- Bitcoin’s first major rally
- The first major correction and a new all-time high
- Mainstream, correction and current levels
Bitcoin attacked $ 20,000: chronicles of the rise of BTC
The bitcoin course went to storm the psychological mark of $ 20,000.
BeInCrypto editors recalled episodes of previous BTC rallies.
Bitcoin price attacked the psychologically significant $ 20,000 mark and set a new high at $ 20 420, but can it continue its spectacular bull run?? Editorial staff BeInCrypto decided to recall the chronology of events and previous BTC rallies.
Bitcoin’s first major rally
The history of the very first major cryptocurrency rally can see on graphics Bitstamp for the period from November 2011 to January 2012. During this time, the MTC rate increased by 229%, from $ 2.25 to $ 7.33. However, this were only flowers, and members of the crypto community of those times yet just had to find out that such real bull market.
The first BTC bull cycle lasted for about 740 days – just over two years. During this period, the price increased by more than than by 51,000%. Moving in a parabola, bitcoin took off from areas $ 2.25 to $ 1,163.
This long-term race ended in November 2013, after why there was a lull in the market.
The first major correction and a new all-time high
OKEx, Huobi and Bittrex were founded in 2013 year, and in 2014 prices began to pull back. Eventually newbies market were forced to face the first ever large bear market for bitcoin. From November 30, 2013 and throughout the next year and two months bitcoin rate sagged significantly over 410 days of correction, showing a negative yield of 86%.
However, after about two of the year bitcoin proved again that he is an one of the world’s best value stores. On February 23, 2017, it absorbed the previous historical maximum of $ 1,163. Then, in a couple of weeks, the rate retraced from the levels reached, but bull cycle already was launched, again.
Mainstream, correction and current levels
After breaking through the $ 1,163 level, bitcoin accelerated by an impressive 1590%, consolidating in the $ 19,600 – $ 20 region 000, according to data from leading cryptocurrency exchanges.
After of this the situation changed again in favor of the bears, and within 364 days everything hopes bulls were totally destroyed. Course BTC lost more 84%, finding themselves in district $ 3,100.Since that moment, it took bitcoin more than two years to regain its lost positions and climb back to historical highs.
So way, reversal from $ 3,100 was the first step on the long journey of the world’s first cryptocurrency to an important milestone, a breakout which we now watching. For that time bitcoin more than six times increased his cost and laid the foundation for new bull cycle.
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