On the 31th of December 2017, the price per bitcoin sat around the 1000 USD mark, since then the price climbed a stellar 1941% a year later to an all time high just shy of 20000 USD. At the time of publish the price resides around the 14000 USD mark. However, that was merely one of many significant events that took place in the cryptocurrency space during the course of 2017.
Despite it’s 1900% increase in price, Bitcoin Lost over half of its Market Share Dominance.
It goes without saying that during the course of 2017 cryptocurrencies had an incredible run. We now see a market of 1368 different cryptocurrencies, with a massive market cap of 585 billion USD. It’s worth noting that back when bitcoin was 960$ per coin, it’s market cap dominated all altcoins by 90%, today however that sits at a mere 38%. At the time it was the only coin to have over a billion dollar market cap, 14,1 billion dollars to be precise.
Ethereum was a mere $7,29 per coin and had a 635 million USD market cap, which has grown to a staggering 72 billion dollars. Today the top 32 cryptocurrency market caps all each sit at over a billion dollar and as these grow, we’re seeing bitcoin’s market dominance dwindle.
The Chinese Central Bank Debacle
At the beginning of 2017 when bitcoin was sitting around the 1100 dollar mark, the Chinese central bank began shutting down all exchanges based in China. Since that high during the first week of January, Bitcoins price dropped below the 800$ mark as lots of fear, uncertainty and doubt entered the market, its bounce back was rapid however and closed off the month above the 1000 dollar mark. Since then, the People’s Bank of China stopped all Chinese cryptocurrency exchanges from trading with the Renmini. 2 months later, on March the 2nd the price of a bitcoin reached another incredible feat as the price exceeded one troy ounce of .999 gold.
Mainstream Media Starts Highlighting Bitcoin’s Milestones
Come May 4th, the price per bitcoin surpassed the 100$ mark, due to increased demand coming from countries such as India, Japan and Russia. At this time, we began seeing bitcoin coverage from large media companies more and more often. Bitcoin’s price crossed the weighted average of $2,000 per BTC across global exchanges on the 20th of May. Following this new feat, we began seeing massive media publications such as the New York Times, Bloomberg, Fortune, Time Magazine alongside many others publishing Bitcoin Headliners nearly every week. During the same period, we saw the Ethereum market cap grow exponentially and almost saw a flippening in the bitcoin’s market cap dominance.
Bitcoin Cash is born!
It was announced that there would be a hard fork of the bitcoin core code on August 1st that would Result in Bitcoin Cash (BCH). The chain had the exact same legacy as its predecessor however it added an 8mb block size limit as well as the removal of SegWit. Come the 5th of August, the Bitcoin-core price broke the 3000$ barrier and scaling debates ensued! During its first week of trade, BCH hovered around the 200 – 300 dollar mark.
Everyone thinks they can get away with Forking Bitcoin!
In addition to BCH a plethora of other bitcoin forks came into existence. Most noteworthy of which was probably the controversial Bitcoin Gold, which offered a GPU mineable version of Bitcoin however also had a pre mine which the community were not happy with as it meant a more centralised economy was inevitable. Thus far we have seen a ton of forked coins, most of which however have very little infrastructure or don’t even have an operating network yet. Forks include diamond, ruby, lightning, platinum, united, god as well as the recent revival of the Segwit2x fork that was originally cancelled.
Bitcoin Hits 10K per BTC and It’s Lit!
On November 28, 2017the price of a bitcoin breached 10000 USD surpassing many experts initial expectations, the world was beginning to catch on! It didn’t stop climbing and by December 6, bitcoin had breached the 13k mark. That very same week, we saw a headline on the Wall Street Journal that said “Bitcoin Mania: Even Grandma is In”
Bitcoin Nearly Breaches the 20k USD mark
On December the 6th, the price of bitcoin shocked the world once more by reaching a staggering 15000 dollars per coin. Around the same time, the cryptocurrency community became aware of the fact that two of the largest forex exchanges in the world, namely Cboe and CME group, were planning adding bitcoin derivative products for mainstream investors. The following week, bitcoin’s value surged passed the 17000 dollar mark and continued to reach an all time high of 19600 dollars on the 16th of December!
Massive transaction backlog with Exponential Miner Fee’s
Alongside bitcoin’s massive feat, bitcoin’s network had a significant mempool backlog filled with over 250k unconfirmed transactions, miner fee’s per transaction reaching an average of 30-40 dollars per transaction. Bitcoin Cash with it’s average fee of 0.02 dollars per transaction started with a value of approximately 250 dollars per token in august touched a high of 4000 USD at the end of December. This resulted in big cryptocurrency exchanges such as Bitstamp, Coinbase and Bitpay begin integrating support for BCH, thus adding significant value to the Ecosystem.
2017 Was Hands Down the Most Thrilling Year in Crypto History Thus Far
At the time of publish, the price of bitcoin is hovering around the 14000 dollar mark with bitcoin cash averaging around 2400 dollars per coin. Over the past week, bitcoin and bitcoin cash appear to have entered bearish markets with the altcoin markets having entered a very bullish market. What 2018 will bring us no one truly knows, however it is safe to say this year was undeniably the most exciting year in blockchain history thus far!
What were your thoughts on 2017? Let us know in the comments below.