In 2017, bullish activity spread throughout the industry and saw cryptocurrencies of all kinds spike in price.
Biggest of which was the leading cryptocurrency, bitcoin.
In this time, around six months, bitcoin rose from $1000 to $20,000 and even though the effect that it had is long gone, people are wondering whether something like this could ever happen again in the future.
One enthusiast of cryptocurrency has given his opinion on the matter saying that another round of bullish activity could come eventually but it will be nothing like what we saw in 2017.
Our little crypto market is still tiny :). – Steve @stevecrypt0 on Twitter | June 21, 2020.
Currently, the entire market of crypto has a market capitalisation of more than $270 billion.
The asset is often compared to gold however, gold’s capitalisation comes in at just over $8 trillion.
Obviously, bitcoin has been in existence for a little more than 10 years however gold has been a thing on the planet for centuries.
Many people are wishing for the leading cryptocurrency to return to highs of 2017.
A few people have even anticipated that bitcoin will reach $100,000 as early as 2021.
It will be interesting to see how this situation plays out.