The growth of Bitcoin
Within a week from now, the first ever whitepaper of Bitcoin will officially turn ten years old. The cryptocurrency has been one of the most attractive investments for the year and for 2017. An intriguing fact is that the cryptocurrency; Bitcoin now processes over $2 billion worth of financial transactions on 24 hours.
Clearly, regardless of the bearish and falling crypto market Bitcoin has been growing and getting more and more attention every passing day. If we take a brief look at the stats for 2017, then we see the tremendous growth. During the January of 2017 about-around $200 million worth of Bitcoin was being transferred back and forth in the Bitcoin network in 24 hours.
The number was then stable for the next few months. However, in the month of June, we saw another spike. About-around $800 million worth of Bitcoin was being transferred back and forth on Bitcoin’s network. This already means that the number had more than tripled in less than seven months. Bitcoin cash, a hard folk of Bitcoin, was then released.
During the month of August, we saw transactions adding up to over a billion US dollars worth of Bitcoin per day. However, a downfall was on its way. And during September of 2017, the transactions came down to just a little over $600 million worth of Bitcoin per day. Then the market witnessed a sharp rise at the end of October 2017.
During late October over $1.5 billion worth of Bitcoin was being transferred on the world’s most expensive crypto network. On the 16th of November, 2017 $2.8 billion worth of Bitcoin was transferred back and forth on the world’s first cryptocurrency’s network. The increase in less than a year was well above 10x.
The executive chairman of Google stated: “Bitcoin is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value, Lots of people will build businesses on top of that.”
Bitcoin (BTC) Price Today – BTC / USD
Ethereum (ETH) Price Today – BTC / USD
Any hopes for Bitcoin in 2019?
Bitcoin revolutionized the world’s financial system. However, 2018 has been one of the worse years not only for Bitcoin but for the whole cryptocurrency market. Although experts predicted that the price of Bitcoin will start to rise during the year-end, there is no sign of a bullish market yet. A lot of experienced investors predict that Bitcoin might even cross the $50,000 mark by December.
Although realistically, the predictions seem to be very optimistic, anything can be expected in the world of cryptocurrency. For example, no one had expected Bitcoin to cross the $10,000 mark back in early 2017. However, it not only crosses the 10K mark but it almost crossed the $20,000 mark during January of 2018.
Talking about speculations, in simple words, yes there is a lot of hope for Bitcoin to make the entire crypto market bullish. It is no secret that to an extent Bitcoin rules the world of cryptocurrency. Bitcoin and Etherum are accepted in almost all the exchanges. This means that apparently if the price of Bitcoin starts to rise then the price of a majority of other Altcoins which has potential will skyrocket in a matter of days.