2018 is a year Bitcoin enthusiasts won’t forget. At the time there was a lot of bearish sentiment throughout the Bicoin community at the time.

By the close of December 18, Bitcoin stood at $3,699.15, marking a 4.5% uptick for the day.

This was a small solace given that its price had plummeted by over 70% from its opening price of $13,062 in 2018. The roller coaster continued for the rest of the year, swinging between $6,000 to $8,000. It eventually concluded the year with a valuation of $3,709.

#bitcoin was $3700 on Dec 18, 2018 when this tweet/article was made. https://t.co/FKwe86jLYo

— CZ 🔶 BNB (@cz_binance) September 3, 2022

Fast forward to November 18, 2023, Bitcoin is trading at a relative price of $36,000 – approximately 10 times its price at the rock-bottom of December 2018.

The 2018 crypto crash came into play post the cessation of the initial coin offering (ICO) frenzy when numerous projects stumbled and failed. The decline in the market began taking shape when bigwigs like Facebook, Google, and Twitter decided to prohibit advertisements related to ICOs and token sales. Bitcoin’s market capitalization plummeted below the $100 billion mark for the first time since October 2017, leading the coin’s price to descend to $5,500. The bearish sentiment lingered on and saw Bitcoin bottoming out at approximately $3,000 in December.

The downturn persisted until 2019, with Bitcoin wrapping up the year at a valuation close to $7,000. The 2018 crash could be attributed to numerous factors like market cycles commonly witnessed in highly speculative asset sectors, burgeoning global crypto regulation initiatives, a noticeable absence of regulation, and the sprouting of scams.

Bitcoin’s trajectory from its 2018 lows to its notable valuation in 2023 underscores its tenacity in the financial realm. This significant rebound not only showcases Bitcoin’s enduring allure but also solidifies its position as a pivotal financial asset in the contemporary economic landscape.

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