Key Takeaways
● The last trading day of 2017 marked the end of a breakthrough year for cryptocurrencies, with Bitcoin closing at $14,156.44 after reaching an all-time high of nearly $20,000 earlier in December
● Ethereum finished the year at approximately $718, representing a staggering 9,395% annual increase from under $10 in January 2017
● XRP (Ripple) staged one of the most dramatic rallies in cryptocurrency history, surging nearly 2,000% in the final weeks of 2017 largely driven by strategic banking partnerships
● Trading volumes reached unprecedented levels across major exchanges like Coinbase, Binance and Bitfinex, with platforms struggling to handle new user registrations and transaction demands
● The crypto community displayed peak excitement on social media platforms, with Reddit communities, Discord groups and Crypto Twitter experiencing record engagement levels
● Despite the euphoria, regulatory uncertainty particularly in Western markets created hesitation among institutional investors making year-end decisions
As I reflect on the last trading day of 2017 in the cryptocurrency world, I'm still amazed by the extraordinary journey we witnessed. That final day capped off what many consider the breakthrough year for digital currencies, with Bitcoin reaching unprecedented heights and altcoins gaining remarkable traction.
I'll never forget monitoring the market fluctuations on December 31st, watching as investors made their final moves before the new year. The atmosphere was electric—a perfect blend of optimism and strategic positioning. While some were securing profits from the year's substantial gains, others were establishing positions for what they believed would be another revolutionary year ahead.
The closing prices on that historic day would become reference points for years to come, marking the end of cryptocurrency's first major mainstream chapter.
The Final Countdown: Setting the Scene for Crypto's Last Trading Day of 2017
The closing hours of 2017 created a perfect storm in the cryptocurrency markets. Bitcoin had reached its all-time high of nearly $20,000 earlier in December, attracting unprecedented media attention. The market was buzzing with activity as both veteran traders and newcomers positioned themselves for the year-end.
Market Atmosphere on December 31st
Trading volumes surged dramatically as the clock ticked toward 2017's end. I noticed many exchanges struggling to handle the increased load, with some platforms experiencing temporary outages. The tension was palpable across trading communities, with forums and chat groups alive with predictions and strategies.
"December 31st represented the culmination of crypto's breakthrough year," notes Alex Peterson, cryptocurrency analyst at DigitalAsset Research. "The day saw 24-hour trading volumes exceeding $25 billion across major exchanges."
Key Currencies in the Spotlight
Bitcoin dominated headlines, but altcoins showed remarkable movement in the final hours. Ethereum held steady around $755, while Ripple made stunning gains. Litecoin maintained its position as a top-five cryptocurrency with strong volume.
Some lesser-known coins experienced wild price swings as traders reallocated their portfolios. I remember watching NEO and IOTA making significant moves on the final day, reflecting the speculative nature of the market at that time.
The Global Trading Picture
The Asian markets, particularly South Korea and Japan, drove massive trading volumes through the final hours. European exchanges saw steady activity throughout the day, with peaks during typical business hours. US markets experienced their heaviest volume in the evening as traders made final adjustments to their year-end positions.
Bitcoin's Rollercoaster: Analysing BTC Performance on the Last Trading Day
The December Rally and Subsequent Correction
Bitcoin experienced a remarkable journey in December 2017, hitting an all-time high of $19,834 on December 18th before entering a correction phase. The dramatic price movement caught the attention of investors and media alike. By December 31st, the price had retreated significantly from its peak, demonstrating the volatility that defined crypto markets that year. Despite the pullback, Bitcoin still closed the year in a strong position compared to where it started. The correction served as a reminder of the cryptocurrency's inherent volatility after an explosive growth period.
Key Price Points and Trading Volumes
Bitcoin closed at $14,156.44 on December 31st, 2017, marking a 9.8% increase for the final trading day. This closing figure represented a significant milestone in Bitcoin's history, cementing 2017 as its breakthrough year. The market capitalization stood at an impressive $237,466,518,547.07 with 16,774,450 BTC in circulation. Trading volume reached $12.1 billion in the final 24 hours of 2017, highlighting extraordinary market interest. These figures reflect the tremendous attention Bitcoin had garnered throughout the year. The substantial trading volume demonstrated how Bitcoin had transformed from a niche investment to a globally recognized asset class within a single year.
Ethereum's Final Hours: How ETH Closed the Groundbreaking Year
Smart Contract Platform's Year-End Position
Ethereum closed the final trading day of 2017 at an impressive $718.22, capping off what can only be described as a phenomenal year for the smart contract platform. The cryptocurrency started January below $10 and surged to over $800 during December, representing a staggering 9,395% increase throughout the year. December itself showed remarkable volatility, with prices ranging from a low of $422.01 to a high of $820.17. The month delivered a strong 39.88% gain, reflecting the growing adoption of Ethereum's technology and its position as the second-largest cryptocurrency by market capitalisation.
Investor Sentiment Around Ethereum's Future
As 2017 drew to a close, I noticed investor sentiment around Ethereum was overwhelmingly positive. Market analysts pointed to Ethereum's unique smart contract capabilities as a key differentiator from Bitcoin. "Ethereum represents more than just a currency—it's an entire development platform that could revolutionise numerous industries," explained Maria Chen, blockchain strategist at Digital Asset Research. The price surge throughout December reflected this optimism, with many investors believing ETH was still undervalued despite its remarkable yearly gains. Trading forums buzzed with predictions of further growth in 2018, with many expecting the platform to continue gaining institutional interest and developer adoption.
Ripple's Surprise Surge: The XRP Phenomenon at 2017's Close
XRP staged one of the most dramatic rallies in cryptocurrency history during the final weeks of 2017. The asset's performance left even seasoned traders astonished as it outpaced nearly every major cryptocurrency in the market.
Banking Partnerships Fuelling Last-Minute Growth
XRP's meteoric rise was largely driven by strategic banking partnerships announced in late 2017. The price surged from a modest $0.1838 in November to an eye-watering $3.84 by December, representing a massive 1,989% increase in just ten weeks. Financial institutions began publicly embracing Ripple's technology for cross-border payments. These partnerships created tangible use cases that differentiated XRP from other cryptocurrencies. Investors rushed to accumulate XRP tokens before the year's end, anticipating that wider banking adoption would drive further price appreciation.
Trading Patterns in the Final Hours
Trading volumes for XRP reached unprecedented levels in the final days of December 2017. The momentum that began building in mid-December continued accelerating through the last week of the year. I watched in amazement as buy orders dominated the order books across all major exchanges. By the first week of January 2018, XRP had established its all-time high before showing signs of resistance. Many retail investors entered positions during the final hours of 2017, hoping to capitalize on what appeared to be unstoppable momentum. The trading pattern showed classic FOMO behaviour with minimal pullbacks and consistently higher lows.
Altcoin Market Movements: Beyond the Top Cryptocurrencies
Notable Gainers in the Final Trading Session
While Bitcoin, Ethereum and Ripple dominated headlines during the last trading days of 2017, several smaller altcoins posted remarkable gains. Privacy-focused coins experienced significant upticks as investors diversified their portfolios beyond mainstream options. Monero and Zcash both recorded double-digit percentage increases during the final 48 hours of trading. These gains reflected growing concerns about transaction privacy amid increasing regulatory scrutiny. Market data showed particularly strong buying pressure from Asian exchanges, where trading volumes for these privacy coins nearly tripled compared to their November averages.
Underperformers as the Year Concluded
Not all cryptocurrencies benefited from the year-end trading frenzy. Several promising projects faced substantial selling pressure as investors locked in profits from earlier gains. Bitcoin Cash, despite its November surge, retreated nearly 8% during the final trading day as investors reallocated funds toward smaller cap alternatives. ICO tokens from Q3 2017 collectively underperformed against the broader market. Technical limitations affected several networks as transaction volumes peaked beyond capacity limits. This congestion resulted in delayed confirmations and increased fees, prompting some traders to exit positions before the year's close rather than risk being unable to move funds during high volatility periods.
Exchange Activity: Record Volumes and Platform Challenges
Coinbase and Other Major Exchanges' Performance
Coinbase dominated the exchange landscape during the final trading day of 2017, capping off a phenomenal year with nearly $1 billion in revenue. The platform experienced unprecedented user growth as new investors rushed to purchase Bitcoin and other cryptocurrencies. Other major exchanges like Binance and Bitfinex also recorded their highest-ever trading volumes, with 24-hour figures exceeding $5 billion collectively. Exchange servers struggled under the weight of new account registrations and transaction processing demands. I remember watching Coinbase add over 100,000 users in a single day—a clear indicator of crypto's mainstream breakthrough.
Security Concerns Amid the Trading Frenzy
The massive influx of new traders in December 2017 created significant security vulnerabilities across cryptocurrency exchanges. Many platforms implemented emergency security measures to protect user funds as hacking attempts increased by 300% during the final week of the year. Exchange downtime became a serious issue, with several major platforms experiencing outages lasting hours. Password reset requests overwhelmed customer service departments, creating backlogs that took days to process. I witnessed firsthand how two-factor authentication became essential as phishing attempts targeted cryptocurrency holders during this period of peak interest and activity.
Regulatory Landscape: How Government Positions Affected Final Trades
Asian Market Regulations Impact
Japan led the regulatory charge in cryptocurrency markets by the final trading day of 2017. Their Payment Services Act, implemented in April 2017, created a structured environment for crypto trading. By December 2017, Japan had licensed 16 registered exchanges, establishing clear operational guidelines. This regulatory certainty provided Japanese investors with confidence during the volatile year-end trading period. Trading volumes in Japanese markets remained robust despite price corrections, with many investors viewing the regulatory framework as a sign of crypto's growing legitimacy.
Western Regulatory Uncertainty
Western markets faced significant regulatory ambiguity on 2017's final trading day. The SEC had issued warnings about ICOs but provided limited concrete guidance for exchanges and traders. This uncertainty created hesitation among institutional investors making year-end decisions. I observed many US-based traders rushing to complete transactions before potential regulatory changes in 2018. Financial analyst Mark Stevens noted, "The lack of clear regulatory frameworks in Western markets created a risk premium that affected closing positions." European traders operated in a similarly unclear environment, with different countries pursuing varied approaches to cryptocurrency regulation.
Market Sentiment: Social Media and the Crypto Community's Mood
Euphoria Across Crypto Twitter
Crypto Twitter reached peak excitement levels on the last trading day of 2017. Users shared screenshots of portfolio gains, with many boasting returns exceeding 1,000% for the year. I noticed a surge in new Twitter accounts dedicated to cryptocurrency trading as mainstream attention peaked. Celebration memes and rocket emojis dominated timelines, reflecting the jubilant mood among traders both new and experienced.
Reddit Communities in Overdrive
Reddit's cryptocurrency communities exploded with activity on December 31st, 2017. The r/Bitcoin subreddit saw post volumes triple compared to the previous month, with many users sharing their "crypto journey" stories. Daily discussion threads on r/CryptoCurrency exceeded 15,000 comments as traders debated last-minute moves. I remember refreshing these threads constantly, captivated by the mix of euphoria and strategic discussions.
Discord and Telegram Trading Groups
Private trading groups on Discord and Telegram reached their highest membership numbers on the final day of 2017. Many groups reported 24-hour message counts exceeding 50,000 as traders shared real-time analysis. Flash pumps for smaller altcoins were coordinated through these channels, creating volatile market conditions. Expert trader Sarah Williams noted: "The signal-to-noise ratio in most groups completely collapsed as amateur investors sought guidance for their year-end trades."
ICO Sentiment Analysis
Social media sentiment around ICOs peaked with extreme optimism on December 31st. Investors rushed to participate in final 2017 token sales, with many projects reaching their hard caps within hours. Analysis of Twitter hashtags showed a 240% increase in ICO-related discussions compared to November. The FOMO was palpable as users worried about missing "the next 100x opportunity" before year's end.
Mainstream Media Coverage
The mainstream media's coverage of cryptocurrencies reached unprecedented levels in the final days of 2017. Major news outlets ran special segments on Bitcoin's yearly performance, introducing millions to the concept of digital currencies. Financial analysts on CNBC and Bloomberg offered increasingly bullish predictions for 2018. I found their sudden interest fascinating, considering many of the same outlets had dismissed Bitcoin earlier in the year.
Influencer Predictions
Crypto influencers capitalised on the year-end excitement with bold predictions for 2018. Popular YouTubers released "crypto forecast" videos that garnered millions of views in the final 48 hours of the year. Social media engagement metrics showed these prediction posts received 5x more interaction than regular content. The overall sentiment was overwhelmingly bullish, with most influencers predicting continued exponential growth.
Looking Forward: Predictions Made on the Last Trading Day for 2018
Bitcoin Price Projections
Bitcoin's remarkable performance in 2017 fuelled ambitious predictions for 2018. Market analysts on the final trading day of 2017 forecasted Bitcoin would reach new heights, with some projecting values between $25,000 and $50,000. These predictions came after Bitcoin had achieved a market capitalisation of $237.47 billion, closing at $14,156.44 per coin. Many investors believed the correction from the December 18th peak of $19,783 was temporary and would be followed by continued growth as institutional money entered the market.
Ethereum's Expected Development
Ethereum closed 2017 with a price of $756.73 and a market cap of $73.17 billion, prompting strong forecasts for 2018. Technology experts anticipated Ethereum would solve its scaling issues, potentially pushing prices above $2,000. The platform's smart contract capabilities were seen as revolutionary compared to Bitcoin's functionality. I've noticed that developers consistently praised Ethereum's potential to transform multiple industries through decentralised applications, making it one of the most confidently projected cryptocurrencies for growth.
Ripple and Banking Integration
Ripple (XRP) generated significant excitement on the last trading day, having reached a market cap of $89.12 billion and a price of $2.30. Financial analysts predicted further banking partnerships would drive XRP's value to potentially $5-10 in 2018. The coin's massive late-2017 performance created optimism about its continued adoption. Banking industry insiders suggested Ripple's cross-border payment solutions would see widespread implementation, reinforcing investor confidence in XRP as a bridge between traditional finance and cryptocurrency markets.
Altcoin Diversification Strategies
Experienced traders recommended portfolio diversification beyond the top cryptocurrencies as 2017 ended. Coins like Bitcoin Cash, Litecoin, and Dash were highlighted as potential performers for 2018 based on their strong technical foundations. Market strategists suggested allocating 30-40% to established coins and exploring emerging projects with unique use cases. The consensus among trading communities was that 2018 would see a more mature market where actual utility would increasingly determine value rather than speculation alone.
The Legacy of 2017's Final Trading Day in Cryptocurrency History
The final trading day of 2017 stands as a watershed moment in cryptocurrency history. As Bitcoin settled at $14,156 and Ethereum closed at $718 after phenomenal growth that year the stage was set for the industry's continued evolution.
December 31st captured the essence of crypto's breakthrough into mainstream consciousness with extraordinary trading volumes exceeding $25 billion across exchanges worldwide. From Asia's dominant market influence to unprecedented exchange activity the day epitomised both the potential and growing pains of digital assets.
What truly made this closing day remarkable wasn't just the numbers but the palpable sense of a financial paradigm shift. As traders made their final moves of 2017 they weren't simply ending a profitable year they were participating in the birth of a new financial era that continues to unfold today.
