Skip to main content

Bitcoin At $1,000: Looking Back At Nine Years Of Bull Run

If the first part of the above headline about Bitcoin price had your heart pumping, it might be time to reduce the amount of leverage you are using.

No, we aren’t calling for BTC to reach a target of $1,000 – we are instead looking back and celebrating the nine-year anniversary of the first time Bitcoin breached above $1,000.

Nine Years Ago: BTC Breaks Above $1,000

Bitcoin is now in the midst of its fourth ever bear market and currently trading at a price of around $16,000 per coin. After the dramatic fall from $69,000 in late 2021 to current levels, sentiment has taken a beating. It isn’t unusual to see targets on crypto Twitter for $1,000 BTC in the days ahead.

Today, however, we aren’t as focused on future targets for the top cryptocurrency, but the long journey Bitcoin has had from when it first passed $1,000.

Nine years ago from yesterday, on November 27, 2013, BTC breached above $1,000. The level proved to be significant at the time, with BTCUSD trading above $1,000 for less than ten days before the 2014-2015 bear market started.

From that point on, it was more than 1000 days before Bitcoin passed $1,000 again. But when it passed it again, Bitcoin became a household name.

BTCUSD_2022-11-28_08-33-32

Bitcoin breached $1,000 exactly nine years ago yesterday | Source: BTCUSD on TradingView.com

Where To Next: $1K or $1M Per Bitcoin?

$1,000 per BTC was significant for several reasons. It was a large, rounded number in US dollars, but 1 BTC was almost exactly the same price of an ounce of gold at the time.

After breaching above $1,000 a second time, Bitcoin went on to climb just under 2,000% to nearly $20,000 per coin. Today, five years later, BTC is below the 2017 bull market peak.

Related Reading: Bitcoin At $1M By 2030: Why Cathie Wood Remains Confident In Bold Bet

From the $1,000 milestone to current prices at around $16,000 per BTC, the top cryptocurrency still has more than 16,000% ROI its held onto. From its inception, it has gained more than 150,000,000% cumulatively.

Despite this, there are equal calls for a revisit to the $1,000 level as there are for Bitcoin reaching $1 million per coin, making BTC the most interesting speculative asset of all-time.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

from NewsBTC https://ift.tt/eE6ylXg
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution

via Bitcoin News https://ift.tt/3mGmODQ While bitcoin has run-up to all new price highs in 2020, a great number of crypto supporters have been complaining about the mempool backlog and the high fees needed to send a transaction. Meanwhile, the Lightning Network is far from seeing widespread adoption, and a number of attack vectors have been revealed this year. At the time of publication, the Bitcoin ( BTC ) mempool (backlog of transactions) shows 113,000+ unconfirmed transactions and the backlog hasn’t been this high since 2017. When the bull run took place three years ago, transaction fees and unconfirmed transactions shot through the roof. Currently, according to bitcoinfees.cash data on October 31, the next BTC block fee is $10.77 and the current median fee is $6.43. Even with the high fees and the mempool clog , the greater bitcoin community is still transacting mostly onchain. The Layer 2 protocol built on top of Bitcoin called the Lightning Network (LN) was supposed to eas...
Post a Comment
Read more