Visualizing The Journey To $10,000 Bitcoin
Content adapted from this Zerohedge.com article : Source
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, as Visual Capitalist's Jeff Desjardins notes, 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.
Courtesy of: Visual Capitalist
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:
And here is how long it took bitcoins to hit each $1,000 barrier:
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).