History Recalled as Bitcoin Approach $10K After 18 Months; How Was It Back Then?

Bitcoin (BTC) is only $200 away from $10,000 and while we’re feverishly waiting to reach that target, let’s take a look at what happened when we hit it for the first time on 28th November 2017.

Bitcoin market cap was slightly over $165B, and the total market was $311B. Figures might well be rounded as back then the market was far more volatile during the same day.

Worth remembering that market cap is the value of a company/coin that is traded on one given market, calculated by multiplying the total number of shares/coins (already issued) by their present price.

Today it’s BTC at $175B and a total market cap of $302B.

Why is that important?

With a less overall market cap, BTC has around $10B more in market cap, which shows that its dominance and weight in the global market has increased.

Confidence and trust in the coin is a massive fundamental indicator, especially if we link it to the trading volume.

Volume is the total amount of a security (or a given set of securities, or an entire market) that are traded during a given period.

Why is volume an essential indicator? Trading volume can help an investor identify momentum and confirm a trend. If trading volume increases, prices generally move in the same direction. This is where trading volume analysis comes in handy. Trading volume in itself doesn’t affect the price directly, but it does have a significant impact on the way that the coin moves.

When it hit $10K in 2017, trading volume for BTC was around $6,348,819,968.

Bitcoin 10k Historical Chart

The Last Time We Were Here

With similar market cap condition as in 2017, BTC currently trades with a volume of $20,729,407,592. That’s more than three times as much!

Also, the price has grown at a more steady pace than the last time, giving BTC a better support level. In 2017 BTC briefly hit $8,000 for the first time on 17th November and went straight to $10,000 within a range of 12 days. Not much scope for stabilizing.

This time around the cryptocurrency hit $8,000 on 14th May for the first time and…oh we have not hit $10,000 yet! It’s been 32 days already.

Without mentioning Bakkt on the door, Fidelity officially launching within a few weeks and Libra taking the financial world by storm. There’s a general feeling that the fundamentals are so much stronger this time.

We will retrace as it’s the game in markets, although nobody knows when or how much. How high we will go this time or when we hit $10k, followed by the previous (20K) or the next unknown ATH.

One thing is for sure, though.

All these numbers that seem confusing and nonsensical, are actually showing a Bitcoin better positioned for more extended bullish momentum. With the figures shown above, it will be more difficult to drop quickly and sharply as it happened the last time when it hit $20k.

If historic data teach us anything is that we do not want to repeat a similar situation we had in December 2017 when the market fell so badly, catching most by surprise.

With far too many amateur traders losing huge amounts of money because of the strong volatility, and too fast a growth happened in a very short time, we need a more robust Bitcoin this time.

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