Is Bitcoin’s Current Trend A Parallel To The 2017 Trend?

2019-6-18 11:55

The year 2017 is still remembered as the year that the crypto market experienced a major boom that made cryptocurrencies extremely popular. Bitcoin led in that boom, rising to around $20,000 per piece.

Since then, the market has been relatively dull for the better part of 2018 and early 2019, but things seem to be turning north of late. The crypto winter is finally over and Bitcoin looks to be on a fast lane to recover its ATH value. But how does the current trend compare to 2017?

That’s a question posed in a tweet by one Kevin Rooke. Kevin is all about tech and investments. In the tweet, Kevin noted that Bitcoin hit its first ever $9k value back on November 27, 2017.

Bitcoin first hit $9,000 USD on Nov 27, 2017.

Now that Bitcoin is back at $9,000, what has changed? pic.twitter.com/TY5RMQecES

— Kevin Rooke (@kerooke) June 17, 2019

This was followed by a boom period that culminated into a major bull run going into December the same year. It’s now 2019, and Bitcoin is back at $9k. What has changed?

The Hype

According to one user replying to the tweet, Bitcoin isn’t currently as hyped as it was back in 2017. However, this doesn’t erode the fact that it has achieved more adoption and popularity as well as more money into its market.

Contributing further, Kevin Rooke explained that back in 2017, most of the transactions involved first-time buyers. The network’s hashrate has significantly increased since then. Compared to 2017, the mining equipment available now is much more advanced, and that has greatly contributed to the increase in its hashrate.

Daily Active Addresses

Replying to Kevin’s tweet, another Twitter user and crypto fan opined that the daily active addresses on the Bitcoin network have increased. On Saturday, the network recorded over a million active addresses involved in transactions over a 24-hour period. This kind of increased activity hasn’t happened since the boom of 2017.

The post Is Bitcoin’s Current Trend A Parallel To The 2017 Trend? appeared first on ZyCrypto.

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