In what is fast becoming an annual occurrence, Bitcoin recovered from a recent price drop, its value stimulated by an upcoming major conference. This year – as in the previous three – it’s the Consensus Conference which has provided Bitcoin with the jolt it needed to hit $8,745 on Tuesday.
Bitcoin’s value has rebounded well from a recent slump, rising by 5% in 24-hours and repeating what is fast becoming an annual trend. Heading into the 2018 Consensus Conference, which runs for three-days from May 14-16, Bitcoin had dropped by 3.4% to $8,390, but it had rallied to $8,745 by conference kickoff. That value is still well short of the $9,870 it hit in the first week of this month, and is a massive 52% below Bitcoin’s peak value of $19,511 it reached last November.
However, historically Bitcoin enjoys a price surge during the Consensus Conference, and in past years its value has rallied significantly, both during and after each event.
Bitcoin weren’t the only crypto which was struggling ahead of the Consensus Conference. On Monday Ethereum was also down by more than 3%, while Ripple’s XRP was down by 2.5%. Bitcoin Cash was up by 7.2% ahead of its scheduled blockchain hard-fork on Tuesday, that will lead to the creation of BitcoinABC, yet another cryptocurrency born off the Bitcoin blockchain.
What Is The Consensus Conference?
The Consensus Conference is a blockchain technology summit organized by Coindesk.com, which is now entering its fourth year. In 2018, it will be held at the Hilton Hotel in New York from the 14-16 May. The conference will feature speakers representing the worlds of industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups, all based around the cryptocurrency market and blockchain technology. As many as 7,000 are expected to attend. When the conference was first held in 2015, there were only 500 attendees.
How The Consensus Conference Has Affected Bitcoin
If we take a look at the previous three Consensus Conferences, we can clearly see the crypto market in general and Bitcoin in particular has been significantly stimulated and shows substantial price movements both during the event and after the conference has finished its run. Not only has this trend been maintained each year, the percentage increase in value have rose significantly each time.
2015: Bitcoin’s value increased by 23% during the Consensus Conference, and by a further 121% in the two months after. Only 500 people attended the 2015 conference, and yet those attendees still helped to make a significant impact on the crypto market.
2016: The attendance was up to a healthy 1,500, and during the event Bitcoin’s value rose by almost 90% during the conference and in the ensuing weeks.
2017: The event suddenly became a Blockbuster, with an attendance of 3,000, which helped boost Bitcoin’s value by over 200% . Multiple cryptos enjoyed similar surges in value.
2018: Bitcoin plus the likes of Ethereum, Ripple, IOTA, Dash and EOS to name just a handful should therefore be highly optimistic that this pattern will continue, and if anything, 2018 could prove to be a benchmark year.
Even before it had begun, this conference had created a lot of interest, both from the crypto-community but also from the mainstream media. There will be more media focus on this conference than any previous, and traders will be under pressure to wheel and deal during what is an extremely important crypto get-together, so expect some big figures to be posted and some significant market moves to occur.