Year in Retrospect: Bitcoin and Crypto Journey (2020)
It would be an understatement to say that 2020 has been a remarkable year for all crypto lovers and bitcoin hodlers. The year started on a good note and is ending on an even higher note!
For us at Yellow Card, we’ve experienced massive growth all round - from the number of active customers to the volume of crypto transactions we processed to the countries we now operate in and even to the number of members on our team. It’s really been a very interesting year despite the many occurrences we all know so well.
Looking back on the exciting ride 2020 has been and looking forward to a better 2021, here’s a rundown of the milestones we hit in the cryptocurrency world this year.
2020 Crypto Milestones
• January 1st - The price of BTC was $7,200.46 and ETH was $130.68.
• January 8th - BTC price hit new 2020 ATH at $8,327.1 following the death of Iranian major general by a US drone. The price rose steadily till February, peaking at $10,224.07 on the 15th.
• March 12th - BTC price dipped to $3,850. This could be associated with coronavirus fears as well as looming lockdowns around the world.
• May 11th - Bitcoin halving took place at 19:23 UTC after the 630,000th block was added. This is when bitcoin mining reward is reduced by half (now 6.25 BTC per block mined from 12.5 BTC). There is no set date for this but it takes place about every 4 years. The implication of bitcoin halving is that there is a reduction in the amount of bitcoin that goes into circulation.
• September 1st - ETH price soared and peaked at $470.33 after steadily rising all year. This increase is associated with the rise in the adoption of DeFi, which is basically a decentralised financial system built on the Ethereum network.
• September 15th - MicroStrategy announced it has acquired an additional $175 million worth of bitcoin, bringing the company’s total bitcoin holdings up to around $416 million. This was a major step in institutional investment in bitcoin.
• October 8th - Square, Inc. announced that it purchased $50 million worth of bitcoin.
• October 21st - Paypal announced that it will start supporting payment in bitcoin on its platform.
• November 13th - Bitcoin price rose above $16k for the first time since January 2018 and peaked at $16,300.53.
• November 30th - Bitcoin price reached an ATH of $19,864 for the first time ever surpassing its 2017 ATH. ETH rose to $635.16 as some altcoins also gained.
• December 1st - Phase 0 (beacon chain) of Ethereum 2.0 went live.
• December 17th - Bitcoin price reached a new ATH as it crossed the $23k mark on its bull run.
• December 26th - Still rising, BTC price reached $26k.
• December 27th - BTC price crossed the $27k mark.
• December 30th - Bitcoin price peaked at $28,484.
• December 31st - Bitcoin passed the $29k mark as it heads to the moon.
Such an interesting last month of an eventful year! We keep holding onto our seats and bitcoin as we soar into 2021.