Bitcoin’s Price Journey
After what felt like an eternity in crypto time—equivalent to about five dog years—Bitcoin’s price has returned to familiar territory around $19,100. In a twist of fate, this price resembles the epic highs of late 2017, when BTC nearly hit $19,900. If you squint hard enough, you might believe it’s still 2017, but trust me, this market has undergone some serious makeovers.
The Changing Landscape of Crypto
While Bitcoin seems nostalgic, the cryptocurrency sphere is now a different beast. The infrastructure that supports Bitcoin has blossomed since 2017, with regulated futures contracts available through the likes of CME and CBOE. Institutional investors have also joined the party—Yes, those folks in suits have finally recognized Bitcoin as more than just a digital currency for techie geezers. Simply put, demand for Bitcoin is booming—talk about a glow-up!
Cryptocurrency Rankings: A Mixed Bag
Let’s talk stats! In December 2017, the leaderboard of top cryptocurrencies featured a who’s who of digital assets. Fast forward to the current leaderboard, and while Bitcoin, Ethereum, and XRP still hold top spots, there are some surprise entrants making waves. Gone are the days of IOTA and Bitcoin Cash holding their heads high. Most of the top-20 list has suffered some serious losses—91% for IOTA?! Talk about a gut punch!
The Rise of New Players
In 2020, fresh contenders like Chainlink and Polkadot are breaking through like that one awkward cousin who suddenly became a fitness influencer. It’s a delightful shake-up that indicates that the crypto scene isn’t just one giant echo chamber of 2017. Nostalgia might be fun, but innovation is what the kids call ‘lit.’
Institutional Influence & Market Predictions
Institutional investors are now riding the Bitcoin wave, pushing the narrative that Bitcoin might just make it into the investing hall of fame. Larry Fink, CEO of BlackRock, has hinted at Bitcoin becoming a legitimate asset class. Add in derivatives options, and you’ve got a recipe for a solid bullish outlook. Will they make us rich? Eh, maybe. But I won’t be cashing in my 401(k) on it… just yet.
Factors to Watch For
What should vigilant investors keep an eye out for? Rumor has it that the Lindy effect—essentially, the longer something survives, the more likely it is to continue—may well apply to cryptocurrencies. So keep checking back on which coins stay in the top tier; after all, a digital muscle car isn’t quite the same when it’s under the dim lights of a Brooklyn basement.
The Great Forks & Clones of 2017
If nostalgia isn’t your thing, remember the hard forks like Bitcoin Cash and Ethereum Classic? Investors thought they were the hottest new deals, but most fizzled out faster than a cheap firecracker. Be careful, as many cryptos with high issuance could make big dreams difficult. Watching some altcoins rise is entertaining, but watching for real-world applications will take the cake.
+ There are no comments
Add yours