Firstly by January 2nd 2017, bitcoin was worth a little above $1,000 and this was recorded as bitcoin for the first time crossed the $1,000 landmark. 138 days later, the price of bitcoin doubled and the global market price of bitcoin became $2,000. Another landmark was recorded and bitcoin seem to be on the fly as only little people expected that the price will rise that fast.
85 days later, it seems bitcoin price have some more shocking surprises for its price doubled and bitcoin was worth $4,000 per bitcoin. Then SegWit was introduced and there was a split in the blockchain that gave birth to Bitcoin Cash. The price of bitcoin gradually began to drop for the first time since the beginning of the year.
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Then came in the China government saga with news/rumors flying that China government have placed a ban on trading crypto in the country. The price of bitcoin decreased and fell down to a little below $2,000. But Korea and Japan took over the bitcoin market as China dropped out. Three weeks later, gradually the price of bitcoin began to appreciate.
Just 98 days after bitcoin price hit $4,000, its price doubled and this time crossed $8,000. Then the price increase in the later part of the year was something phenomenon, bitcoin price began to appreciate nearly $1,000 every 24-48 hours. Then by December 8 2017 bitcoin recorded its first all high price landmark $16,000. As at the time of writing this article, the global bitcoin price has depreciated to somewhere above $13,000.
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All this leaves the question as to what will happen to bitcoin price in 2018. If the price continue to soar, bitcoin might hit and cross the $30,000 by the end of 2018. What will be the effect of this on local currency and banks is still uncertain but be rest assured that most financial institution are already showing concern over the rise of bitcoin 2017.