The last bitcoin bull run occurred in late 2017 and early 2018, when the cryptocurrency’s price surged to an all-time high of nearly $20,000.
Bitcoin is a decentralized digital currency that was created in 2009 by an unknown person or group using the name Satoshi Nakamoto. It operates on a blockchain network that allows for secure and anonymous transactions, without the need for a central authority like a bank.
Bitcoin’s price has been notoriously volatile since its inception, with dramatic swings in value occurring over short periods of time. The 2017 bull run was no exception, as the cryptocurrency’s price skyrocketed from around $1,000 in January 2017 to almost $20,000 in December of that year.
There were several factors that contributed to the 2017 bull run, including increased mainstream adoption and media attention, as well as the emergence of new cryptocurrency investment products like futures contracts.
One of the key drivers of the 2017 bull run was the growing interest and investment in bitcoin by mainstream financial institutions and Wall Street firms. This was seen as a sign of legitimacy for the cryptocurrency, and helped to attract more investors and speculators to the market.
Another factor that contributed to the 2017 bull run was the emergence of new cryptocurrency investment products, such as bitcoin futures contracts. These allowed investors to bet on the future price of bitcoin, without actually owning the underlying asset.
However, the 2017 bull run was not without its risks and drawbacks. Many experts warned that the rapid increase in bitcoin’s price was unsustainable, and that a market correction was inevitable.
Indeed, in early 2018, the cryptocurrency market experienced a major correction, with bitcoin’s price dropping by more than 50% in a matter of weeks. This was largely attributed to regulatory crackdowns in countries like China and South Korea, as well as concerns over the sustainability of the cryptocurrency market as a whole.
Since the 2017 bull run, bitcoin’s price has continued to fluctuate, with periods of both growth and decline. However, it has not come close to reaching the heights of its all-time high, and many experts believe that another major bull run is unlikely in the near future.
Despite this, the cryptocurrency market as a whole continues to attract significant interest from investors and speculators, as well as from mainstream financial institutions and technology companies. As such, it remains a highly volatile and unpredictable market, with the potential to experience significant swings in value at any time.