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Bitcoin's surge in history
1. Market Trends <br/>The current Bitcoin price is 4360 yuan, still fluctuating sideways. Today is Friday, the futures delivery day, so please pay more attention to the market. Today we will review the story behind the Bitcoin surge. The following figure is a price trend chart of Bitcoin in recent years. A. Smart money.
Before 2013, not many people knew about Bitcoin, and reports on Bitcoin were mainly concentrated in some emerging technology media. I learned about Bitcoin through some emerging technology websites in 2012. I am a person who is highly sensitive to various emerging technologies, but I did not spend too much time to study it in depth at that time. I really started to invest in Bitcoin in October 2013. I was lucky. Before the Bitcoin price rose sharply, I started to buy it when the price was around 700 yuan. I bought it and it went up, and I bought it again when it went up. I couldn't sleep at night.
After a full site scan of the BTT forum (bitciontalk.org), BiQuShi found that users who were active on the BTT forum before 2013 accounted for less than 10% of the total number of users. These are investors who are one step ahead of others, relatively well-informed, and easy to accept new things. Such investors will be aware of a certain emerging investment opportunity and know that such assets usually have substantial expectations of rising prices, but they have to take certain risks. At that time, the price of Bitcoin was only a few yuan or more than ten yuan per coin, and those who dared to take risks have now gained tens or hundreds of times the returns.
B. Institutional investors intervened in this phase, which happened in April and May 2013, relative to Bitcoin. At that time, the number of Bitcoins exceeded 11 million, and it coincided with the Cyprus economic crisis. A large number of media reported on Bitcoin, which attracted many investors to follow suit. This was also the first time that the price of Bitcoin exceeded $250.
C. Extensive media and public involvement
In early October 2013, the Silk Road website used Bitcoin for black market transactions. After the news that the website's CEO was arrested came out, various media outlets continued to compete to report on this new thing, and the price of Bitcoin began to slowly climb from 700 yuan. China Central Television also released a number of interviews and reports on Bitcoin, and various large and small media outlets followed suit. After the price of Bitcoin continued to rise for nearly a month, on November 18, with the benefit of witnesses from relevant US government agencies labeling Bitcoin as legal, the price of Bitcoin doubled overnight, reaching more than $1,000 (7,000 yuan).
D. Carnival-like price bubble Investors standing on the huge bubble are completely blind to the current situation. All news is good. Various remarks that Bitcoin will replace legal tender and Bitcoin computing power will reach 10,000P can be seen everywhere. There are even various inexplicable and strange mentalities such as the expectation that a major turmoil will occur in a country so that Bitcoin will be regarded as legal tender.
But the reality is cruel. The $1,100 Bitcoin in 2013 was a huge bubble.
E. Desperate selling
After the carnival-like price bubble ended in 2014, the desperate sell-off in 2015 came. In early 2015, the price of Bitcoin even dropped to 900 yuan. Then came all kinds of desperate remarks, and the Bitcoin industry gradually declined. Because they could not find a suitable way to make a profit, various startups had to change their business or close down.
F. Restart
After the carnival bubble in 2013, the price is now above $600 again, which is still a long way from the last highest price of $1,100. Has Bitcoin accumulated enough strength to take off again? Let us wait and see.
2. The long-short index shows the off-market recognition of the value of Bitcoin . The figure shows the long-short index at the hourly level.
3. The newcomer index looks at the relative amount of entry funds . The figure shows the newcomer index calculated on a daily basis.
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