Bitcoin is the first cryptocurrency that revolutionized the world of investing as we know it. This article will take you briefly through the history of Bitcoin and how it started. We will mostly discuss how the price of Bitcoin changed throughout different periods. Then we will look at where it stands today in price between all of the other cryptocurrencies in the market. Lastly, we will give a forecast of where it may head from here on out.
Bitcoin and How It Started
The most valuable and well-known cryptocurrency today is Bitcoin, which was the first coin ever made. It was initially introduced in January 2009 by an individual or group of computer programmers operating under the pseudonym Satoshi Nakamoto, whose true identity has never been established.
The blockchain technology that would support the cryptocurrency industry was initially disclosed in a 2008 white paper by Bitcoin’s secretive inventor. A blockchain is a distributed digital record of transactions that are copied across a network of computers to safeguard data.
The way Bitcoin was distributed
Nakamoto set a limit on the initial Bitcoin supply. There could only ever be 21 million coins in circulation at one time. There were 19.36 million Bitcoins in circulation as of May 10. The supply ceiling of 21 million bitcoins will not be reached until the year 2140, according to analysts, as Bitcoin mining companies routinely reduce the payouts for mining every block in half. This is known by many traders as “Bitcoin halving.”
Nakamoto released Bitcoin in 2009, mined over 1.1 million of them, then vanished in 2010. Gavin Andresen, formerly known by the name Gavin Bell, took up development from him, working to make Bitcoin’s decentralized idea a reality. This indicated that there was no administrator, server, storage, or central authority. The blockchain was spread out to everyone, and all participants interacted peer-to-peer. The network was just there to verify and validate the transactions.
The Price History of Bitcoin
In this section of the article, we will take a look at how the price of Bitcoin evolved through the years. We will start from the very beginning to where we stand today.
Bitcoin Price History: 2009 – 2015
Bitcoin’s price was at zero in 2009 when it was first released. Its cost increased to $0.09 on July 17, 2010. On April 13, 2011, Bitcoin’s price increased once more from $1 to a high of $29.60 on June 7, 2011, which is a gain of 2,960% in just three months.
After a sharp decline in cryptocurrency markets, Bitcoin’s price reached a high of $2.05. by mid-November. The price increased the next year on May 9 from $4.85 to $13.50 by August 15.
The year 2012 was a bit quiet for Bitcoin, while 2013 prices increased significantly. After beginning the year at $13.28, the price of Bitcoin rose to a maximum of $230 on April 8. Its price then dropped similarly quickly, down to $68.50 on July 4.7 after a couple of weeks.
One bitcoin cost $123 at the start of October 2013. It then reached a maximum of $1,237 in December before it plummeted to $687.02 three days later. At the beginning of 2015, the price of Bitcoin reached $315.21 after dropping throughout 2014.
Bitcoin Price History: 2016 – 2020
Throughout 2016, prices gradually increased to above $900. Bitcoin’s price in 2017 fluctuated about $1,000 before breaking $2,000 in mid-May. It then soared to $19,345.49 on December 15. The attention of mainstream investors, politicians, economists, and scientists led to the creation of rival cryptocurrencies to Bitcoin.
The price started to fluctuate in small spurts during 2018 and 2019. For instance, the price increased and the trading volume increased in June 2019, when the price reached $10,000. By mid-December, it had dropped to $6,635.84, however.
In 2020, the COVID-19 epidemic caused the worldwide economy to collapse. The price of Bitcoin erupted once more. At the beginning of the year, bitcoin was worth $6,965.72. Bitcoin’s growth had been accelerated by the pandemic shutdown and the ensuing government actions that fueled investors’ concerns about the state of the world economy.
At market closure on November 23, the price of one bitcoin was $19,157. The price went up 416% from the beginning of the year in December 2020, resting at just under $29,000.
Bitcoin Price History: 2021 – 2023
On January 7, 2021, Bitcoin broke its previous price record set in 2020 in less than a month by exceeding $40,000. By the middle of April, when a cryptocurrency exchange called Coinbase became public, Bitcoin values had risen towards new all-time highs of over $60,000. Due to institutional interest, the price of Bitcoin grew further and reached a peak of $63,558 on April 12, 2021.
Prices fell by the summer of 2021, reaching $29,796 on July 19, making it a 50% cutback. In September, prices had another bull run, reaching a high of $52,693 before a sharp decrease reduced it to a closing price of $40,710 around two weeks later.
Bitcoin again hit another record on November 10, 2021, rising to $68,789 before falling to $64,995. By the middle of December 2021, Bitcoin had fallen to $46,164. Investors’ worries about inflation and the introduction of a new COVID-19 variant, led to major price fluctuations.
Between January and May 2022, Bitcoin’s closing values barely surpassed $47,445 at the end of March before plummeting even more to $28,305 on May 11. Since July 2021, Bitcoin has never closed below $30,000 until today. Cryptocurrency prices fell on June 13. The cost of Bitcoin dropped below $23,000 for the first time since December 2020. By the end of 2022, Bitcoin had plunged below $20,000 since the “crypto winter” started in November 2021.
Bitcoin is now ranked first among all cryptocurrencies with a price of $30,628,83. Bitcoin presently has a quantity in circulation of 19,411,668, and its market value is $594,002,133,913.
Where Does it Head From Here? | Forecast
Investor enthusiasm has been fueled by Bitcoin’s recent surge beyond $30,000, especially in light of the anticipated introduction of ETFs investing in the spot market for cryptocurrencies. A potential goal of $50,000 is indicated by researchers using different technical analysis tools. However, several factors, such as governmental modifications, market behavior, technological advancements, and macroeconomic worries, will influence Bitcoin’s price in the future. Monitoring these traits will provide helpful information about the potential price direction and market position of Bitcoin. There are some predictions that the price by 2025 will be around $105,000. Always be sure to do your due diligence when investing in any stock or cryptocurrency.
