Bitcoin Bull Run 2017: Journey Through the Most Iconic Moment of Cryptocurrency

If you have ever been involved in cryptocurrency, you may have heard stories about the legendary Bitcoin price surge in 2017. For those who experienced it, it was an exciting, skeptical, and sometimes regretful journey. For newcomers, it remains a historical benchmark in the cryptocurrency space. Let's find out what made this event so magnificent and its lasting impact.

1. Price explosion: A year unlike any other In January 2017, Bitcoin was traded at a modest level of ~$1,000. By December of the same year, it skyrocketed to an unprecedented level of ~$20,000. This marks an astonishing 2,000% increase in just 12 months, setting the first all-time high (ATH) of Bitcoin. January 2017: Bitcoin fluctuated around $1,000. December 2017: The price reached nearly $20,000 before undergoing a sharp correction. The large scale of this price increase not only attracts the attention of the media but also attracts millions of new investors to the cryptocurrency market.
2. Why did the price of Bitcoin increase so much? A. Increasing application The appeal of Bitcoin has extended beyond technology enthusiasts and hackers in 2017. For the first time, it was considered a legitimate financial asset and a store of value. Media Frenzy: Mainstream news channels are inundated with stories of Bitcoin's extraordinary growth, making it a household name. Institutional Interest: Speculative funds, corporate investors, and even Wall Street have begun to explore Bitcoin, bringing credibility to the space. B. FOMO inherits Fear of Missing Out (FOMO) is an important motivation driving the price surge in 2017. As the price of Bitcoin rose, retail investors hurriedly bought in for fear of missing out on profit opportunities. The buying frenzy created a feedback loop, pushing the price even higher.
3. Ripple effect in the cryptocurrency market The growth of Bitcoin does not happen in isolation but affects the entire cryptocurrency ecosystem. A. Altcoin Fever Altcoin (digital currency substitute) has witnessed a strong price increase along with Bitcoin. Prominent examples include: Ethereum (ETH): Increased from about $8 in January to about $800 in December. Ripple (XRP): Soared from $0.006 to $3.84. Litecoin (LTC): Reached an ATH of $375. B. The explosion of ICO The price increase also drove the increase of initial coin offerings (ICOs). Hundreds of new projects were launched, raising billions of dollars by selling their tokens to eager investors. While some projects are innovative, others are blatant scams, tarnishing the reputation of the ICO market.
4. Accident and its consequences Whatever goes up must come down. After reaching a peak at around $20,000, the price of Bitcoin plummeted sharply in early 2018. By December 2018, it was trading at nearly $3,000, wiping out much of the gains made during the price surge. However, the price increase in 2017 was a turning point for the cryptocurrency industry. It set the stage for future growth and brought cryptocurrencies into global focus.
5. The main lesson from the 2017 price increase A. Time is everything Traders who made the most profit from the price surge in 2017 were those who entered the market early and took profits at the right time. Early adopters: Investors who bought Bitcoin during the 2013-2016 period, when the price was below $1,000, witnessed life-changing profits. Profit takers: Those who sold at prices near $15,000-$18,000 were able to secure significant profits before the market corrected. B. Do not be greedy One of the most notable things is the importance of taking profits. Many investors have held on for too long, hoping for prices to go even higher, only to see their investment portfolios gradually decline as the market collapses.
6. Heritage of 2017 The price increase in 2017 was not only about prices but also about creating a foundation for the future. It introduced millions of people to cryptocurrencies, sparked debates about blockchain technology, and inspired the next wave of innovation. While Bitcoin's journey since 2017 has been full of ups and downs, that year still remains a pivotal chapter in its history. It showcased the world the potential - and volatility - of digital assets, leaving a lasting impact on the cryptocurrency market today. If you are involved in the cryptocurrency field, whether you are a seasoned veteran or a newcomer, the lesson of 2017 is very clear: always stay updated, manage risks, and remember that the market is unpredictable. What will the next price increase bring? Only time can tell. 🚀 DYOR! #Write2Earn #Write&Earn $BTC {spot}(BTCUSDT)