How Trending News Influences Crypto Market
The history of cryptocurrencies stretches all the way back to 1980s, with the publication of a paper on “E-cash”, a cryptographically-signed electronic money. In 2008, Satoshi Nakamoto published the seminal paper on the now predominant Bitcoin. Cryptocurrencies and blockchain remained relatively obscure until the 2010s. In 2016, merely 1.5 years ago, the ICO was on very few radars. Ethereum ICO’ed in 2014, raising just 2.3 million dollars at the time. This contrasts sharply with the 2018 pre-sales of $1.7B USD raised by Telegram.
Bitcoin has been part of the public psyche for a while longer, but it was largely associated with shady dealing on the dark web. Even if the technological, financial, and political implications existed, they largely were ignored by the public, who only saw the cryptocurrency as a way to circumvent traditional law enforcement.
Then, suddenly, last year, cryptocurrencies exploded onto the world stage, with staggering and meteoric price rises capturing the public’s attention. People rushed in hopes of making profits, and people started to learn about the potential of cryptocurrencies and blockchain technology. This watershed year ignited hundreds of token and coin creations as well as dozens of ICOs.
Unfortunately, the craze also caused a price spike, as people bought Bitcoin without knowing much about it. They also bought into hundreds of other coins, which largely followed Bitcoin price movements. When Bitcoin crashed, so did hundreds of other tokens and coins.
If there is one hallmark of cryptocurrency markets, it’s that prices can fluctuate wildly. The white-knuckle rollercoaster ride of crypto trading certainly will see large price swings in the future, and it is a shortsighted claim that crypto is dead already. Crypto is here to stay, and ICOs and new coins continue to pour into space. The histories of revolutions are fraught with ups and downs, and we can see some of the most important ones in the infographic below:
Owen is a tech writer and multimedia enthusiast who has spent several years writing for publications both in print and web format. He is based in Southern California, and is also versed social media, video production, viral marketing, computer networking and cloud technologies. When he’s not writing or editing the work of his close peers, he enjoys attending EDM concerts, hanging with his children and looks forward to the Comic Con and E3 conventions every year.
He tweets at @owenandrew7