Reason for Bit Coin Price Boom in 2017? - page 2.

jrrsparkles

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Merit: 280

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Quote from: CryptoRyuzaki on January 27, 2018, 03:15:38 AM

Newbie here - I was recently exposed to cryptocurrency and have been studying it. Unfortunately, it was after the bit coin boom of 2017.

I knew that the bit coin had a good bull run in 2017. I just looked at the stats today and I am simply astonished Shocked

Bit Coin Price History
Dec 2013 - $600
Jan 2017 - $800
Apr 2017 - $1,200
June 2017 - $3,200
Sep 2017 - $5,000
Nov 2017 - $7,300
Dec 2017 - $13,800 (at one point it reached $17,900)

So, what were the reasons for the bit coin's gigantic bull run in 2017?

I will also track the reasons you mention and add them below.

More people started to invest on bitcoins on 2017 thats why there is a great jump in the bitcoin price.But it jumped too much in my opinion now the price correction occurred and the price if getting stable between $12K.

Leopardon29

jr. member

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Quote from: jenny399 on January 27, 2018, 03:25:36 AM

the main reason was thats the more people started using bitcoin , many transactions have been done due to which it demand increased and bitcoin got a sharp rise in its value

I think you're right and the reason is as simple as more people have started understanding, using, and investing in Bitcoin. It somehow snowballed in 2017.

nl247

full member

Activity: 518

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Firstly, at one point it reached $19800 on most exchanges and even a bit more in some Korean exchanges. I would classify what we had in 2017 as FOMO rush, while seeing lot of new investors who heard how bitcoin have made a lot of early adopters rich and thought it would make them rich overnight, coupled with a lot of bullish predictions, which made missing out not an option for them.

CryptoRyuzaki

newbie

Activity: 51

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Quote from: jenny399 on January 27, 2018, 03:25:36 AM

the main reason was thats the more people started using bitcoin , many transactions have been done due to which it demand increased and bitcoin got a sharp rise in its value

As per the graph in wikipedia, the number of bitcoin transactions in 2017 had a normal growth.
https://en.wikipedia.org/wiki/History_of_bitcoin#/media/File:BTC_number_of_transactions_per_month.png

jenny399

newbie

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the main reason was thats the more people started using bitcoin , many transactions have been done due to which it demand increased and bitcoin got a sharp rise in its value

Rodge182

newbie

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Merit: 0

Don't know but the rumor back in December is because of the Christmas season where many are given bonus and investing it all to cryptocurrency.

CryptoRyuzaki

newbie

Activity: 51

Merit: 0

Newbie here - I was recently exposed to cryptocurrency and have been studying it. Unfortunately, it was after the bit coin boom of 2017.

I knew that the bit coin had a good bull run in 2017. I just looked at the stats today and I am simply astonished Shocked

Bit Coin Price History
Dec 2013 - $600
Jan 2017 - $800
Apr 2017 - $1,200
June 2017 - $3,200
Sep 2017 - $5,000
Nov 2017 - $7,300
Dec 2017 - $13,800 (at one point it reached $17,900)

So, what were the reasons for the bit coin's gigantic bull run in 2017?

I will also track the reasons you mention and add them below.

Topic: Reason for Bit Coin Price Boom in 2017? - page 2. (Read 189 times)