No signs point to a return to the Bitcoin high of 2017


On December 17, 2017, bitcoin hit its highest level ever — $US19,783. It was a stunning move for an asset that traded under $US1000 at the beginning of the year. The manic rally enticed everyone from hi-tech disciples to grandparents.It didn’t last long. And it hasn’t returned.In the last week of November, with bitcoin trading at around $US7000 ($10228.83), only about 14 per cent of the 18 million bitcoins outstanding were actively traded, according to data from research firm Flipside Crypto. That is down from more than 50 per cent in October last year.The sobering reality has replaced the energy that drove bitcoin and the cryptocurrency industry through much of the early years that creating new global monetary standards requires more than computer code.“Nothing has hit escape velocity,” said Ryan Selkis, the founder of research firm Messari. Although bitcoin’s supporters were still optimistic, progress in the industry as a whole…

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