Throwback Thursday: Crypto Christmas 2017

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Throwback Thursday: Crypto Christmas 2017
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Throwback Thursday: Crypto Christmas 2017
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It’s Christmas Eve, 2017. The cryptocurrency market cap is above half a trillion dollars. The price of Bitcoin is fluctuating around $13,000. It hit a high of around $20,000 just six days earlier. Altcoins are doing well, accounting for more than 50% of the total market cap. Miners and investors are feeling optimistic about the future, as families celebrate the holidays and prepare for Christmas morning.

If that description reminds you of better times, you’re not alone. Currently, the price of Bitcoin is hovering around half of what it was at Christmas. As the cryptocurrency became more well known during the 2017 holiday season, waves of new investors were attracted to the crypto markets. Many people looking to make a quick profits ended up with quite the opposite.

The altcoin field has been hit especially hard since the holidays, with Bitcoin reestablishing market dominance since early August. Although the price of Bitcoin hit its high on December 17th, altcoins didn’t reach their peak market cap dominance of Bitcoin until mid January of 2018. Quite a bit has changed since then.

Although the price of Bitcoin isn’t nearly as high as it was around Christmas, its still worth about 40% more than it was a year ago. In fact, the price of Bitcoin is currently about 10 times higher than it was two years ago. That’s a pretty impressive return on investment for early adopters of the cryptocurrency.

Several investors have fled the crypto markets in 2018, but many remain. According to optimistic investors and miners, even though the crypto markets aren’t currently as prosperous as they once were, the overall value of blockchain technology and cryptocurrencies will dramatically increase in the future. However, it’s safe to say most in the crypto community would like to see markets spike again sooner rather than later.

Last year, the price of Bitcoin began steadily increasing throughout months of October and November before drastically spiking at the end of November through mid December. Will the crypto markets experience a similar surge at the end of this year? Lord knows that’s what many investors will be wishing for this holiday season.

Mess of Media’s cryptocurrency reporting is for informational purposes only. Our reporting should not be considered financial advice. Participation in the crypto market is at your own risk.

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