Visualizing the Journey to $10,000 Bitcoin
View the high resolution version of today’s graphic by clicking here.
It has been a breakthrough year for the world’s original cryptocurrency – and on November 28th, 2017, the bitcoin price blew past the psychological barrier of $10,000 with unprecedented pace. After all, it was only two days prior that the cryptocurrency was trading at $9,000.
Today’s infographic from Blockchain Intelligence Group helps to visualize the ups and downs of this incredible journey to $10,000.
The Journey to $10,000 Bitcoin
Here are some of the key events that transpired over the last 11 months:
| Timeframe | Description |
|---|---|
| January 2, 2017 | Bitcoin closes above the $1k mark for first time in 1,124 days |
| Mid-January 2017 | China cracks down on crypto, partly to help control capital outflows |
| March 2017 | The number of GitHub projects related to Bitcoin passes 10,000 |
| May 4, 2017 | Bitcoin surpasses $25B in market capitalization |
| August 1, 2017 | Bitcoin forks into two digital currencies, Bitcoin (BTC) and Bitcoin Cash (BCH) |
| August 5, 2017 | Bitcoin surpasses $50B in market capitalization |
| September 4, 2017 | People’s Bank of China announces that it’s implementing a freeze on ICO funding. |
| September 8, 2017 | It’s leaked that China is shutting down all Bitcoin exchanges in the country |
| September 12, 2017 | JP Morgan’s Jamie Dimon calls Bitcoin a “fraud” |
| September 28, 2017 | South Korea bans raising money through ICOs |
| October 20, 2017 | Bitcoin passes $100B in market capitalization |
| October 24, 2017 | Bitcoin again forks into two digital currencies, Bitcoin (BTC) and Bitcoin Gold (BTG) |
| October 30, 2017 | Vietnam bans Bitcoin and other crypto payments |
| November 26, 2017 | Bitcoin passes $150B in market capitalization |
| November 28, 2017 | Bitcoin trades at $10k for the first time. |
And here is how long it took bitcoins to hit each $1,000 barrier:
| Time | Exact Period | Description |
|---|---|---|
| 138 days | Jan 2, 2017 -> May 20, 2017 | $1,000 to $2,000 |
| 23 days | May 20, 2017 -> June 11, 2017 | $2,000 to $3,000 |
| 63 days | June 11, 2017 -> Aug 13, 2017 | $3,000 to $4,000 |
| 61 days | Aug 13, 2017 -> Oct 12, 2017 | $4,000 to $5,000 |
| 10 days | Oct 12, 2017 -> Oct 21, 2017 | $5,000 to $6,000 |
| 13 days | Oct 21, 2017 -> Nov 2, 2017 | $6,000 to $7,000 |
| 17 days | Nov 2, 2017 -> Nov 19, 2017 | $7,000 to $8,000 |
| 7 days | Nov 19, 2017 -> Nov 26, 2017 | $8,000 to $9,000 |
| 2 days | Nov 26, 2017 -> Nov 28, 2017 | $9,000 to $10,000 |
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).
Note: this article was originally published on Nov. 27th as Bitcoin was trading at ~$9,600. The article and graphic have since been updated to reflect hitting the $10k total.
