The introduction of Ethereum and the expansion of Bitcoin
Welcome to Crypto History, a Cointelegraph series that takes readers back to the most important events in the crypto space. Powered by Pemex, the timeline allows members of the crypto community to explore and view important events that shaped the industry to what it is today.
This article explores the critical period in the world of cryptography from 2013 to 2015 – significant developments and significant challenges. During this period, the rise of Bitcoin (BTC) marked a significant shift in the recognition of digital currencies. However, this era has seen the dramatic fall of Mount Gox, highlighting the risk and volatility in the growing crypto market.
This era also saw the emergence of the first memecoin and the first non-vulnerable token (NFT), which expanded the innovation and functionality of the crypto landscape.
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After all, this is the time when the Ethereum network was conceived. This new development promises to leverage blockchain technology beyond currency, paving the way for smart contracts and decentralized applications (DApps). This period was crucial in shaping the direction of the cryptocurrency movement and laying the groundwork for future innovations and challenges.
Bitcoin continues to expand.
In the year Shortly after the first Bitcoin halving in 2012, BTC reached a significant milestone a few months later. In the year On March 28, 2013, Bitcoin started trading at around $92. This increase in price made the market capitalization hit the $1 billion mark for the first time, a milestone in cryptocurrency history.
In an event that generated widespread attention, during the Cyprus banking crisis in 2010, Bitcoin On April 10, 2013, it hit a new all-time high of $190, marking an impressive milestone. This crisis has highlighted the potential benefits of decentralized currencies, leading many to view Bitcoin as an alternative to the vulnerabilities of the traditional financial system. Despite the initial surge, after reaching its peak, the price of Bitcoin fell to $68.
Later in the year, Bitcoin continued to impress market watchers by surpassing expectations and reaching $1,000 on November 19, first on the BTC China Exchange (now known as BTCC) and then on the Gox Mt. This success underscores Bitcoin's growing and growing role as an alternative asset in the broader financial landscape.
An old titan falls, new exchanges begin to rise
During this turbulent period, the largest crypto exchange at the time, Mt. Gox faces big challenges. On June 20, 2013, he announced a temporary freeze on US dollar issuance, leading to two weeks of uncertainty. Although it eventually went ahead, the exchange had problems running them efficiently, highlighting the operational hurdles it faced.
In a significant development in the cryptocurrency community, Mt. Gox on February 7, 2014 announced the suspension of US dollar withdrawals following the cessation of Bitcoin withdrawals. This series of events ended in a trade ban on February 24, 2014. , and soon filed for bankruptcy in Tokyo.
The situation worsened when MT Gox filed for bankruptcy protection in the United States in March 2014, which resulted in 750,000 BTC of its customers and 100,000 of its own coins being compromised, at a loss estimated at $473 million at the time.
The Mt. Gox failure is a sign of a period of turmoil in the cryptocurrency sector, but coincides with the emergence of several platforms that will be the main players in the future. Okcoin, later renamed OKX, launched on June 1, 2013. Close on the heels, Kraken's trading platform launched on September 10, 2013.
Meanwhile, Coinbase, founded in 2012, received $25 million in Series B funding in December 2013 led by venture capital firm Andreessen Horowitz.
The arrival of Ethereum
In the year In 2013, Vitalik Buterin introduced the Ethereum network in a white paper, making it a versatile platform for developing DApps. Buterin explained how blockchain technology can serve purposes beyond financial transactions.
In January 2014, Ethereum founders Gavin Wood, Charles Hoskinson, and Anthony DiIorio announced Ethereum at the North American Bitcoin Conference with Buterin in Miami.
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These exchanges now offer users access to a wide range of cryptocurrencies, with Ethereum's native coin, Ether (ETH), proving to be the second largest digital asset by market capitalization. Ethereum has fulfilled its promise by developing as a central platform for DApps.
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The next installment in Cointelegraph's History of Crypto series explores the initial coin offering Boom and the subsequent evolution of Ethereum. Be sure to follow Cointelegraph for insightful updates on the most critical developments in crypto history.
