Why did Bitcoin skyrocket in 2018 (Why did Bitcoin keep falling in 2018)?

08/08/2023 17:45 • Blockchain Briefs • 61 views

Why did Bitcoin skyrocket in 2018? According to Huobi news, why did Bitcoin skyrocket in 2018?

Starting from the early hours of January 8, 2018, the price of Bitcoin continued to rise. As of now, the highest price has reached 47,000 USDT, with the current price around 45,500 USDT. The volatility of Bitcoin in February 2018 has reached its highest level since 2013, and it started to decline in mid-March. As of the time of writing, Bitcoin has risen more than 30% in the past 24 hours. Since the beginning of 2019, Bitcoin has been continuously declining for 5 months. It remained in a sideways consolidation for most of the end of 2017 and 2018, gradually stabilizing in the later half of 2018.

Why did Bitcoin keep falling in 2018

Editor’s note: This article is from Odaily Star Daily and is authorized to be reproduced.

How much did Bitcoin fall in 2018? Why did the price of Bitcoin in 2018 never skyrocket? Let’s take a look at the trend of Bitcoin since 2018:

From historical data, Bitcoin has experienced significant fluctuations in the past year. In January of this year, the price started to fall to around $30,000; on June 12, the price rose all the way to break through $4,000; at the beginning of July, the increase exceeded 100% (BTC), but fell again at the end of August. By mid-September, there was a sharp decline, and the lowest price fell below approximately $3,500. This adjustment was similar to the previous one, and it was the first major downward adjustment since April.

According to data from CoinMarketCap, there are currently about 23,000 cryptocurrencies being traded or held, with a total value of approximately $1.6 billion. (source: coinmarketcap)

If the bull market at the end of 2017 is similar to the peak in early 2020, then Bitcoin has already been in a sideways oscillation for more than two years in 2019, or even longer. However, the bear market in 2018 did not last long, but instead made many investors hesitate, thinking that it might become the “new gold” in the next bear market.

In fact, after a rebound in late 2017, Bitcoin seemed unaffected by the market at the time and continued to test the support level around $7,000-$7,100. At the low point of the end of 2018, it also coincided with the beginning of 2019, weakening the downward trend due to market instability.

However, in 2018, the takeoff of Bitcoin was just a starting point, and until now, it hasn’t developed an independent market like other altcoins. In the first quarter of 2018, the price of Bitcoin was close to $8,000 and then quickly soared above $5,000. Since then, Bitcoin has tried to break new highs multiple times and reached its peak at the end of last year, but it has been rising steadily recently with no negative events happening until today.

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Why did Bitcoin skyrocket in 2018 (Why did Bitcoin keep falling in 2018)?

Why did Bitcoin keep falling in 2018

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