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Hosting a booming period of online creation and technological advancement, the late 90s saw the tech bubble expand to staggering heights, only to pop shortly after the new millennium began. Speculative investments and trading facilitated rapid market gains, for a time, until the party ended in the early 2000s. The cryptocurrency industry saw a similar bubble in 2017. Was 2017 and early 2018 crypto’s dotcom boom, or is it still coming? “We are in a market state similar to the post-dotcom boom where there are higher quality projects and companies building for the long term,” Paul Eisma, head of trading at XBTO Group, told me in an email on May 20, 2020.
With bitcoin leading the charge, 2017 yielded incredible price gains for the crypto markets. Between January and December 2017, bitcoin rose from less than $1,000, all the way up to almost $20,000, based on TradingView.com data. Crypto’s total market cap also saw dramatic rise between January 2017 and January 2018, spiking from approximately $14 billion, to above $750 billion.
Bolstering the hype, initial coin offerings (ICOs) gained popularity as a new method of fundraising. Many ICOs raised millions of dollars on speculation and marketing. Crypto’s major bubble began to burst in January 2018, however, with the entire market suffering significant losses by the end of that year.
Similarly, the latter half of the 90s also saw rising stock prices as speculative investors piled into the latest early-stage website businesses offering online solutions.
The ‘irrationally exuberant’ 2017 speculative coin bubble was followed by the painful, necessary cleansing of the ecosystem in 2018. Riding the fad and hype of blockchain and cryptocurrencies in 2017, many startups looked to apply the technology wherever they could, regardless of feasibility.
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