The new year brings in new hopes, expectations, and optimism for a great year ahead. The same holds true for Bitcoin and cryptocurrencies as well. 2018 was not the greatest for Bitcoin investors as it ended the year at around $3,745, roughly down by 81% from its all-time high of $19,783, and almost down by 72% when compared on the year basis.
Despite a massive loss in market cap and trading value, Bitcoin is ringing in the new year on a high note. It has garnered over 10 million more blockchain wallet users when compared to the users at the start of 2017.
Apart from the price and trade market debacle, 2018 was a legendary year for Bitcoin as it celebrated its 10 year anniversary. Bitcoin will also celebrate the 10 year anniversary of its Genesis Block, mined by Satoshi Nakamoto himself on January 3rd, 2009.
Even after 10 years since Bitcoin changed the way people viewed and operated their finances, it is still the king of digital assets. According to the data, Bitcoin is the cryptocurrency king with a market cap of over $65.1 Billion and market dominance of 52%.
Bitcoin also proved its mettle in volatility rate, with the lowest average daily value change over the past nine years. Jameson Lopp, chief technical officer at Casa, a multi-signature key service with hardware wallets.
Bitcoin is the pioneer of the cryptocurrency revolution, with an aim to disrupt the current centralized networks of financial institutions which hold a monopoly over people’s money. Satoshi’s Vision of a peer-to-peer cashless network has been fulfilled to a certain level and Bitcoin has become a common form of exchange over the internet. It has also made enough progress to be nolabelleded as a security, which in itself is a big achievement.
The past year saw the prices touch new lows and loss of 81% of the total market cap. But, at the same time, the technology underneath all cryptocurrencies, Blockchain technology saw a much wider acceptance. Different countries and governments have put in resources to understand and implement the technology in different sectors for a larger good.