Bitcoin was considered a revolutionary and game-changing financial tool when it was first introduced as a P2P currency in 2009. Since then, there have been significant fluctuations in its market price.
For instance, in 2011, Bitcoin began the year at a low of $0.30 per coin, but by June, it had risen to a whopping $31.50. However, in the following three months, it fell to $11, $7.80, and finally $4.77.
2017 Fireworks
The 2011 volatility was insignificant compared to 2017 when Bitcoin started at $998 and reached an incredible $13,412.44 by 1 January 2018. Many investors converted their real money into virtual, but some of them ended up losing money due to a series of hacks and thefts from cryptocurrency exchanges in January, June, and July 2018, which adversely affected Bitcoin’s stock despite most of these problems affecting other cryptocurrencies. The damage was already done.
Technical Bottom
Currently sitting at what industry experts describe as its “technical bottom” of $4,000, many anticipate that the virtual currency will gradually ascend again over the next 12 months. CEO of Japanese firm Quoine, Mike Kayamori, believes that Bitcoin will “surpass” its all-time price highs by the end of 2019. However, Kayamori also stated in the same interview that there is currently “nothing new, no catalyst” on the horizon to drive the Bitcoin share price up in the immediate future. He pointed to crypto companies going out of business as proof that it is currently in a state of benign equilibrium. Therefore, if you are looking for short-term investment options, Bitcoin is unlikely to prove fruitful to make a quick profit.