The sentiment on November 21, 2017 was pretty different from today’s tone. Today sees Bitcoin looking for a price bottom, lurking around $4500 according to Blockmodo at the time of this writing.
The much anticipated Bakkt exchange has delayed its launch. The SEC has yet to approve a Bitcoin ETF, after rejecting proposal after proposal. Sentiment may be doubtful currently, as the public looks toward the end of a tough year for crypto.
However, last year around this time was very much a different story.
November 21, 2017
Last year on this date, Bitcoin was almost double its current price, at just over $8000, according to Coinmarketcap.com data. Crypto folks looked with optimism toward the release of CME and CBOE Bitcoin futures trading in December.
The overall cryptocurrency market cap was just over $240 billion, compared to about $148 billion seen today. Coinmarketcap.com’s historical snapshot taken on Nov. 26, 2017 saw ETH priced at $460, BCH at $1587, and XRP at $0.25.
Bitcoin Gold Fork
Very surprisingly, Bitcoin Gold (BTG) ranked 5th in overall in market cap, at a price of $352. Bitcoin Gold was a result of a Bitcoin fork that took place last October. This Bitcoin fork last October led to significant price action for Bitcoin, as people bought the coin, received their free forked currency, and then sold their Bitcoin shortly after.
Bitcoin SegWit2x Fork
Forks filled the fall season last year. Bitcoin Cash in late summer, and then Bitcoin Gold in October. There was also one other highly anticipated fork, which was supposed to take place last fall close to November 16th.
However, this fork was actually cancelled in what was seen as a controversial fork and decision. The fork was cancelled several days before the anticipated date. According to a Tech Crunch article from last November, “[t]he SegWit2x fork should have increased the block size to 2 megabytes”. The article talks about the block size controversy, mentioning that such a change could have potentially divided the Bitcoin community.
Similar To Now?
The SegWit2x controversy last year coincidently relates to what is happening in the Bitcoin Cash community right now.
Last August, Bitcoin forked into two coins – BTC and BCH. This was due to a debate on Bitcoin’s ability to scale properly.
Since that time, the Bitcoin Cash community has argued for Bitcoin scaling via larger block size. Bitcoin Cash even increased its block size to 32-megabyte blocks earlier this year in May.
However, the Bitcoin Cash community (and coin) has even split in two recently, dividing into Bitcoin ABC and Bitcoin SV. The Bitcoin SV side sees 128-megabyte blocks as the answer (among other implemented aspects).
It’s interesting to see this argument still in play over a year later, with regards to block size.
A plethora of Bitcoin forks have entered the market over the past year, for one reason or another. One article by thenextweb.com from May of this year, mentions -“Bitcoin alone has seen 44 forks of its blockchain since August last year, according to BitMEX Research”. The article goes on to explain that many of these forks may simply be a money grab utilizing the Bitcoin brand.
The market is in a different place this year in regards to sentiment and price. But apparently the block size war still wages on in the Bitcoin Cash community, among other disagreements.
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