Bitcoin suffers loss on its 10th birthday

My FX Forum

Staff member
Most recently, all progressive humanity has celebrated the birthday of bitcoin. The world’s first cryptocurrency has turned 10 years old. However, such an event did not lead to a rise in its value, but rather the holiday was held amid its decline.

Nevertheless, over the past 10 years, the pioneer of the cryptocurrency market has experienced ups and downs, and has got much to be proud of. Having once been an unknown asset, bitcoin managed to become one of the top five world's largest currencies and go up in price from 0 to 20 thousand dollars per coin. Dozens of currencies have existed in the world for a long time, but even over more than 100 years of their existence have not been able to do any of the stuff that bitcoin did.

Going into detail, on October, 2008, someone called Satoshi Nakamoto published an article titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The mail contained detailed information on bitcoin, as well as principles for the conduct of operations with this digital coin. This publication marked the beginning of the new digital currency era. In late 2017 and early 2018 the currency demonstrated its value increase to an all-time high, but then bitcoin started to depreciate sharply.

According to the expert, against the background of a sharp appreciation of Bitcoin in 2017, a large number of non-professional investors joined the market. Having learned of the stories about people who raised on digital money from the media or forums, they began to buy the cryptocurrency. However, they lacked both a good understanding of what the cryptocurrency is and the knowledge of its scalability problem. All these factors provoked a boom in the market, as a result of which bitcoin was overbought.