Analyzing Bitcoin & Ethereum from 2014 to 2024
Abdulmumin Solihu
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Introduction
The cryptocurrency market has evolved significantly over the past decade, with Bitcoin and Ethereum leading the charge as the two most prominent cryptocurrencies.
In this detailed analysis, I’ll walk you through the data trends for both Bitcoin and Ethereum from 2014–2024 and 2017–2024, respectively.
Using Microsoft Excel, Power BI, and Power Query, I gathered data to uncover key insights into their price movements, trading volumes, and forecast trends for the future.
Data Source and Methodology
Over the past few days, I’ve conducted a deep analysis of the price trends of Bitcoin (2014–2024) and Ethereum (2017–2024) measured by Open, Close, Adjusted Close, High, Low and Volume traded per day.
The analysis leverages a reputable cryptocurrency platform’s historical pricing and trading volume data. The source of the dataset is Kaggle.
The raw data was imported into Microsoft Excel and cleaned using Power Query.
Finally, Power BI was used to visualize trends and develop forecasts, offering a comprehensive picture of how Bitcoin and Ethereum have performed over the years and what we can expect moving forward.
Below is a quick overview before we dive into the details.
A quick overview
Bitcoin: A Decade of Dominance
BTC Performance overview
1. All-Time High Reached in March 2024
Bitcoin reached its all-time high on March 14, 2024, when the price surged to $73,750. On that day, Bitcoin opened at $73,079.38 and closed at $71,396.38, with a staggering trading volume of $59 billion. This price spike reflects the growing interest in Bitcoin as both an investment vehicle and a digital store of value.
2. All-Time Low in 2014
Contrasting its peak performance, Bitcoin’s all-time low during the analyzed period was a mere $171.51, which occurred back in 2014. This figure highlights Bitcoin’s meteoric rise from being a relatively obscure digital asset to becoming a global financial powerhouse, attracting both institutional and retail investors.
3. Record Trading Volume in a Single Day
While Bitcoin’s price peak in 2024 is noteworthy, its highest-ever daily trading volume occurred on February 26, 2021, with over $350 billion worth of Bitcoin changing hands in a single day. This high trading volume aligns with Bitcoin’s surge in popularity during the post-pandemic market frenzy, as investors flocked to alternative assets in response to traditional market volatility.
4. Total Trading Volume from 2014 to 2024
Between September 2014 and July 2024, the total volume of Bitcoin traded amounted to an astounding USD 62.08 trillion. This underscores Bitcoin’s role as a major asset in the global financial system, facilitating daily billions of dollars in transactions, whether for speculative trading, institutional investments, or cross-border remittances.
5. Forecast: Bitcoin’s Future Prospects
BTC Performance Forecast
Looking ahead, the forecast models generated in Power BI suggest that Bitcoin is likely to approach an upper limit of $100,000 by 2026. However, temporary market corrections are also possible, with a lower limit predicted around $60,000. This forecast reflects Bitcoin’s ongoing volatility but also its potential for sustained growth as mainstream adoption increases.
Ethereum: The Growth of a Smart Contract Giant
ETH Performance overview
1. All-Time High in November 2021
Ethereum, the second-largest cryptocurrency by market capitalization, reached its all-time high of $4,891.7 on November 16, 2021. On this day, Ethereum opened at $4,570.48 and closed at $4,216.37, with a trading volume of $27 billion. Ethereum’s rise is closely tied to the increasing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), both of which rely heavily on the Ethereum blockchain.
2. All-Time Low in December 2018
Ethereum’s all-time low during the analyzed period occurred in December 2018, when it dropped to $82.83. The stark contrast between Ethereum’s 2018 low and its 2021 peak illustrates the significant growth and adoption of the Ethereum network over a relatively short period.
3. Record Trading Volume in a Single Day
On May 19, 2021, Ethereum experienced its highest single-day trading volume, with over $84 billion traded in a 24-hour period. This surge in trading activity coincided with a broader market rally, driven by the explosive growth of DeFi projects and NFT marketplaces, which run predominantly on the Ethereum blockchain.
4. Total Trading Volume from 2017 to 2024
From November 2017 to July 2024, Ethereum saw a cumulative trading volume of $29.98 trillion USD. This underscores Ethereum’s growing role as the backbone of decentralized applications (dApps), DeFi, and NFTs, with substantial global demand for the network’s capabilities.
5. Forecast: Ethereum’s Future Potential
ETH Performance Forecast
Based on the forecast generated through Power BI, Ethereum is expected to reach an upper limit of $6,500 by 2026. However, similar to Bitcoin, Ethereum’s volatility suggests that the price could also fall to around $2,500 during potential market corrections. Despite the volatility, Ethereum’s strong use case in smart contracts and decentralized applications positions it for continued long-term growth.
Conclusion
Both Bitcoin and Ethereum have proven themselves as the best-performing digital assets over the last decade, with strong price growth, increasing adoption, and record-high trading volumes.
Conclusion
Bitcoin, as a store of value, and Ethereum, as the backbone of the decentralized economy, are poised to remain key players in the cryptocurrency market.
Final Thoughts
As I continue to explore and analyze trends in voluminous data, I am always open to new insights, feedback, and collaboration opportunities.
I’m also actively seeking to join an innovative company where I can apply my skills in data analytics to uncover actionable insights.
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Posted Oct 17, 2024
In this detailed analysis, I’ll walk you through the data trends for both Bitcoin and Ethereum from 2014–2024 and 2017–2024, respectively. Using MS Excel, Power
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