Even though Bitcoin’s price is known to be very volatile, it has become one of the best-performing assets of any kind over the last decade. Between 2010 and 2020, it rose by a whopping 9,000,000%.
Further, Satoshi Nakamoto was responsible for creating the first block and the blockchain back in 2009. Which is called the “genesis block.” At that point, 50 BTC were put into circulation at a value of $0.00.
Bitcoin Price History
As a way to exchange money, cryptocurrency has become more popular. Also, it has attracted traders to bet against the currency’s price fluctuations. In addition, it has changed into a new type of investment. One that allows customers to store value and protect against inflation. Additionally, bitcoin also has investments linked to the price of the coin. If you are also interested in cryptocurrency, click here for more information.
Even though this new story may have more truth to it, most of the price changes in the past came from people who bought and sold things on the open market without much thought or research. However, you can buy Bitcoin with a safe and easy-to-use trading app.
Further, the price of Bitcoin has changed a lot in the past few years. There are more and more institutional investors coming into the cryptocurrency market. Further, with the expansion of this market regulators are starting to standardize the market and set some rules. Though the price of Bitcoin changes all the time, it has become a normal part of the economy, not just a tool for people who want to make quick money.
Here is the history of Bitcoin:
- With the first conceptualization of Bitcoin, the creator did not assign a value to it.
- Bitcoin experienced its first price increase on July 17, 2010. During this period the price increased from $0.00 to $0.09.
- Bitcoin experienced its next price hike on April 13, 2011. Moreover, it went from $1 to $29.60 on 7th June 2011 within just three months.
- Following that, the cryptocurrency markets saw a severe recession, with Bitcoin’s price bottoming out at around $2.05 in mid-November.
- The following year, on May 9, its price increased from $4.85 to $13.50 by August 15.
- 2012 was a quiet year for Bitcoin, but 2013 saw a big rise in the price.
- When the year started, it cost $13.28. On April 8, it hit $230. It then dropped quickly, dropping to $68.50 on July 4.
- Bitcoin traded at around $123.00 in early October.
- And December, it had risen to $1,237.55 before plummeting to $687.02 three days later.
- Bitcoin prices fell throughout 2014, reaching a low of $315.21 in January 2015.
- Throughout 2016 the price of Bitcoin was increasing gradually.
- Bitcoin’s price stayed around $1,000 throughout 2017 until it surpassed $2,000 in mid-May before soaring to $19,345.49 on December 15.
- Bitcoin’s price remained mostly stable, with occasional activity for the next two years. For instance, in June 2019, prices and trade volume increased significantly, with prices exceeding $10,000. By mid-December, it had decreased to $6,635.84.
- In 2020, Bitcoin’s price resurrected when the economy ceased to function due to the COIVD-19 epidemic.
- The coin began the year at a value of $6,965.72.
- On 23rd November, the price of Bitcoin had reached $19,157
- Bitcoin’s price hit just less than $29,000 in December 2020, a 416% increase from the start of the year.
- At the start of 2021, Bitcoin broke all records and hit $40,000, surpassing its price set during the year 2020.
- By mid-April, Bitcoin values had risen to fresh all-time highs of over $60,000, after the public offering of Coinbase, a cryptocurrency exchange.
- Institutional interest pushed the price further higher, and on April 12, 2021, Bitcoin hit a high of more than $63,000.
- By the July of 2021, prices had dropped by 50%, reaching a low of $29,795.55 on July 19.
- September saw another bull run, with prices reaching $52,693.32 but then plummeting to $40,709.59 only two weeks later.
- Bitcoin set a new all-time high of $68,990.90 On November 10, 2021, Bitcoin reached new heights in regards to its price. Its price reached an astounding $68,990.
Bitcoin has had a bumpy and unpredictable trading history ever since it was first made public. Further, within the short time span, Bitcoin has been around it has experienced significant changes. Many different things affect the price of Bitcoin, and as an asset class, it keeps changing, too.