October 30, 2020

October 31, Bitcoin turned 11 years old

October 31, Bitcoin turned 11 years old

Today, October 31, the crypto community celebrates the 11th anniversary of the leading virtual currency Bitcoin (BTC). Exactly 11 years ago Satoshi Nakamoto published a document called Bitcoin: A Peer-to-Peer Electronic Cash System (“Bitcoin: A Peer-to-Peer Electronic Money System”).

During this time, Bitcoin managed to become fullfinancial asset integrated into the global economy. The coin attracted people's attention thanks to the innovative concept of a decentralized network, which made it possible to make money transfers without the supervision of banks or government bodies. Bitcoin became the foundation for creating a new business area - the crypto industry, whose capitalization level reached $ 600 billion by the end of December 2017.

In March this year, the Bitcoin market endedsevere cryptozyme. The coin rate pushed off the support level of $ 3,800 and reached a record high for June 2019 at $ 12,956. However, the bullish trend changed to a bearish one, and in four months the asset fell to $ 7300 (44%). On October 25, there was a sharp upheaval: the price of BTC for 12 hours increased by 36%. Investors who managed to sell cryptocurrency at the rate of $ 10,700 earned the maximum daily profit since 2011.

BeInCrypto employees believe that the pump wasdue to capital inflows from institutional investors. The bullish trend of 2019 is qualitatively different from the trend of 2017. Two years ago, the cost of BTC was growing by leaps and bounds thanks to private investors attracted to the market by hype. This year, Bitcoin appears much less frequently in the media, the number of search queries and tweets about a coin does not increase, and the change in the price of most altcoins does not reflect the fluctuation of the Bitcoin exchange rate. In addition, in the winter, owners of wealthy crypto-wallets actively increased their coin reserves and concentrated about 55% of the total BTC in their vaults. Given these factors, we can conclude that Bitcoin is under the control of whales and has long been the subject of speculation.