Visualizing The Journey To $10,000 Bitcoin

Visualizing the Journey to $10,000 Bitcoin

View the high resolution version of today’s graphic by clicking here.

It has been a breakthrough year for the world’s original cryptocurrency. At time of publication, the bitcoin price is at $9,650 – about 10X higher than how the cryptocurrency started the year. Further, bitcoins are now on the brink of passing the important psychological barrier of $10,000, and it could do so at any moment based on current momentum.

Today’s infographic from Blockchain Intelligence Group helps to visualize the ups and downs of the cryptocurrency on its journey to $10,000.

Note: once the price hits the $10,000 barrier, we’ll do a final update on this graphic to make sure that’s represented.
The Journey to $10,000 Bitcoin

Here are some of the key events that transpired over the last 11 months:
Timeframe Description
January 2, 2017 Bitcoin closes above the $1k mark for first time in 1,124 days
Mid-January 2017 China cracks down on crypto, partly to help control capital outflows
March 2017 The number of GitHub projects related to Bitcoin passes 10,000
May 4, 2017 Bitcoin surpasses $25B in market capitalization
August 1, 2017 Bitcoin forks into two digital currencies, Bitcoin (BTC) and Bitcoin Cash (BCH)
August 5, 2017 Bitcoin surpasses $50B in market capitalization
September 4, 2017 People’s Bank of China announces that it’s implementing a freeze on ICO funding.
September 8, 2017 It’s leaked that China is shutting down all Bitcoin exchanges in the country
September 12, 2017 JP Morgan’s Jamie Dimon calls Bitcoin a “fraud”
September 28, 2017 South Korea bans raising money through ICOs
October 20, 2017 Bitcoin passes $100B in market capitalization
October 24, 2017 Bitcoin again forks into two digital currencies, Bitcoin (BTC) and Bitcoin Gold (BTG)
October 30, 2017 Vietnam bans Bitcoin and other crypto payments
November 26, 2017 Bitcoin passes $150B in market capitalization

And here is how long it took bitcoins to hit each $1,000 barrier:
Time Exact Period Description
138 days Jan 2, 2017 -> May 20, 2017 $1,000 to $2,000
23 days May 20, 2017 -> June 11, 2017 $2,000 to $3,000
63 days June 11, 2017 -> Aug 13, 2017 $3,000 to $4,000
61 days Aug 13, 2017 -> Oct 12, 2017 $4,000 to $5,000
10 days Oct 12, 2017 -> Oct 21, 2017 $5,000 to $6,000
13 days Oct 21, 2017 -> Nov 2, 2017 $6,000 to $7,000
17 days Nov 2, 2017 -> Nov 19, 2017 $7,000 to $8,000
7 days Nov 19, 2017 -> Nov 26, 2017 $8,000 to $9,000

Note: These time periods are calculated based on closing prices for the Bitcoin Price Index on Coindesk.
The Year of the ICO

While the journey to $10,000 bitcoin is an incredible one, it is part of a wider story as well.

Initial Coin Offerings (ICOs) for other cryptocurrencies have also boomed, and more than 92% of all funds raised through ICOs happened in this year alone. With this mechanism hitting the mainstream, about $3.8 billion have been raised through ICOs in total.

Further, they’ve been profitable as well for speculators. A report from Mangrove Capital last month noted that the average return across 204 ICOs it was tracking was 1,320%.

Despite being temporarily banned in China and South Korea, ICOs have not been slowing down. So far in this month (up to Nov 26, 2017), ICOs have already hit new highs with $743.2 million raised, surpassing the earlier record-holding month of September 2017 ($662.9 million) /DQmdjxnWBmZAtd4YyeBoBgEEdbfLvZbSyFsLb5trHnmW3wx/images.jpg)