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Bitcoin Price Trend in 2016 (How Much Was Bitcoin Worth in 2016?)

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What was the price trend of Bitcoin in 2016? After experiencing two historic bul

Bitcoin Price Trend in 2016 (How Much Was Bitcoin Worth in 2016?)

What was the price trend of Bitcoin in 2016? After experiencing two historic bull markets, the bull market of 2017 began. At that time, the price of Bitcoin was around $13,100. Subsequently, with a rapid rebound and volatile rise, it reached a peak of $15,700 in January 2017. However, after February 2018, due to the intense market fluctuations, it eventually fell to a low point 19 months later. It was only at the end of 2016 that a significant high price appeared. When Bitcoin rose to nearly $2,000 at the end of 2016, extreme situations like “3-12” occurred in the cryptocurrency market. Since then, various scams and events have occurred.

For example, Sun Yuchen was arrested that year; in early 2014, the price of Bitcoin plummeted; there was also a bear market in early January 2017, during which the price of Bitcoin dropped, reaching a high of $11,450.

How much was Bitcoin worth in 2016?

Editor’s note: This article is from the Orange Book (ID: chengpishu), authorized to be republished by Odaily Planet Daily.

On October 1, 2016, the price of one Bitcoin was approximately $60,000. In December 2018 and May 2019, when the 16-year-old cryptocurrency tycoons started discussing Bitcoin, they believed that “the cost of buying one Bitcoin is too high now.” At that time, the price was roughly 47,000 RMB. “When I was 18, I bought a house in China,” he said, “now I want to know how to buy a Bitcoin.” However, 17 years later, he wondered how to afford a regular computer and a hard drive. So, “how many Bitcoins can we afford 16 months later?”

Since the beginning of 2017, Bitcoin has risen many times over. In the third quarter of 2019, with the spread of the global epidemic and the gradual rationalization of governments’ attitudes towards cryptocurrencies, people have generally turned their attention to the digital asset field. From the end of 2017 to the end of 2018, the total market value of Bitcoin exceeded $10 billion. By the end of August 2019, this amount had exceeded 15 billion RMB. During the same period, China’s central bank, Alipay, and other internet financial institutions successively announced their support for virtual token transactions, but have not yet announced specific timetables. According to statistics, since 2017, the number of registered virtual token trading platforms in China has continued to increase, with nearly 30 new virtual currency companies added in 2017 alone, involving over 200 blockchain projects. Within the first 7 days in 2020, the number of active addresses on Ethereum reached a peak of 38,000; in early November 2020, the number of independent addresses on the Ethereum network increased to 29,000. From the chart, since the first quarter of this year, the total number of active addresses on Ethereum has more than doubled to 500,000, a year-on-year increase of over 134%. In addition, from January 31 to mid-September this year, Ethereum’s average daily on-chain transaction fee income approached 300 yuan, reaching as high as 600 yuan in the first quarter of 2019, with a cumulative increase of 192% for the whole year. From the middle of 2018 to early this year, the proportion of ETH daily fees continued to rise. The current monthly fee accounts for less than 3% of the total fixed fee on the network, much lower than the same period last year. Moreover, due to excessive selling pressure from miners, Gas consumption has decreased, resulting in a decline in overall Gas utilization.

Therefore, for investors in the market, “if you had cash or stocks to invest in Bitcoin in 2016,” it may be better to choose some other relatively safe investment methods to participate in the market. But here’s the problem: “Are you ready for 2016? If you don’t understand Bitcoin, you may miss many opportunities and feel regretful.” “Then why wait? I think this is a very important reason.”

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