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Home Cryptocurrency news Bitcoin

$20K Day: A Look Back At Bitcoin’s Two-Year Rise and Fall

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin price 20000 ath btc
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It was two years ago today, that Bitcoin price reached its all-time high value of $20,000, and just one year ago that it reached its current bear market low of $3,100.

On such a significant day, we’re reflecting on all of the ups and downs the first-ever cryptocurrency has experienced since.

On This Day Two Years Ago: Bitcoin Reaches ATH of $20,000

2017 was the year of Bitcoin and cryptocurrency. The leading cryptocurrency by market cap started off the year at under $1,000, and by December 16, 2017, had exploded in value by a factor of over 20 times.

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Related Reading | Decision Time For Future Of Bitcoin As Crypto Teeters On Bear-Bull Edge

The crypto asset had become the talk of the mainstream public by Thanksgiving of that year when the asset had been trading just under $10,000.

After $10,000 was broken, extreme FOMO set in an in less than one month’s time the crypto asset had doubled in value leading up to the launch of the first-ever Bitcoin futures trading on CBOE on December 10, 2017.

The crypto asset’s highly-publicized, parabolic bull run later climaxed the following week as it reached $20,000 on December 16, 2017, and the market has never been the same since.

After that moment, the entire crypto market fell into a downtrend, wiping out most of the gains the market stacked up during the bull market. Many altcoins popular then, are now down as much as 99%. Even Bitcoin itself fell as much as over 80% from peak to trough.

December 16th, 2017 – Bitcoin makes an all time high at 20,000

December 16th, 2018 – Bitcoin sets the yearly low at 3100

December 16th, 2019 – ? pic.twitter.com/x0vLNEMDGD

— LilMoonLambo (@LilMoonLambo) December 16, 2019

Last Year Flashback: BTC Reaches Bear Market Low of $3,100

In fact, it was one year later, on December 16, 2018, when Bitcoin reached its current bear market low of $3,100.

Interestingly, the low for Bitcoin price was put in exactly one year after the high was set, suggesting there could be some unique significance within the December 16th date.

With that date back once again and Bitcoin at its most important crossroads yet, whatever happens from today forward, could set the trend and price trajectory for the first-ever cryptocurrency in the foreseeable future and could be the difference between a new low or new all-time high around the next time December 16 rolls around.

Between now and then, Bitcoin will have gone through its next halving – a pre-determined event that reduces the BTC block reward miners received for validating each new block being added to the cryptocurrency’s underlying blockchain ledger.

Related Reading | Bitcoin At Risk Of 12 More Months Of Bear Hibernation, Possible Lower Low 

The future of the young cryptocurrency could be determined in the days ahead, and soon enough we’ll find out if $3,100 really is the low for the bear market. If it is, Bitcoin could set a new all-time high by December 16, 2020. If not, it could be yet another low set this time next year.

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Tags: All-time HighBear marketbitcoinbitcoin pricecrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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