During the 2017 crypto bull run, Bitcoin price spent very little time above $10,000 once it got there. Around Thanksgiving, Bitcoin broke above $10,000 and by Christmas it had already hit its all-time high of $20,000 and began the start of its correction that led to a long bear market.
At that time, there was a media frenzy, widespread FOMO, and more driving up the price so quickly. This time, crypto and Bitcoin has since been pronounced dead, and the retail investing public has completely forgotten or written it off as a scam, fad, or worse. The difference in sentiment alone is interesting, despite the prices levels being the same – what else is different this time around?
Trip Down Memory Lane: Revisiting the Crypto Bull Run of 2019
Everywhere you looked, in the last few months of 2017, there was Bitcoin. The crypto asset was the talk of dinner tables on holidays, made headlines at major media outlets everywhere, and genuinely shocked Wall Street pundits who had written it off as a waste of time or money, a scam, fad, or vehicle for illicit activities.
The mainstream buzz captured the attention of the public, who were intrigued by the digital version of money and hypnotized by the allure of wealth and richest beyond their wildest dreams as stories of early Bitcoin investors turned millionaires were featured on primetime television.
At this point, the vast majority hadn’t even heard of Bitcoin let alone know what it was. But curiosity was piqued, the cat was let out of the bag, and Bitcoin became a household name – even making its way onto beloved TV shows like Jeopardy or in board games like Scrabble.
Bitcoin Price Revisits $10,000, But This Time Is Different
Considering the “euphoria” and “frenzy” there was surrounding Bitcoin the last time it reached $10,000, it’s not surprising it hit $20,000 only a couple weeks later. But this time around, mainstream media isn’t covering Bitcoin, it’s not being featured on magazine covers, and it isn’t the talk of the town like it once was.
The same price point that caused widespread FOMO, has barely even been noticed by the public. The significance is clear though, and once breached another bull market is on.
Other changes this time around include increased institutional interest, major finance powerhouses are entering the space, and even tech giants are getting in on the fun. Bitcoin and crypto are now common household terms that everyone has heard of, even though they may still not understand their value or potential.
When the public eye does catch onto Bitcoin once again, they’ll again show up late to the party. But when it happens, Bitcoin is likely to set another all-time high.