(Un)Surprising Results Of Bitcoin's 3 Year Journey From One ATH to Another
Bitcoin (BTC) has gotten far in just three years since its previous all-time high, breaking technological, psychological, and adoption barriers along the way, so we've checked the exact numbers and compared today's to the previous all-time high in 2017 - and some results may be somewhat unexpected.
While most values below (including the price) are 30-day average, looking at the all-time-high values is not as clear-cut. The reason is, as we previously discussed, that there simply isn't one all-time-high number. Ever, at any point. Therefore, the raw values provided by BitInfoCharts.com tell us that the BTC hit USD 19,401 on December 17, 2017, as well as USD 22,544 today as its highest point in history. Meanwhile, Coinpaprika.com shows that the coin's earlier all-time high was USD 20,089 vs USD 23,448 reached today. And though the numbers are different, the difference between each pair is similar: 16.2% and 16.7%, respectively.
To further compare these two points in time, the two peaks, we looked into the Bitcoin network on December 17, 2017, and the values recorded today*: from one all-time-high to another.
We found that some metrics saw significant increases in their respective values:
- The price is up by nearly 54%, going from just over USD 12,000 to a level close to USD 19,000.
- Therefore, the market capitalization went up almost 70% to USD 344.5bn.
- Realized market capitalization increased more than 150% to USD 138.84bn.
- Hashrate, or computing power of the Bitcoin network, is up by 1,206%.
- The mining difficulty also increased substantially, hitting its own all-time highs along the way: mining pool BTC.com shows a rise of 898.4% in three years (raw values).
- And the average value of transactions increased almost 30% to USD 116,071.
But then, there are those values which are lower compared to the previous major rally:
- The average block size dropped 11.4%.
- The number of transactions per day is 15% down (313,514) compared to three years ago.
- The average transaction fee decreased 64% (USD 4,55).
- Active addresses are 2.8% fewer in number (890,862).
- There are nearly 50% less tweets (49,485) about bitcoin today then on this day in 2017.
Some of these results, drops specifically, may come as a surprise. But what needs to be kept in mind is that this is a comparison of two points in Bitcoin's history, and more importantly - that the first rally in question, the 2017 one, was gigantic, particularly as far fewer people knew of the coin. Therefore, the difference between the two points can't be as drastic as, let's say comparing the values from one halving to the next.
Furthermore, we discussed the Google Trend results for 'bitcoin' earlier today. We found that, while the interest in this term spiked in the last 24 hours, that jump it still just a barely noticeable change when it's compared to the late 2017 / early 2018 number of searches. The reason behind it might be fairly simple - many more people already know what bitcoin is than three years ago.
These, however, are obviously not the final results, as BTC is continuing the current run. We'll see how far it gets before inevitably correcting. Or it's different this time?
*While all the 2017 results are taken on the same date (December 17), those in 2020 are from the first available date. All values are from December 16, except for price, active addresses, and tweets, which are from December 17, and mining difficulty which is from December 13.
Additionally, all are 30-day-average values, unless otherwise stated.
All values were taken from BitInfoCharts.com, except for realized market capitalization (coinmetrics.io), mining difficulty (btc.com), and one all-time-high value where indicated (Coinpaprika.com).
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