Zuella Montemayor

When Did the Crypto Boom Occur?

Cite This
Zuella Montemayor, (2022, September 1). When Did the Crypto Boom Occur?. Psychreg on Organisational Psychology. https://www.psychreg.org/when-did-crypto-boom-occur/
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The crypto boom market, just like the stock market, can be extremely volatile at times. Just look at the price of Bitcoin in 2017; it increased from $1,000 to nearly $20,000 in just one year! If you’re thinking about getting into the cryptocurrency market, or if you’re already involved but want to make sure you aren’t missing out on any potential gains, here are some indicators that can help you tell if it’s a good time to be in the crypto market or not.

What determines Bitcoin’s price?

Bitcoin has been around for over a decade, but it’s only in recent years that its price has skyrocketed. It hit an all-time high of $20,000 back in December 2017 and is currently trading at around $5,000. However, as with any asset class (think stocks), there are many factors that determine Bitcoin’s price. Among these are: supply and demand, past performance (e.g. if it went up in the past), speculation (i.e., if people think it will go up in the future), regulation (i.e., if governments control its use), and legal challenges (i.e., theft).

What was the highest price for Bitcoin?

Bitcoin, a type of cryptocurrency, was founded in 2009 by Satoshi Nakamoto. Bitcoin boom became popular for use as an anonymous means of payment. In 2018, the Bitcoin price reached an all-time high of $19,783.33 USD per coin before crashing to $6,950.00 USD per coin in late January 2019. The global market cap on bitcoin was worth $189 billion on January 6th and fell to $65 billion on February 8th according to CoinMarketCap. Investors are waiting for the 2022 Bitcoin Crypto boom winter when it is expected that bitcoin will reach its bottom value and then rise again.

The cryptocurrency boom, from Bitcoin to Stablecoins

Satoshi Nakamoto, a man from Japan, invented Bitcoin in 2009. In 2010, it became public knowledge and started to become popular. By 2017-2018, Bitcoin had reached its peak in terms of value and price. This is when the cryptocurrency crash started happening due to Bitcoin’s high value and market volatility. Types of cryptocurrency include althorns, stable coins (Cryptocurrency backed by a reserve currency), contract tokens (No intrinsic value but can be traded), and utility tokens (A token that can be used as currency on a platform). What is cryptocurrency? A type of digital currency that employs cryptography for security.

What do investors need to know about Bitcoin?

Bitcoin is a form of cryptocurrency that was created in 2009 by an anonymous programmer, or group of programmers, under the pseudonym Satoshi Nakamoto. Bitcoin has grown to be one of the largest cryptocurrencies with a market capitalization of more than $6.5 billion as of December 2017. The most recent price recorded is around $14,000 per bitcoin. Bitcoin has grown to be one of the largest cryptocurrencies with a market capitalization of more than $6.5 billion as of December 2017. The most recent price recorded is around $14,000 per bitcoin.

How Bitcoin prices have fluctuated dramatically since 2010

Since Bitcoin’s inception in 2009, the cryptocurrency has seen a dramatic rise in both popularity and price. At one point, it was worth over $19,000 per Bitcoin. In recent years, its value has been on a steady decline. As of December 18th, 2017, one Bitcoin is worth around $10,500. But as with all fluctuations in currency value, no one knows what will happen next to Bitcoin prices. Bitcoin started out with an initial release in 2009 by an unknown person or group of people under the name Satoshi Nakamoto when they published a white paper describing how their new cryptocurrency would work and what it was designed to do. 

The anonymous creator left behind no company, ownership stake, or any personal details about themselves. The first available evidence of this creator comes from a post on a forum where he explains his reasoning for setting up Bitcoin: The root problem with conventional currency the central bank must be trusted not to debase the currency, but history is littered with breaches of that trust.

How high will Bitcoin go in the future?

Bitcoin has been a controversial topic in the world of finance since its inception. Some argue that it is a bubble waiting to burst while others claim it will continue to soar to unimaginable heights. Now, let’s take a closer look at Bitcoin’s history, what drives its value, and what could potentially happen in the future. When did Bitcoin start? Bitcoin was created by Satoshi Nakamoto and then released as open-source software in 2009. 

The following year, a team of developers started work on improving the Bitcoins codebase and this resulted in the creation of another cryptocurrency called Bitcoin Cash. This happened because some people wanted Bitcoin to process more transactions per second than the original could handle – but we’ll get back to that later. What is cryptocurrency?

Takeaway

The crypto boom is when Bitcoin started, and the crypto crash is when it crashed. The crypto boom was in December 2017, and the crypto crash was in January 2018. In conclusion, the crypto boom was when Bitcoin started and its crash was when it went down. The crypto boom happened in December 2017, and the crypto crash happened in January 2018.


Zuella Montemayor did her degree in psychology at the University of Toronto. She is interested in mental health, wellness, and lifestyle.


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