially in such difficult times.

Few expect Bitcoin to reach the $20,000 level again, at least not anytime soon. Conversely, few expect the price of the currency to be as low as it is right now in 12 months’ time. Those, though, may yet be famous last words…

Image: BigStock