The price of Bitcoin first increased during the year 2010 when its value took a jump from a few pennies to $0.08. This price has gone through various lows and downs in one decade. Bitcoin investors are well aware that their money would go through a bumpy ride based on the current situation of the market and the various factors affecting it.
The volatility of Cryptocurrencies even occurs due to frauds and scams. During the early days of Bitcoin trading, liquidity was quite thin, and there were very few investors in the market who were interested in the concept of Cryptocurrencies.
However, this situation started to change when investors around the world earned profits through Bitcoins and various industrial sectors and units were developed with help of this digital parking exchange.
The different rises and falls in the cryptocurrency exchange played a vital role in determining the value of Bitcoin as a form of digital currency. Another essential factor or aspect that affected the price of Bitcoin in the early days was the traction with several mainstream online retailers.
With time the number of factors affecting the price of Bitcoin had changed completely. If you’re interested in the imperative points for becoming a successful bitcoin trader.
The Price History of Bitcoin
- The price of Bitcoin jumped from $1 in April 2011 to a peak of $32
- 2013 was considered to be one of the most important years in the history of Bitcoin price. In this year, the digital currency was traded at the price of $13.40 in the beginning but later underwent two major price bubbles. The first step price bubble occurred when the price of Bitcoin shot up to $220 by the start of April of 2013.
- This extraordinary swift increase was later followed by a similarly rapid deceleration on the price. By the middle of April, the cryptocurrency was being used for transactions at $70.
- However, this was not the end of Bitcoin’s price journey. Another rally followed by a crash occurred towards the end of the same year. By the start of October of 2013, the price of Bitcoin was around $123.20. Later in December, this price rose to $1156.10. This price of the digital currency, however, fell to $760 just after three days.
- All of these rapid changes in the price of Bitcoins had eventually attracted more people to this digital currency.
- The fifth price bubble in the history of Bitcoin occurred in the year, 2017. At the beginning of 2017, the price range of this cryptocurrency was hovering around $1000. However, after a short period of decline in the price range after the first two months, it again reached a remarkable ascent. The price increase this time was from $975.70 on 25th March to $20,089 on 17th December.
- All of these rapid changes in the price of Bitcoins had eventually attracted more people to this digital currency.
- This massive movement in the price of Bitcoin in 2017 had allowed it to capture the spotlight. Various governments, international agencies, economists started taking a close look and started developing various other digital currencies so that they can compete with Bitcoin.
- Such analysis eventually led to the development of extreme price forecasts while dealing with Bitcoins.
- In the next couple of years, the price of Bitcoin kept shifting from one position to another. In June of 2019, the price of Bitcoins surpassed the value of $10,000 and later fell to $7,112.73 by December 2019.
- It was not until 2020 that the economic growth of different countries around the world started getting shut down due to the global pandemic, which led to the price burst of Bitcoin once again. The worldwide shutdown due to global pandemic along with certain policies set up by various governments has led to fear among investors.
Most investors were worried about the condition of the global economy, and it had led to a significant acceleration in the rise of Bitcoin. The situation changed later when the effect of the pandemic started getting better; and by March 2021, the price of Bitcoin reached an all-time high of around $60,000.
Such a massive increase in the price had eventually led to the interests of various institutional investors. Experts and qualified individuals are also suggesting trading bitcoins as a good option just like stocks.
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