August 06, 2021
In a nutshell: Bitcoin has been declared dead so many times by the media that it has been steadily losing support and credibility. Still, bitcoin keeps bouncing back and it’s still in competition. Here’s the bitcoin’s revival process explained.
Crypto has been declared dead and revived so many times now that most investors are desensitized to it. Every time the media kills it, it comes back. Bitcoin alone has already been informally declared dead at least 400+ times in its short lifetime. Why hasn’t anyone minted a coin named Lazarus yet?
How Did We Get Here
If cryptocurrency were a religion, and heck, it kind of is, Bitcoin would be Abraham. Bitcoin is considered the founding father of cryptocurrencies, and all other projects kind of fall in line behind it as we overview the short yet tenured history of BTC.
It took Bitcoin 4 years to go from just 6 cents to over $100, which is a 1,666x ROI. Nice. The trek from $100 to just over $1k took a bit over 3 years from 2013 to early 2017. Nice, another 10x and 16,666x from our starting price. Imagine if you’d had diamond hands since 2009. Sheesh.
From here, that’s when Bitcoin and crypto at large started seeing real attention from the world at large. Late 2017 saw BTC surge to almost $20,000, and it became a thing for real. The 3 years between its introduction and the next leg up did include a lull, but crypto had arrived nonetheless.
Has Bitcoin Revived Yet?
Bitcoin paved the way a few years ago, not only for itself but for other crypto projects too, like Ethereum, Cardano, Chainlink, and countless others that are building off of blockchains that have been established.
In 2020, holders of Bitcoin and crypto counterparts alike were all rewarded with massive run-ups to fresh all-time highs that lasted well into the new year, and even reinforced by positive news catalysts. In April though, the steam ran out, and the FUD poured in. Can’t keep climbing forever, right?
Since then, leaders like BTC, ETH, and others have been valiantly fighting off resistance and slowly climbing upward toward their 2021 all-time highs, and doing so at more of a steady pace than a sprint this time.
Cause For Bitcoin’s Revival?
Bitcoin recently reclaimed its $50,000 mark ($47k at the time of writing) after been beaten down all the way to $30k in the midst of a hot summer, filled with speculation and negatively painted headlines. This made a big statement of not only resilience, but maybe some consistency too.
So, is crypto celebrating revival already? Probably not quite, as it’s still behind many analysts and statistical expectations. Regardless, crypto has bounced back with enough staying power and seeming chart support to suggest that it’s here for good.
Bitcoin, and crypto as a whole, has been vying for acceptance since its conception. And, we’re bullish to see the market’s recent reaction to adversity as a stepping stone toward the future, and hopefully, many more all-time highs to come.