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What were the reasons for the bull market in the cryptocurrency market in 2017 (how many days did the bull market last in 2017)?

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In 2017, what were the reasons for the bull market in the cryptocurrency market

What were the reasons for the bull market in the cryptocurrency market in 2017 (how many days did the bull market last in 2017)?

In 2017, what were the reasons for the bull market in the cryptocurrency market? According to Binance, the current price of Bitcoin is $9170 USD. There are two main reasons for the bull market in 2017. First, the bear market in 2017 caused a overall market decline. Second, the ICO frenzy that started in the second half of last year led to market selling and speculative bubbles. The influx of blockchain projects through ICOs increased investors’ interest in cryptocurrency investment. During the ICO boom at the end of 2017, many retail investors sold their stocks on exchanges and transferred the money to their wallets. After the end of 2017, various DeFi concept tokens were listed and speculation began.

From 2017, we can see that the overall market sentiment was high at the end of 2017. People’s mood also became very good after 2017. Bitcoin’s performance has been relatively flat since the beginning of 2017. Until today, Bitcoin is still maintaining an upward trend, but there hasn’t been a large-scale correction like in 2016.

How many days did the bull market last in 2017?

Editor’s note: This article is from the Fenghuolun community (ID: FHBT18), written by Peipei, authorized by Odaily Star Daily.

Hello everyone,

I’m Peipei. How many days did the bull market last in 2017? I will give you a summary today. Was 2017 a bull market for Bitcoin? Now, looking at these data, they still look good, but if we start counting from last year, there might be some slight changes this year. However, during this period, we can also see that many times I didn’t have much confidence in this cryptocurrency, because the price of the “big pie” is still falling.

But if we follow the rhythm of the previous bull market, in 2017, Bitcoin could reach around $10,000, and the price has increased more than 20 times until now.

As for the stage at the end of 2018, many people may not understand its trends or think that it is following a small bull market path. Therefore, there are indeed many people who do not understand and sigh about its future potential. For example, you may have seen stories, ideas, and various opinions from those who used to fantasize about the future of blockchain. Of course, some people even ask, “Are there any recent hotspots that you have bought again?” It means “really can’t afford to buy anymore”…and this seems a bit like the ICO bubble in 2017. At that time, I thought the market was too crazy, and I got caught at a high position because everyone knows that this thing is not very fun, the “leeks” won’t want to spend the money they earn. So why rush to invest? The reason is that in the past, the price of 10,000 yuan used to be worth 10 yuan, but now you can sell half of it for more than 1,000 yuan, which is 15 yuan. Later, some people found that they only had a few hundred yuan left and had no movement. They could cash out their chips into other currencies and no longer worry about someone crashing the market. In the end, they only had less than 2 cents left.

So what made this cryptocurrency so popular in 2017? In fact, the volume of the entire cryptocurrency market at the end of 2017 was not driven to a large extent by speculation, but rather by manipulation by the institutions, with retail investors not participating. The main way for most investors to make money in this bear market was by chasing high prices. Therefore, in this bull market, we may still pay attention to some aspects, especially some areas that are worth paying attention to, such as DeFi, stablecoins, NFT, and other projects within the ecosystem. Although their development seems slow at the moment, as these projects land, develop, and their promotion becomes clearer, they will gradually grow and become leading benchmarks in the next wave of mainstream assets.

In conclusion, during those days in 2017, I personally am still looking forward to Ethereum’s continued breakthrough of its historical high. Another key information is that the progress of Ethereum 2.0 is fast, and it is expected to be launched on the testnet as early as the beginning of 2021. Before the launch of the Ethereum 2.0 mainnet, there may be a release of a public testing version first.

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