Analyst compares current bitcoin rally to 2013, buyers should hold – altcoin today

In November of 2013, the price trend of Bitcoin was nearly identical with the rally of Bitcoin in the final months of last year. Online currency like bitcoin On November 25, 2013, Bitcoin reached a price of $988 on most global Bitcoin exchanges, including Bitstamp.

#bitcoin‘s current price volatility due to #PBOC is nothing like the November 2013 rise and fall.


What’s a bitcoin Orange line = then, Blue line = now. Best bitcoin charts pic.twitter.com/IqtYZSiZE5

As Bitcoin struggled to retain momentum, its price dropped to the low $200’s within a year and remained stable at the $200 trading margin for nearly two years. Bitcoin usd history The difference between 2013 and 2017

One major difference between Bitcoin’s major price plunge in 2013 and the digital currency’s short-term decline earlier this year is that Bitcoin is successfully retaining momentum in the market, as seen above in the price chart provided by ARK Invest’s Blockchain lead Chris Burniske.

In 2013, the Chinese government and its central bank intended to issue a ban on Bitcoin, and it did, in an attempt to halt trading and usage of Bitcoin within the country. Bitcoin news price Evidently, the attempt failed, as China is still in control of over 50 percent of the global Bitcoin exchange market.

Regardless of the actual impact on the market of the ruling, investors and traders began to panic and sell Bitcoin, with a misunderstanding that the digital currency can be stopped or banned by the government. 9 bitcoins At this point, many users were not aware of the structure of Bitcoin and how it was designed to precisely combat government regulation and restriction.

Currently, skeptical investors and traders have disregarded the fact that Bitcoin is worth more today than it was a month ago. Bitcoin news widget This morning, Bitcoin passed the $800 mark on Bitstamp, reaching $807.

Today’s Bitcoin rally is tremendously different from 2013 in the sense that the Chinese government does not intend to ban the usage of Bitcoin nor operations of Bitcoin exchanges. Bits bitcoin The Chinese government has come to a realization that regulating the Bitcoin exchange market and working closely with Bitcoin exchanges will inevitably play into the advantage of the government as underground and over-the-counter OTC markets are significantly harder to regulate.

More importantly, a substantially larger population of Bitcoin users have developed awareness on government restrictions, as many users already see Bitcoin as a global store of value and safe haven asset which can be used to avoid economic uncertainty and financial instability.

At this point, buyers should hold onto their Bitcoins because the decline of Bitcoin is temporary. Bitcoin chart com As the market recovers and the media begin to accurately portray the Bitcoin market in China, the value of Bitcoin will rise in the short-term.

In November of 2013, the price trend of Bitcoin was nearly identical with the rally of Bitcoin in the final months of last year. Official bitcoin On November 25, 2013, Bitcoin reached a price of $988 on most global Bitcoin exchanges, including Bitstamp.

#bitcoin‘s current price volatility due to #PBOC is nothing like the November 2013 rise and fall. Define bitcoin mining Orange line = then, Blue line = now. Bitcoin transfer rate pic.twitter.com/IqtYZSiZE5

As Bitcoin struggled to retain momentum, its price dropped to the low $200’s within a year and remained stable at the $200 trading margin for nearly two years. Bitcoin chart live The difference between 2013 and 2017

One major difference between Bitcoin’s major price plunge in 2013 and the digital currency’s short-term decline earlier this year is that Bitcoin is successfully retaining momentum in the market, as seen above in the price chart provided by ARK Invest’s Blockchain lead Chris Burniske.

In 2013, the Chinese government and its central bank intended to issue a ban on Bitcoin, and it did, in an attempt to halt trading and usage of Bitcoin within the country. Bitcoin digital currency Evidently, the attempt failed, as China is still in control of over 50 percent of the global Bitcoin exchange market.

Regardless of the actual impact on the market of the ruling, investors and traders began to panic and sell Bitcoin, with a misunderstanding that the digital currency can be stopped or banned by the government. 7 bitcoin to usd At this point, many users were not aware of the structure of Bitcoin and how it was designed to precisely combat government regulation and restriction.

Currently, skeptical investors and traders have disregarded the fact that Bitcoin is worth more today than it was a month ago. Bitcoin open source This morning, Bitcoin passed the $800 mark on Bitstamp, reaching $807.

Today’s Bitcoin rally is tremendously different from 2013 in the sense that the Chinese government does not intend to ban the usage of Bitcoin nor operations of Bitcoin exchanges. Bitcoin as a currency The Chinese government has come to a realization that regulating the Bitcoin exchange market and working closely with Bitcoin exchanges will inevitably play into the advantage of the government as underground and over-the-counter OTC markets are significantly harder to regulate.

More importantly, a substantially larger population of Bitcoin users have developed awareness on government restrictions, as many users already see Bitcoin as a global store of value and safe haven asset which can be used to avoid economic uncertainty and financial instability.

At this point, buyers should hold onto their Bitcoins because the decline of Bitcoin is temporary. Bitcoin dollar chart As the market recovers and the media begin to accurately portray the Bitcoin market in China, the value of Bitcoin will rise in the short-term.