Bitcoin’s Biggest Single-Day Gains: A Look Back at History
The price of Bitcoin has been on a continuous rise, reaching an impressive $64,000. This surge in price has sparked renewed excitement in the crypto community, with many feeling that this bull market is different from previous ones. However, it’s worth noting that Bitcoin has experienced even more significant single-day gains in the past. Let’s take a look at the top five biggest single-day gains in Bitcoin’s history:
April 2013
In April 2013, the price of Bitcoin saw a 42% jump from a low of $98.20 to a high of $150.85. This increase came after the price had fallen from its monthly high of $232.11 the day before.
November 2013
In November 2013, Bitcoin once again experienced a 42% jump in price. It went from a low of $494.94 to an astonishing $712.76. This surge reflected the growing interest in Bitcoin as the first Bitcoin ATMs began rolling out worldwide.
December 2017
The price of Bitcoin rose by 27% in December 2017, reaching $17,899 by the end of the year. This marked its highest all-time high at that time. The news of Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) launching Bitcoin futures trading played a significant role in driving this surge as institutional investors gained exposure to Bitcoin.
Where Are We Today?
As Bitcoin approaches its all-time high of $69,000, there is a sense of optimism and excitement surrounding the cryptocurrency. The Crypto Fear & Greed Index currently rates the sentiment around Bitcoin at 80, indicating extreme greed in the market.
Speculators are anticipating a substantial windfall for Bitcoin as the next Bitcoin halving approaches. Skybridge co-founder Anthony Scaramucci even suggested that the price of Bitcoin could quadruple after this four-year milestone.
Adding to the frenzy are the Bitcoin ETFs, which have seen financial institutions buying up Bitcoin to meet customer demand. For example, Blackrock’s iShares Bitcoin Trust holds 130,231 BTC worth around $7.9 billion, while Grayscale Bitcoin Trust holds a staggering 466,534 BTC worth around $28.7 billion.
Hot Take: The Fourth Bull Market
This current bull market for Bitcoin is being hailed as different from previous ones. Crypto enthusiasts and investors have learned valuable lessons from past experiences and have adapted their strategies accordingly:
- In 2013, many individuals spent all their Bitcoin and traded CFDs, only to end the year with no Bitcoin left.
- In 2017, people bought Bitcoin but also traded risky altcoins, resulting in significant losses of up to 90% of their holdings.
- In 2021, individuals have focused on building businesses and accumulating more Bitcoin.
The fourth bull market for Bitcoin brings with it a sense of cautious optimism and a more mature approach to investing in cryptocurrencies. With the halving approaching and institutional interest growing, many believe that this time around, the gains will be substantial and sustainable.
As always, it’s important to remember that cryptocurrency investments come with risks. It’s essential to do your own research and make informed decisions when entering the crypto market.
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