Bitcoin has record-breaking Q2, network health at all time high – here’s what happened


Bitcoin has record-breaking Q2, network health at all time high – here’s what happened

Bitcoin, BTC the cryptocurrency that started it all. It first entered the wild ten years ago after its pseudonymous creator Satoshi Nakamoto released the eponymous white paper and got the world thinking about decentralized digital cash.

The initial objective was to create an online peer-to-peer digital cash system that lets users transfer value online while only having to reveal information required to the transaction – ensuring privacy and confidentiality.

Many other cryptocurrencies have spawned following the launch of Bitcoin. Take Litecoin for example, it uses some base code from Bitcoin, and tweaks to decrease the time it takes for transactions to be confirmed.

Or consider Ethereum. Indeed, it’s an entirely new creation from a code perspective. But it takes, many of the political and philosophical principles of Bitcoin, such as decentralization, to try to create a platform capable of processing more than just financial transactions.

It’s safe to say without it, digital currencies probably wouldn’t be where they are today. And none of these creations have come close to knocking Bitcoin off the top spot as the world’s most valuable cryptocurrency. 

The last quarter couldn’t have been better for cryptocurrency markets; Bitcoin had an especially strong few months. But first, let’s remind ourselves of how Bitcoin started the year and take a look at how it performed in the first quarter.

Bitcoin/USD Q1 performance recap

Bitcoin is often criticized for its volatility. However, in perhaps uncharacteristic form, Bitcoin was relatively stable in the first quarter of 2019.

It opened the year at $3,717, and a brief 9-percent increase in Bitcoin’s trading price saw it grow to $4,031 in the first week of the year. Price rallies are typical for the start of the year, but this was nothing particularly noteworthy by Bitcoin’s standards.