The very first time when Bitcoin entered the financial space seemed like just an experiment. The ideology of this new form of money came into the market during the peak of the 2008 financial crisis.
Bitcoin was a brand-new form of money with no central governing body. Instead, it utilized a transparent, distributed ledger system for recording transactions. It only needed a network of persons to keep things flowing.
Bitcoin has since come a long way and today it is valued at over $10,900. However, the journey there has been just smooth.
Bitcoin ‘Bubbles’ and Obituaries Rock Cryptosphere
Because of its high volatility, the reigning king of cryptocurrency has been dismissed many times along the way. The first spike in Bitcoin’s value happened on July 12, 2010. At the time, price spiked tenfold from $0.008 to $0.08. The following year, it hiked more ridiculously, reaching a new peak of $31.
A more wildly price hike came in 2013. After skyrocketing to an all-time record over more than $1,000 in November in 2013, price dropped to just around $177 over a duration of twelve months.
Still, one of the most memorable bubbles of the decade was the 2017/2018 one. Bitcoin made its most astronomical rise to an all-time high of about $20,000 in December 2017. Come January 2018, it initially fell to $10,000, staying there for a while before plummeting below $5,000.
Due to these fluctuations, there have been at least 382 obituaries to its name. These typically come in the form of essays explaining why