Bitcoin Forum

Newbie here - I was recently exposed to cryptocurrency and have been studying it. Unfortunately, it was after the bit coin boom of 2017.

I knew that the bit coin had a good bull run in 2017. I just looked at the stats today and I am simply astonished  :o :o :o

Bit Coin Price History
Dec 2013 - $600
Jan 2017 - $800
Apr 2017 - $1,200
June 2017 - $3,200
Sep 2017 - $5,000
Nov 2017 - $7,300
Dec 2017 - $13,800 (at one point it reached $17,900)

So, what were the reasons for the bit coin's gigantic bull run in 2017?

I will also track the reasons you mention and add them below.

Don't know but the rumor back in December is because of the Christmas season where many are given bonus and investing it all to cryptocurrency.

the main reason was thats the more people started using bitcoin , many transactions have been done due to which it demand increased and bitcoin got a sharp rise in its value

As per the graph in wikipedia, the number of bitcoin transactions in 2017 had a normal growth.
https://en.wikipedia.org/wiki/History_of_bitcoin#/media/File:BTC_number_of_transactions_per_month.png

Firstly, at one point it reached $19800 on most exchanges and even a bit more in some Korean exchanges. I would classify what we had in 2017 as FOMO rush, while seeing lot of new investors who heard how bitcoin have made a lot of early adopters rich and thought it would make them rich overnight, coupled with a lot of bullish predictions, which made missing out not an option for them.

I think you're right and the reason is as simple as more people have started understanding, using, and investing in Bitcoin. It somehow snowballed in 2017.

More people started to invest on bitcoins on 2017 thats why there is a great jump in the bitcoin price.But it jumped too much in my opinion now the price correction occurred and the price if getting stable between $12K.

Because theres a lot of investor that enter her at cryptoworld. Thats why the price of bitcoin is rise up like gold .but some investor cash out thier money on thier account because of they personal reason.. And the price of bitcoin now is low thats why we need a investor to rise up again the price..

there is always an increasing adoption of bitcoin which is constantly contributing to the long term rise of bitcoin price. last year this adoption was "booming" which is why the price also "boomed".
here are major incidents that contributed to this big rise:

• mainstream adoption of bitcoin in Japan. finally Japanese decided to officially accept bitcoin as a "legal method of payment" and that was a big move helping the rise a lot. mainly because of hundreds of merchants in Japan that started accepting bitcoin. this was also led to change of views in other countries even in Russia after years of negativity against bitcoin.
• removal of  taxes on bitcoin payments. again in Japan and a couple of other countries like Australia. and you can imagine how merchants that were already accepting bitcoin and the new ones felt. which helps with the adoption.
• the end of 3 year scaling debate in August. finally the scaling debate which was a very big slow down for bitcoin's growth came to an end when the big blockers forked off and bitcoin could finally come to consensus and have Seregated Witness activated which also opened up lots of future possibilities such as Lightning Network, Cross Chain Transactions (Atomic Swap), more anonymity (Confidential Transactions), ...
• price rise itself. when bitcoin performs well and it is rising and giving a lot of profit, a lot of new investors become aware of it and start investing in it in order not to "miss the boat"
• a lot of publicity in the media which is practically advertising bitcoin!

According to my study, I can say that most of the people could know about the future of bitcoin in 2017. People trusted Bitcoin and involve themselves in bitcoin in that time. For this reason, the transaction of bitcoin was increased than before. Huge transactions are the main fact of the price booming.

The simple reasons are that : (1)the world is beginning to accept new technology or that technology is beginning to pierce into human space.
(2) That, in 2017 , we started witnessing the growth of blockchain technology.
(3) As at February/march , when bitcoin was still around $900 to $1000 dollars, we had people realizing bitcoin as a means of payment in option to fiat.
(4) There began a tremendous awareness and growth of cryptocurrency sometime around June, then bitcoin got close to $4,500 / $5000.

In other words,  the growth of bitcoin wasn't just a festive celebration or Christmas awareness rather I see it that, it was and is as a result of the awareness of another means of money called digital currency or better known by others as cryptocurrency or cryptos.

As we know therefore, bitcoin is the first and has started a bullish journey already, it had no choice than to touch the all time high of $20,000 plus, stringing some good profit to the optimist, disciplines and believers of the coin (some lucky pessimist would have been lucky though )  ;D

To disabuse our mind that the growth of bitcoin wasn't just a festive awareness but the awareness of digital currency, that is why we have not seen the coin crashing. After all, Christmas has gone.

I guess one of the reason why bitcoin price increases is because more and more people knows about the bitcoin trading. More and more people want to invest in crypto currencies since it is easy to access and no  need  of a lot of documents to make an investment. Another thing, it is not taxable, it means they can benefit more in their investment.

In december it reached 19.700k at one point

I think it was not only a bitcoin price boom, it was a crypto currency price boom.
Crypto currencies got space in the media because of the increasing price, and that lead to more popularity and an even higher price.
Then there were many ICOs, advertised by celebrities, and people put money in it.
All together it peaked in the middle of December, but that level was not sustainable.

1. Blockchain technology is being accepted by more people around the world.
2. Due to increased awarness people are attracted to invest in it.
3. Also, the easy access to trade and secure transactions.

Haha!!! probably, you are correct about the *rumour part.

I think the main reason of the rising its price in 2017 was hype around Bitcoin! I think about Bitcoin were told everywhere and by everybody. The mass media made a big contribution to the hype.

I guess the main reason why bitcoin price boom is because of its popularity in Internet or in online more and more people known the bitcoin community, more and more wanted to invest in crypto currencies. Another thing, its because of its accessibility and liquidity made it known and contribute to its rise and dependability.

the reason that btc skyrocketed is because, many countries and companies and organizations slowly recognizes bitcoins and many transactions are made using bitcoins, specially because December is a Christmas season. So yeah, and I hope btc prices will grow bigger.

yeah it already apply the law of demand and supply. the supply of bitcoin in 2017 is so small and demand is big thats why the price of bitcoin go high and now supply of bitcoin is very large then the demand become low.

Due to the media started covering widely in news channel and daily in newspaper in our country we could read more about btc and the phenomenal gains it has given in the recent years made people more anxious about it. thus many people to get such gains started investing in it and thus demand went up suddenly worldwide in anticipation to keep btc with them and in future it will rise more.

More people were involved in crypto industry, I think it is also related to good promotion and PR, a lot of people got aware that they can get benefit easily by holding bitcoin, or by mining and trading. More people were involved more was the price, but in the beginning of the year situation changed because of some regulations and restrictions in Asia, so panic syndrome took over and people start to sell coins, so price decreased.

The reason for the bitcoin price boom in 2017 was due to so many factors, the bitcoin network became so popular in 2017 resulting  into more people picking interest in bitcoin and investing in it and again they are so much big investor who pump money into bitcoin in other to derive big gain that also result into price increase. Since bitcoin operate on the law of demands and supply when more people buy bitcoin the price tend to rise and verse versa, people got to understand that bitcoin provide them the opportunity of having a secondary currency aside the traditional faint currency.

High media activity was the reason. Everyone was talking about bitcoin all the time, lots of miners and farms appeared around the globe, people started buying without any expertise and knowledge, so it exploded.

The spike was due to a lot of FOMO's getting into Crypto and we all then knew what happened right after that, it dropped down by a big margin and now stabilizing at $12K.

Thanks for your insights - I wasn't aware of the huge adoption level in Japan (like removal of taxes). This and the media coverage on bit coin prise rise would have given lot of confidence for new investors to trust and invest in bit coin, which would have let to its meteoric rise!

the main reason for bit coin price increase is block chain technology