Bitcoin Isn’t Going Anywhere Anytime Soon Irrespective Of The Cryptocurrency Winter

bitcoin price


During the cryptocurrency winter, many anti-crypto public figures have called for the death of BTC. Considering the fact that BTC fell from almost $20,000 to about $3000 within a twelve month period, no one can blame them. It’s been a tough few months. When you look at the broader picture, however, you’ll discover that Bitcoin has experienced sustainable growth for the past 10 years.

Bitcoin’s Growth Has Been Consistent Over The Decade


According to data collected by Rhythm Trader, a cryptocurrency enthusiast, the yearly lows of BTC has increased dramatically over the years. The only year that wasn’t consistent was 2015. In the year 2012, Bitcoin hit a yearly low of $4. Comparing a low of $4 in 2012 to a low of $3200 in 2018 signifies an 80,000% gain within a seven year period. The post from Rhythm Trader was as follows:


“$4: 2012$65: 2013$200: 2014$185: 2015$365: 2016$780: 2017$3,200: 2018
Only bad news gets to the headlines. A decade of sustained growth doesn’t.”


With his post as proof, Rhythm insisted that Bitcoin has grown consistently over the last seven years. Apart from the value of BTC, other stats show that the flagship cryptocurrency has made a lot of progress since inception. According to Blockchain.com, the hashrate of BTC has also increased significantly over the last decade. In 2012, there were only 10 terahashes per second. Now, there are about 38 million terahashes.
Hashes aside, the number of Bitcoin transactions have also increased significantly. There are about 250,000 transactions performed on the network on a daily basis.


Bitcoin Thrived Fundamentally Amid The Bear Market


Even if the price decline was the popular issue last year, many developments were made. James Lopp, Casa’s Chief technology officer, said that when you consider every metric apart from price, you’ll see that Bitcoin is improving on a daily basis. Listing many bullish statistics, Lopp said that the number of Bitcoin ATMs increased by 100% in the year 2018. He also noted that the hashrate doubled between 2017 and 2018. The cryptocurrency community increased as more people got interested in the industry.


Bitcoin (BTC) Price Today – BTC / USD
Name Price24H (%)
Bitcoin (BTC)
$5,440.00
0.07%


On the institutional front, the cryptocurrency community also made progress. In 2018, Bakkt was debuted. Even if it isn’t operational yet, that sort of platform shows that the industry is worth investing in. Let’s not forget that Fidelity also unveiled an OTC trading desk for institutional investors. Other companies like Binance, Coinbase, and BitGo entered the OTC pool as well.


In 2019, the prices have not yet gotten a boost. This doesn’t mean development has stopped. There is still thematic development occurring behind the scenes that will continue into the end of the year and beyond. This has been predicted by many insiders in the financial world. Bitcoin and cryptocurrencies are here to stay. Don’t let anyone convince you otherwise. It may be difficult to believe this if you entered the market during the 2017/2018 frenzy but it is the truth. Then again, the market is unpredictable. So, no one can comfortably assure anyone of what this year would bring.


Do you think the price of BTC will rise again? Share your thoughts.

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