Bitcoin, ethereum and other cryptocurrencies have clearly experienced multiple rounds of heavy losses over the past week. While the next short-term trend is difficult to predict, if you compare the current cryptocurrency trend to the bitcoin trend at the end of 2017, you can see two major similarities – which may suggest that the current bull run has come to an end.
First, just like last time, bitcoin’s peak occurred almost exactly when institutional acceptance reached a major milestone.
This year, bitcoin reached an all-time high on April 14, when the price rose to just under $65,000, the same day as the IPO of virtual currency trading platform Coinbase. the Coinbase IPO was a major milestone for the virtual currency industry.
Bitcoin Rises to New Highs on Coinbase IPO Day
In the same vein, back in 2017, Bitcoin reached a then-record high on December 17. On that day, the Chicago Mercantile Exchange (CME) launched bitcoin futures, which was also an important milestone at the time, reflecting the increased institutional acceptance of the virtual currency.
Another important similarity is that in both cycles, bitcoin was the first to reach new highs, which then led to spikes in other cryptocurrencies. In the previous cycle, bitcoin reached a new high in December 2017, while other currencies only reached new highs in January of the following year. For example, Ripple reached a new high only a few days after Bitcoin started to fall from its highs.
Bitcoin Reaches New Highs Days Ahead of Ripple in 2017
Again, the situation is very similar this time around. Bitcoin reached a new high a month ago, while other currencies peaked only a few days later.
Bitcoin reached new highs a few days before ethereum in the current round
This implies that there seems to be some pattern to the cryptocurrency cycle in that people are always the first to enter bitcoin trading, then move to other cryptocurrencies or cottage coins, and then bitcoin trading starts to lose momentum.
Furthermore, if put another way, it could also be understood that there is an acceptance cycle, where people in traditional finance are slowly being lured by the lure of soaring cryptocurrencies, so that major institutional acceptance milestones (futures offerings, initial public offerings, etc.) tend to occur as bitcoin rises to new highs.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-two-main-features-of-the-2017-bitcoin-top-have-resurfaced-the-end-of-the-cryptocurrency-bull-market/
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