2017-2018: from blooming spring to harsh winter in just over a month
Life seemed all rosy for the vast majority of cryptocurrency holders and traders before the tail end of December 2017, when the market had been sent into the heaviest knockdown to date, worse than the infamous Dot-com bubble. The price of Bitcoin was galloping confidently towards the $20K mark, with altcoins following its footsteps. Over the course of that year, the BTC rate exploded by the gobsmacking 2700%, having gone swiftly through all stages of the classic Wall Street ‘psychology of a market cycle’ chart, up until the point of euphoria. And then the bubble had burst in the face of all crypto maximalists. The BTC price came crashing down hard, losing more than 80% of its all-time-high price by November 2018. The notorious Crypto Winter had commenced!
As it always happens in the crypto world, the real reason behind most price action, small or enormous, like the 2018 crash, remains subject to many speculations. However, most experts concurred in the opinion regarding the primary causes of this downfall. Essentially, it was the alleged price manipulations using Tether, the cryptocurrency that is ‘officially’ pegged to the US dollar, which had been conducted by Bitfinex that forced the US Justice Department to launch an all-out investigation, with the Securities and Exchange Commission (SEC) also jumping on that bandwagon. The rumors about the possible introduction of substantial capital gain taxes on crypto also added salt to an injury and sent the Bitcoin price and, by extension, that of all altcoins to the very rock bottom where it remained throughout the year of 2018.
The possible revival
However, while the Crypto Winters turned out to be a financial tragedy for those who couldn’t keep the cool head during the ‘euphoria’ phase and cash out at the all-time-high, it also afforded Bitcoin with a chance to prove that it is too big to fail.
The revival of Bitcoin has begun, symbolically, in the month of February 2019 when it started to ascend slowly from the level of around $3400, with the rapid spike occurring at the beginning of May. By the end of that month, BTC tested the $9000 resistance only to retract to $7900.
Many believe that this signifies the start of another bull run, placing wagers on how soon Bitcoin will break the $10K ceiling. Such optimism is not void of substance since there is significant evidence that large institutional investors got newly-found confidence in cryptocurrencies.
What the future holds for Bitcoin?
Trying to predict the price movement of crypto is like competing in who is better at crystal ball gazing since the market, in general, is still prone to swings which might occur due to no particular reason.
Nevertheless, it is safe to say that Bitcoin had withstood the crash test and is currently finding itself out of the slump. The capitalization of the Digital Gold is up by $60 billion, and it has already proven to be the lifeboat for the people of Zimbabwe and Venezuela, who have found themselves in the midst of raging economic crises in the respective countries.
It is still far too early to say whether it is the beginning of a fully-fledged bull rally or the sucker’s rally, but there is definitely one way how one can boost his crypto earning without resorting to the overly complicated trading or nerve-wracking ‘hodling’.
Those who love sports and know a thing-or-two about online casino could seize the opportunity to increase their capital by placing wagers on all-for-crypto platforms, 1xBit in particular. It provides for full anonymity, easiness of deposits/withdrawals in more than 20 cryptocurrencies, as well as handsome bonuses, generous offers, and regular promos. So, instead of staring at price charts, hoping that the BTC price will go up, down or sideways, why not try betting on sports or playing many of 1xBit’s casino games with crypto. It is definitely safer than keeping coins on one of those crypto exchanges.