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Home Cryptocurrency news Bitcoin

Bitcoin Price at $10,000: Then Versus Now and Revisiting the Last Crypto Bubble

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin Price at $10,000: Then Versus Now and Revisiting the Last Crypto Bubble
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During the 2017 crypto bull run, Bitcoin price spent very little time above $10,000 once it got there. Around Thanksgiving, Bitcoin broke above $10,000 and by Christmas it had already hit its all-time high of $20,000 and began the start of its correction that led to a long bear market.

At that time, there was a media frenzy, widespread FOMO, and more driving up the price so quickly. This time, crypto and Bitcoin has since been pronounced dead, and the retail investing public has completely forgotten or written it off as a scam, fad, or worse. The difference in sentiment alone is interesting, despite the prices levels being the same – what else is different this time around?

Trip Down Memory Lane: Revisiting the Crypto Bull Run of 2019

Everywhere you looked, in the last few months of 2017, there was Bitcoin. The crypto asset was the talk of dinner tables on holidays, made headlines at major media outlets everywhere, and genuinely shocked Wall Street pundits who had written it off as a waste of time or money, a scam, fad, or vehicle for illicit activities.

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Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble

The mainstream buzz captured the attention of the public, who were intrigued by the digital version of money and hypnotized by the allure of wealth and richest beyond their wildest dreams as stories of early Bitcoin investors turned millionaires were featured on primetime television.

At this point, the vast majority hadn’t even heard of Bitcoin let alone know what it was. But curiosity was piqued, the cat was let out of the bag, and Bitcoin became a household name – even making its way onto beloved TV shows like Jeopardy or in board games like Scrabble.

However, the bubble popped, and all enthusiasm left the market throughout a long, arduous bear market… until now.

Bitcoin Price Revisits $10,000, But This Time Is Different

Considering the “euphoria” and “frenzy” there was surrounding Bitcoin the last time it reached $10,000, it’s not surprising it hit $20,000 only a couple weeks later. But this time around, mainstream media isn’t covering Bitcoin, it’s not being featured on magazine covers, and it isn’t the talk of the town like it once was.

Last time Bitcoin approached $10k there was euphoria & frenzy

This time there is tamed enthusiasm

This is because the bull market hasn’t even begun

$10k BTC now is like $500 BTC in 2016

— Crypto Capital Venture ⚡️ (@cryptorecruitr) June 21, 2019

The same price point that caused widespread FOMO, has barely even been noticed by the public. The significance is clear though, and once breached another bull market is on.

Other changes this time around include increased institutional interest, major finance powerhouses are entering the space, and even tech giants are getting in on the fun. Bitcoin and crypto are now common household terms that everyone has heard of, even though they may still not understand their value or potential.

Related Reading | Bull Market Imminent? Why Investors are Stacking Ethereum, XRP, and Litecoin

When the public eye does catch onto Bitcoin once again, they’ll again show up late to the party. But when it happens, Bitcoin is likely to set another all-time high.

Featured image from Shutterstock

Tags: bitcoinbitcoin priceBubblebull runcrypto
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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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