Just last year, a number of institutional media also launched activities to "find the next thousand coins" and "find a hundred times coins." However, this year, there are very few hundred times of coins, and ten times the gains have won 99% of the currency.
The market has become rational and calm by fanaticism, and thousands of coins and 10,000 times of coins have slowly disappeared.
Bear market covered by bitcoin
From the exchange of bitcoins for pizza on May 18, 2010 (a bitcoin of about $0.0041), the bitcoin rose more than 10,000 times in March 2013, for a total of 34 months.
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In April 2017, the eternal blue ransomware virus broke out, and hacker team Shadow Brokes used the SMB vulnerability of Windows system to spread worm malicious code and extort $300 worth of bitcoin.
This incident has pushed Bitcoin to the world, and Bitcoin has moved from a niche to a wider public and is known to the world.
I don't know if the funds are the prophets to ambush or the chance of speculation after the virus incident. Bitcoin as the leader has opened up a new round of big bull market in the history of cryptocurrency.
At this point, Bitcoin rose from $1,170 to $19890 in just eight months. However, after the summit, Bitcoin began a long bear market that lasted for a year. It was not until 2019 that Bitcoin broke through $4,000 before it began to strengthen.
In 2019, Bitcoin's performance was unique, with the market capitalization rising from 34% to 68% in all cryptocurrencies. Other mainstream currencies are still in a bear market.
The bear market, which is covered by bitcoin, is beginning to miss the hundred times, thousands or even ten thousand coins that were common in the previous round of bull markets . Where have they gone now?
Pursuing a multiplying barbaric growth period
In 2017, the Shanghai Composite Index rose by 6.56%, the Shenzhen Stock Exchange Index rose by 8.48%, and the Growth Enterprise Market rose by -10.67%. Both the Shanghai Composite Index and Shenzhen Chengzhi's gains benefited from the overall increase in SSE 50 and Shanghai and Shenzhen 300 stocks. SSE 50's annual increase was 25.08%, and Shanghai and Shenzhen 300's annual increase was 21.78%.
The 2017 A-shares are, after all, a bull market for a few people. At the same time, first-tier cities have opened housing purchases, and then look back, housing prices peaked at the end of 2016, early 2017. The world is not without good investment targets. US stocks have been out of the decade-long slow-moving market since the 2008 financial crisis. However, this has nothing to do with most investors except the US.
The money that has nowhere to go smells the scent of the cryptocurrency.
At this point, Bitcoin has just halved for the second time, the market value has just exceeded 10 billion US dollars, and the entire cryptocurrency market is less than 20 billion US dollars. Coupled with the various characteristics of Bitcoin, it is simply a tailor-made target for hype.
Funds from speculators, Chinese aunts, stockholders, and real estate speculators began to flow into cryptocurrency.
Ethereum and ICO are also accompanying the last round of bitcoin bull market. Ethereum was crowned "the throne" because of ICO, and ICO is considered to be the booster for this round of bull market.
2017 is a year in which everyone can issue coins and everyone has a "belief." Every ICO project will showcase its imagination without hesitation, and every white paper also depicts a grand blueprint. According to statistics, in 2017, the global ICO raised amounted to 4.9 billion US dollars.
In this frenetic atmosphere, some currencies have successfully turned a hundred times, thousands or even thousands of times. Some investors have become rich in the currency circle in other populations because they are able to get rich and get rich overnight.
“Building the next thousand times and 10,000 yuan” became the propaganda of the project side. “Looking for the next thousand times and 10,000 yuan” became the dream of investors.
While the funds rushed into the currency market and flooded into the ICO, the central bank, the China Securities Regulatory Commission and other seven ministries jointly issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing", which stated that it is forbidden to raise bitcoin, Ethereum and other virtual currency.
As soon as the announcement came out, many domestic exchanges were either clearing or going overseas, and Bitcoin plunged 35%. The issuance of the regulatory decree did not hold the speculative throat. After some shuffled chips, Bitcoin opened the bull market in the second half of 2017 and launched an impact on the $20,000.
This year, Bitcoin stood at a high of $ 19890 , and if it was calculated at the price of $0.0041, it rose more than 4.77 million times, making it a veritable king of 10,000 times.
10,000 yuan in the past
According to statistics, in addition to Bitcoin, in 2017, ABC (Alphabit), PURA (Pura), and XVG (Verge) three currencies increased more than 10,000 times, and eleven currencies rose more than 1,000 times.
How about the development of 10,000 coins other than Bitcoin?
ABC is a diversified global cryptocurrency portfolio fund, and today the official website shows that it is in the process of liquidation. Looking back at history, it has 900,000 customers, has conducted millions of transactions, and currently holds more than 400 different encryption assets.
PURA is a token dedicated to global Internet payments and is currently only available on an unknown exchange. There are several reasons why it can skyrocket:
1. Catch up with the wave of blockchains, and combine the traditional Internet artificial intelligence, mobile mining and other concepts, successfully blown into the sky.
2. The market value is small, the plate is small and the height is controlled. When the market value is the highest, it is 150 million US dollars.
However, the final result of PURA is also how to rise up, how to fall back. PURA's highest price is as high as 1.04 US dollars, and now only $0.0011 is left. The daily trading volume is within a few dozen dollars, which basically declares that the project has died.
XVG is currently the best-developed token among the three, ranking 68th on the CoinMarketCap listing. Verge, formerly known as DogecoinDark, is an open source privacy currency developed by the international development team. At present, the update of the algorithm code is still carried out, and the online exchanges are also a series of head exchanges such as Bitfinex, Binance and Huobi.
The reason why XVG can increase by more than 10,000 times is:
1, there is a certain degree of practicality, the market demand for privacy is not small.
2. The price of the currency is low enough. At about the same time, the price of Monroe is about $0.39, and the XVG is $0.000006 (the difference in market value is not that big).
Of course, the final result of XVG still fell back to the original point. The XVG has a maximum price of $0.2762 and is currently trading at $0.0054, a drop of 98%.
Image source: CoinMarketCap
10,000 times of extinction
From the thousand-dollar and ten-dollar coins in 2017 to the hundred- dollar in 2018 , and now only buy bitcoin. As time goes by, the cryptocurrency market is slowly moving from barbaric and crazy to rational and mature .
On September 4, 2017, ICO will no longer be allowed in China. It indicates that the behavior of arbitrary currency is constrained, and the cryptocurrency growth state is in a paragraph. After 2018, the US Securities and Exchange Commission repeatedly rejected the application of the Bitcoin ETF. The market fluctuated with “application” and “rejection”.
On February 14, 2019, JP Morgan Chase announced plans to issue its own cryptocurrency JPM Coin. This became the first bank to issue cryptocurrencies in the blockchain after the R3 Alliance was established. On June 18, 2019, Facebook officially announced the cryptocurrency Libra, which appears as a stable currency and will serve billions of people.
Libra's influence far exceeds the issue of cryptocurrency by JPMorgan Chase, which has drawn worldwide attention. At the same time, central banks have said that they will act on the cryptocurrency.
Recently, Bakkt received the last license from the New York Financial Services Department, and legally compliant futures contract transactions are ready to go online. This event marks the completion of cryptocurrency derivatives trading, which is on the way to formalization.
In addition, the reduction of off-exchange funds, the outflow of employees and the emergence of a wave of projects have led to the de-bubbling of the entire industry.
From 2017 to the present, whether it is the decline of the ICO, or the break of the star currency, whether it is the intervention of supervision or the admission of the regular army, all this marks the blockchain and cryptocurrency industry is coming out of the bubble, toward Rational, normative, and mature development. The "profiteering" or "dividends" of barbaric development will disappear, and thousands of coins and 10,000 times of coins may never appear in a short time.
But for the industry as a whole, this may not be a bad thing.