Exactly One Year Ago Bitcoin Price Nailed 2018 Bear Market At $3,122
It’s been a wild couple of years when it comes to Bitcoin’s price. There’s no denying that. Interestingly enough, though, December seems to be an essential month for Bitcoin. Back in December 2017, the cryptocurrency hit its all-time high of around $20,000. Precisely on this day a year ago, in December 2018, the market had tumbled, and bitcoin reached its lowest yearly point at $3,122.
Bitcoin Price At $3,122 On December 15th, 2018
It’s safe to say that Bitcoin’s price has had its fair share of ups and downs throughout the past 12 months.
Exactly one year ago, on this day, Bitcoin was trading at $3,122, which was its lowest yearly point.
Fortunately, though, the cryptocurrency bottomed out at the time, and 2019 reversed the cycle. The year started relatively calm, but all that changed in March and onwards. The price went from about $4,000 to reach $14,000 in June, putting a definitive end to the prolonged bear market of 2019.
Since then, however, it has been downhill for Bitcoin’s price. It’s currently trading at around $7,170, meaning that it lost around half of its value since the yearly high. Nevertheless, it’s worth noting that the cryptocurrency is still up more than 125% since 2018’s low.
What Else Happened In 12 Months?
Bitcoin’s price aside, there have been quite a lot of developments and improvements to its network. One of the things that certainly needs a mention is the continually growing hashrate.
As can be seen in the above chart, Bitcoin’s hashrate has been on an uptrend throughout the entire year. This signifies that the network is becoming more and more secure.
The Lightning Network, which is widely touted as Bitcoin’s scaling solution, is also gaining more and more traction. Currently, the network’s capacity is around 858.08BTC or around $6 million. The number of nodes is also growing, as it now stands at 10,775, according to the popular LN monitoring resource.
In any case, the year has been eventful in terms of both Bitcoin’s price and the accompanying developments. It’s interesting to see what 2020 has in store, especially given the fact that the Halving is about to take place.
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