Bitcoin’s 2018 Recap and Prediction for 2019
Bitcoin, Bitcoin, Bitcoin.
I’ve heard about and followed up with Bitcoin (BTC) for almost a decade now. In 2009, I first learned of the new and unknown BTC from some tech guys in my church. Over the years since then, I’ve educated myself more and more about the cryptocurrency as well as the blockchain technology surrounding it.
Fast-forward to present day, when blockchain technology and cryptocurrency have swept across the globe and are steadily assimilating within society.
As 2017 ended with BTC reaching almost $20K apiece, high hopes were set on the crypto for 2018.
Unfortunately, those hopes were shot straight into the ground.
If I hadn’t heard a bunch about BTC by then, I’d certainly be hearing a lot about it now.
Although BTC didn’t make anyone rich like it did in 2017 and early 2018, there are still some indications that it has that chance in 2019 and beyond.
This week, I’m going to give you a recap of BTC’s 2018 performance and some insight on where the token is going this year.
Bitcoin in 2018
Let’s start with the fact that 2018 was Bitcoin’s worst year since its inception in 2009.
It’s blunt but true. A year ago today, Bitcoin was at $17,527.30.
It’s currently at $4,023.99.
That’s an overall loss of almost 80%...
People have taken out loans and second mortgages to buy into BTC. With the drop in share price this past year, I cannot imagine many of those borrowers have made enough to pay back their loans and walk away with gains.
A year ago, BTC’s volume was at 15,866,000,384, while it currently sits at 5,597,027,440. That means people are trading BTC today almost three times less than they were a year ago.
This could have happened for a few reasons. First, BTC has steadily lowered in price all year, so investors are probably hesitant to buy into a consistently dropping token. Second, investors have potentially decided to hold their BTC shares and wait for it to rise again before selling.
Something to note is that exchanges are known to fib on trading volume when reporting, so take the drop in volume with a grain of salt.
Bitcoin’s market cap has changed over the past year. A year ago, BTC’s market cap was $276,634,797,271.
It’s at $71,206,795,853 today. Looking at the two figures, it’s clear BTC’s market has shrunken considerably.
In case I haven’t been clear enough, Bitcoin had a terrible 2018.
Bitcoin in 2019
Despite 2018 being BTC’s worst year ever, it still has 2019 to look forward to. Here are a few reasons Bitcoin could still have a great 2019.
Altcoins had a bad year as well. The ICO craze died down a lot since 2017. Since a lot of altcoins have centralized models, they’re typically centralized products — an aspect that crypto investors, who favor decentralization, aren’t really interested in.
BTC, however, is decentralized and thrives in that space by providing products and aspects that solve problems in real time, especially for the investors favoring decentralization.
Simply put, Bitcoin is better at crypto-ing than altcoins.
The bear market for BTC in 2018 may have actually strengthened the token. Bitcoin is very popular, backed by plenty of supporters. During 2018, when the bear market for BTC was running amok, many meek investors dropped out, leaving only the strong-willed and informed.
Although that would mean BTC’s base shrunk, it would also mean the fat’s been trimmed and the token’s in the hands of dedicated investors.
If any of you have eaten beef brisket, you know it’s juicer and tastes way better when the fat’s been trimmed.
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Not all hope is lost with Bitcoin. With most things in life, good things arrive after the bad has already come and gone.
Investors have not given up on Bitcoin. Actually, some are doing quite the contrary.
For example, over the holidays, I ran into a former classmate. While catching up, we ended up talking about cryptocurrencies, and naturally BTC came up.
While I noted its fall from grace since December 2017, he calmly stated that he actually bought more as of late.
Perplexed, I asked for his mindset on Bitcoin. Quite simply, he believes BTC’s floor is $2K–$3K, so seeing it drop to $3,500 didn’t really bother him. He thinks it will rise to glory again, so he’s going to continue buying while it's low and reap the gains when they arrive.
To say I was shocked by his answer is an understatement. I surely believed he would have sold his tokens by now and moved on to other investments, as I’ve heard from so many crypto investors this past year.
Overall, it seems that though Bitcoin had a terrible 2018, there’s still time and opportunity for the token to dust the 2018 dirt off its shoulders and perform well in 2019.
I actually meet with a colleague every now and then to talk blockchain and crypto. He had an interesting take on Bitcoin as well.
He thinks it’ll rise to at least $10K in 2019.
If that’s the case, then buying in at $4K right now and setting yourself up for at least a 150% gain seems like a compelling idea.
More importantly, he thinks another token will take BTC’s #1 spot in 2019...
But that’s a discussion for next week. Look out for your upcoming Token Authority alerts, and be sure to tune in to learn all about it...
Happy investing, and happy New Year,
John Butler, Jr.
John Butler is Token Authority’s contributing editor. He first learned of Bitcoin in 2010 when it was still unknown. Since then, he has seen cryptocurrency and blockchain technology swell in popularity across the globe, making innovators and investors plenty rich. Every week, he brings Token Authority readers compelling information for crypto investing.