Bitcoin’s 2017 bull run was nothing short of a wild rollercoaster ride, and if you weren’t paying attention, you missed out on one of the most jaw-dropping financial spectacles of the decade.
Imagine this: Bitcoin started the year hovering around $1,000 and shot up to nearly $20,000 by December. That’s a staggering 1,900% increase. Yes, you read that right. It was like watching a rocket take off, leaving everyone else in the dust.
What led to this astronomical rise? The Initial Coin Offering (ICO) boom played a huge role. New investors flooded the market, hungry for a piece of the action. And who could blame them? Daily trading volumes soared past $15 billion. That’s like your average small country’s GDP, all revolving around digital coins. During this time, many investors experienced panic and fear as they navigated the rapidly changing market dynamics.
Media coverage exploded too, turning Bitcoin from a niche interest into a household name. Even your grandma probably asked you about it at Thanksgiving.
But hold your horses. It wasn’t all sunshine and rainbows. The price peaked in December 2017 and then took a nosedive, crashing to around $3,200 a year later. Ouch. This rollercoaster of highs and lows showcased Bitcoin’s notorious volatility.
Yet, it solidified Bitcoin’s status as a major financial asset and caught the attention of institutional investors. Retail investors were all in, riding the hype like it was the last ride at the fair.
Comparing this cycle with the 2013 bull run, which saw only a 730% gain, or the more recent 2020-2021 cycle with its 700% increase, it’s clear that each cycle has its own flavor of madness. In fact, current price action shows patterns similar to previous bull cycles. Additionally, the current cycle has shown a 92% correlation with the 2017 cycle, emphasizing the potential for repeating similar price behavior.
But guess what? They all share that wild volatility. So, buckle up. If you thought 2017 was a show, just wait. The next cycle might just be the sequel we never knew we needed. And trust me, it could be bigger.
