A Bitcoin Thanksgiving: Looking Back on a Wild One-Year Ride

A Bitcoin Thanksgiving: Looking Back on a Wild One-Year Ride

THELOGICALINDIAN - Last year as aboriginal cryptocurrency adopters sat bottomward to Thanksgiving banquet with their families they batten of the newfound affluence theyd becoming from advance in the arising asset chic and in accurate Bitcoin Since again it has accomplished new alltime highs and set new oneyear lows and fabricated a cardinal of airy amount swings in between

Bitcoin Thanksgiving: One Year Ago

On November 23, 2023, Thanksgiving Day, Bitcoin’s amount was trading about $8,000 – up about bifold in amount from the alpha of the above-mentioned month, back Bitcoin was trading in the low $4,000s.

Exuberant over about acceleration their money in a ages and accepting witnessed a apathetic and abiding access throughout the year afore the contempo spike, investors aggregate belief of the abundance generated from bare antecedent investments as the arising asset chic provided exponential assets rapidly.

Around the aforementioned time, Bitcoin, which was about exceptional of to the boilerplate public, had activate authoritative account account everywhere as bodies took apprehension of both its abeyant as an advance vehicle, and had become absorbed by the first-ever agenda currency.

General greed, the allurement of untold fortunes, and the animated belief of an accepted and new asset chic and the timing of dinner-table storytelling led to anybody and their grandmother scurrying to buy Bitcoin afterwards Thanksgiving and throughout the anniversary division into December.

Retail investors, accustomed Joe’s attractive to bang it rich, bound bought into it after compassionate the technology, the asset’s potential, or how banking markets work. The abhorrence of missing out (FOMO) led to acquisitive investors affairs their aboriginal anytime advance or activity “all in” on the new asset class.

Weeks later, aloof afore the Christmas holiday, Bitcoin reached its best high of $20,000 on December 17, 2017.

Related Reading: Bitcoin Falls Below $5,000 for the First Time in 2018 on Coinbase

Bitcoin Thanksgiving: Today

Today, families everywhere will be adulatory Thanksgiving. However, about none of them will be adulatory their Bitcoin-related wealth.

Since the crypto asset bankrupt its emblematic beforehand in December, it’s again ping-ponged amid able abutment at $6,000 and decreasingly lower swing-highs. $6,000 had appeared to be unbreakable, and an end to the advancing buck bazaar – which has now lasted 11 months and aggressive – appeared to be in sight.

However, the absurd happened, and $6,000 has been burst afterwards a civil war erupted amid two altered BCH factions, which created a atramentous swan-type event, sending Bitcoin prices through analytical abutment and extensive new one-year lows of $4,250.

In one year, Bitcoin and cryptocurrency investors accept been on a rollercoaster ride that abounding are aloof now jumping off of in panic. The cryptocurrency is now account beneath than what it was one year ago, and added than 75% beneath than its amount at its best aerial in December.

This year, as admired ones canyon the gravy baiter to cascade assimilate their mashed potatoes, stuffing, and turkey dinner, it’s acceptable they won’t be casual on any advance advice, and alike added acceptable that any altercation about Bitcoin will be in abrupt adverse to the conversations had one year prior.