Author: Surging with more than 40 percent throughout the past week alone, Bitcoin’s price has made yet another remarkable advance, hitting $7,500. More interestingly, this happened during what’s perhaps the most influential event in the entire blockchain field – NYC’s Blockchain Week 2019.
Blockchain Week or Bitcoin Week?
In the period between May 10th – 17th, New York City is the place to be when it comes to blockchain. That’s because one of the world’s most prominent industry events takes place then, namely Blockchain Week 2019.
However, it seems that Bitcoin is currently stealing the spotlight from everything else, as its price has gone parabolic. In the past week alone, the cryptocurrency has gained around 40 percent of its value, hitting $7,500.
This hasn’t gone unseen, as prominent Bitcoin investor Tyler Winklevoss humorously wondered if the event should be called Bitcoin Week rather than Blockchain Week.
Should we rename Blockchain Week to Bitcoin Week? 😂🚀👍
— Tyler Winklevoss (@tylerwinklevoss) May 11, 2019
While definitely entertaining, most of the replies are overwhelmingly in favor of the change in the name.
The Blockchain Week Impact on Bitcoin
Being the prominent industry event that it is, Blockchain Week has historically proven to be able to impact Bitcoin’s price.
Back in 2017, Consensus was held on May 22nd-24th. During this week, Bitcoin marked an impressive increase of around 60 percent.
While the price corrected afterward, it ultimately went parabolic to reach its ATH value of around $20,000 towards the end of the year. After that, however, Bitcoin and the entire cryptocurrency market entered a prolonged bear market and prices plummeted across the board.
During this bear market, however, Consensus didn’t manage to do much good for the price, even though it was expected. Popular cryptocurrency commentator as well as a head analyst at Fundstrat Global Advisors, Tom Lee, said back then that Bitcoin was set up for a rally going into the week of Consensus in 2018. This didn’t happen.
In any case, while it’s possible that the current Blockchain Week has attributed to the increase in Bitcoin’s price, positivity can already be seen across the community.
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