Bitcoin: A Year in Review – Plus, Where Will It Go in 2018?

Bitcoin

There’s no denying that 2017 was a great year for Bitcoin. It started the year going for under $1,000. It started making some waves in the summer when it hovered in the $4,000 range. Then, in the early part of December, it almost hit $20,000, a phenomenal record that blew practically everyone away.

Bitcoin made a lot of strides in 2017. Beyond just its amazing growth, the cryptocurrency hit a lot of milestones that would make any cyber mamma proud. Its growth also came with a growing acceptance into the mainstream – if you hadn’t heard of Bitcoin before 2017, you probably heard about it in 2017 – and Bitcoin also began to get integrated into everyday business, with payment platforms, companies, and even some financial giants taking up the cryptocurrency. It opened the door not just for itself but also for other digital currencies, some, that are seeing immense growths now, like Ripple. Blockchain, although somewhat more relatable to the cryptocurrency Ethereum, also grew in relation to Bitcoin. In the beginning of December, the preeminent coin saw not just one, but two launches for future trading contracts on the largest futures exchanges in the world, CME Group (NASDAQ:CME) and the Chicago Board Options Exchange (NASDAQ:CBOE), which opened up the trading of cryptocurrency to a broader scope of investors on Wall Street.

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So where is it headed to now? The latter half of December actually saw a slight burst in the bubble that had investors everywhere panicking. The cryptocurrency dropped from its whopping near-$20,000 point to below $13,000 in a matter of only a few days, and it has yet to show very many signs of recovery. Currently, it is trading at $14,021, according to coinmarketcap.com (see chart below).

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Source – coinmarketcap.com

Bitcoin has started the new year with a decline, something which hasn’t happened since 2015 – a tough blow for some after all the highs in 2017. The top cryptocurrency is also losing its dominance of the market. According to coinmarketcap.com, Bitcoin’s dominance is now below the 40% mark, at 35.8%.

What does this mean for Bitcoin? Is it the end of the cryptocurrency? In all likelihood, no. Many analysts, including the one who predicted 2017 climb, believe that Bitcoin is going to bounce back. It may not continue to grow at the immense rate of 2017, but it also seems doubtful that 2018 is going to bring a complete downfall of Bitcoin either. The coin still holds the largest market cap of all the digital currencies, with more than a $100 billion gain over the second highest cryptocurrency market cap, Ripple. It may be a rollercoaster of a ride, but Bitcoin is still going to be making headlines this year.

Featured Image: twitter

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