Don’t Fret! Bitcoin Has Undergone A Decade Of Sustained Growth

When Bitcoin was first launched in 2009, barely any knew about the project, created by pseudonymous programmer Satoshi Nakamoto. The few that did know of the cryptocurrency either hated it with a burning passion or loved it for its long-term potential. And while the former group picked up steam, with mainstream media bashing cryptocurrencies via FUD-ridden articles, simple data shows that BTC, along with the underlying network has continued to outperform, even amid a number of broader downturns.

Related Reading: Why Does Mainstream Media Spread So Much Crypto FUD?

Bitcoin Lows Still Increasing Year-Over-Year

Per data gathered and conveyed by Rhythm Trader, a pseudonymous crypto enthusiast, trader, and researcher that touts insightful tweets, Bitcoin’s yearly lows are up (nearly) consistently year-over-year. Save for the slight hiccup during 2014’s bear season, which was accentuated by Mt. Gox debacle, the asset’s yearly low has swelled exponentially as every 12 months have passed.

In fact, in 2012, Bitcoin’s yearly low was at a mere $4. Now, the same figure is at $3,200 — a jaw-dropping 80,000% gain over the course of seven years.

Bitcoin yearly lows.

2012: $4
2013: $65
2014: $200
2015: $185
2016: $365
2017: $780
2018: $3,200

But I guess a decade of sustained growth doesn't get headline clicks

— Rhythm Trader (@Rhythmtrader) January 19, 2019

With this in mind, while also considering anecdotal evidence, Rhythm concluded that Bitcoin has effectively undergone a whole decade of sustained growth. But BTC’s value isn’t the only crypto-related statistic to have boomed within the same time period. Per data from Blockchain.com, hashrate has swelled from ten terahashes per second in 2012 to 38 million terahashes today. The number of Bitcoin transactions has also swelled, with there now being approximately 250,000 processes on the blockchain each and every day.

Crypto’s Fundamentals Thrived In 2018’s Rout 

Per previous reports from NewsBTC, even amid last year’s rout, which saw cryptocurrencies tumble by upwards of 80%, industry fundamentals continued to outperform.

In an extensive report, Jameson Lopp, the chief of technology at crypto solutions provider Casa, explained that “by any metric [other than price], the [Bitcoin] system is improving and growing.” Among a number of other bullish statistics, the long-time industry participant revealed that the number of BTC-supported ATMs rose by 100% in 2018, while the network’s hashrate doubled. This all came as the cryptocurrency’s community swelled on Reddit, sparking discussion regarding the propagation of scaling protocols, namely SegWit and the Lightning Network.

Crypto also saw a strong 2018 from institutions. Bakkt was unveiled, while similar ventures were announced by Fidelity Investments and ErisX’s backers. Over-the-counter desks also became an industry trend, as exchanges and other industry service providers tried to capitalize on an influx of institutionally-sourced greenbacks. In recent months, Coinbase, Binance, and BitGo have all made forays into the OTC/dark pool sector.

And many believe that this underlying thematic development will continue into 2019. Jeff Berwick, the so-called Dollar Vigilante, recently told BlockTV that he expects for 2019 to hail in Wall Street greenbacks, which will “change the game completely.” Berwick stated that as institutional capital floods in, crypto valuations will “explode” en bloc, as there are presumed trillions waiting on the sidelines.

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The post Don’t Fret! Bitcoin Has Undergone A Decade Of Sustained Growth appeared first on NewsBTC.

by Nick Chong on January 21, 2019 at 05:30AM