The past 12 months have proved to be a roller-coaster year for the cryptocurrency market.
Major hacks, an exchange flash crash, the launch of Bitcoin futures, and crypto discussions among global regulators saw some coins surge in value while others floundered.
Ripple (XRP), for instance, which has struggled ever since the 2018 market crash, is currently trading at £0.17 – a drop of 37% since the start of the year. The majority of altcoins have struggled to gain any traction and have been on a downward trajectory since the spring.
In contrast, while Bitcoin has seen its fair share of highs and lows, it has been a largely positive year for the market’s “king coin” – making Bitcoin the top cryptocurrency of 2019.
Bitcoin started 2019 on a fairly muted note, trading at just £2,837. In April, however, things started to take off and the coin enjoyed a strong rally that saw its price hit nearly £10,000 in June.
There was no one specific catalyst for Bitcoin’s jump in the summer, but some industry onlookers highlighted increased appetite for Bitcoin following the launch of crypto ventures by institutional investors.
In the second half of the year, Bitcoin’s price started to drop and, in November, it fell by more than 10% in just one day when a market crash wiped billions from the value of several major cryptocurrencies.
Despite this, Bitcoin is currently trading at £5,554, which represents an impressive gain of 96% since the start of the year. In other words, Bitcoin almost doubled in value in the space of 12 months, which is a remarkable feat given the market’s volatility.
It isn’t just Bitcoin’s price growth that makes it the top cryptocurrency of 2019. Bitcoin has also celebrated some major milestones, which have helped to drive positive sentiment towards Bitcoin and the cryptocurrency market generally.
In April, the 400 millionth transaction was recorded by Bitcoin’s public blockchain. And in October, the 18…