As a nation, Singapore has progressed rapidly in the past 7 years - from the development of new MRT lines to the successful launch of an award-winning airport terminal - even leveraging blockchain for national projects.
We’ve come far. And so has bitcoin.
While we’re belting out old NDP songs and taking a trip down memory lane in anticipation for the 9th of August, let’s look at how bitcoin prices have fared over the past 7 national days.
NATIONAL DAY 2016
In 2016, Pokemon Go was launched in Singapore, igniting a craze for the online mobile game among the young and old alike.
That same year, you’d be able to buy 1 Bitcoin for less than $600. Back in 2016, the concept of digital currencies was still in its early stages.
💡 Did you know? In 2016, our first batch of iOS programmers started work on the Coinhako wallet for iphones - now a major platform to connect with our customers, with 57% of our users using Coinhako on iOS devices.
NATIONAL DAY 2017
2017 was a legendary year in crypto history. Heralded as the year of ICO booms, astronomical increases in token prices, and coin shillings across multiple digital platforms, 2017 also marked the first time Bitcoin crossed $20K.
Bitcoin was worth around $3.3K during the National Day period back then. People who parked their funds into BTC and HODL-ed till December would have reaped a decent ROI.
NATIONAL DAY 2018
Though nowhere near its $20K highs, Bitcoin prices on National Day 2018 were nearly double of 2017’s. In the later half of 2018, cryptocurrency prices eased into a chilling crypto winter —
by late November, Bitcoin prices dropped below $4K, a fraction of the pioneer cryptocurrency’s price when it was at its peak.
💡 Fun fact: Coinhako first listed its Bitcoin Cash (BCH) wallet in 2018 - allowing Singaporeans to buy, sell, swap and store BCH on Coinhako.
NATIONAL DAY 2019
Clearly, bitcoin remained resilient and soldiered through the crypto winter.
Despite its dip towards the end of 2018, bitcoin began to recover around half-year-mark in 2019. On 9 August itself, the top dog among all cryptocurrencies had recorded a 1Y gain of 83% from the 2018.
💡 Did you know? In Jan 2019, Coinhako became the first to offer over 100 fiat-crypto pairings. Later that year, we launched our real-time price charts for all supported cryptocurrencies, in SGD and VND on both mobile and web versions.
NATIONAL DAY 2020
While it might seem as though Bitcoin traded sideways from 2019 to 2020, the crypto market saw an optimistic turn of events in late 2020.
Bitcoin recrossed its 2017 highs in December, sending it on a rocket to the moon - bitcoin closed off the year at around $29K, gaining $10K within a short span of just one month.
NATIONAL DAY 2021
With bitcoin just a few hundred shy of 40K, could there be a chance for the token to quadruple its value since National Day 2020?
NATIONAL DAY 2022
A tumultuous start of the year coupled with black swan events led to BTC dipping to 23k — a far cry from the highs from last year for sure.
NATIONAL DAY 2023
Prices teeter on the edge of 30k and showing signs of recovery. Many are hoping that 2023 is the year BTC bounces back, but we'll only know next year if wishes do come true.
Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.