Bitcoin became the pioneer in the cryptocurrency industry. It has become the most popular coin and a leading global cryptocurrency in the financial market worldwide. However, its volatility is an influential contributor to Bitcoin’s prominent price value history.
Bitcoin faced its first progress and a rise in price value in 2010, and since then, it has faced many shifts in its prices. Yet it stands highest and leading amongst other cryptocurrencies.
Several firms encourage the utility and profitability of Bitcoins. This blog aims to guide the readers about the history of Bitcoin’s pricing and how it has evolved economically in all those years. If you are interested in the Ethereum trading app, you can find more info here.
Introduction to Bitcoin
Bitcoin is an independent digital currency also considered a virtual asset designed by Satoshi Nakamoto in 2008. Nakamoto named the first ever cryptocurrency Bitcoin, A peer-to-peer Electronic Cash System. It progresses upon a cryptographic system without the aid of any external authority.
It was initially developed as a medium of exchange. Its advancement over the years made it a leading and remarkable store of value. Inevitably, Bitcoin pulled global attraction towards itself and surpassed all the traditional means of exchange and transactions.
The history of Bitcoin’s price value
One of the reasons why Bitcoin has encountered such frequent fluctuations in its price value is because it was still new to the market. Many features and advancements were added later on that caused a shift in the pricing element.
Bitcoin’s price value stood at $0.09 from zero in 2010, and after the initial rise, it faced the highest shifts and promotions in its pricing. Here is a brief about the history of Bitcoin’s price Value:
From the year 2009 to 2015:
Bitcoin was introduced to the world in 2009 with zero price value, and within a year, it progressed and showed a significant growth to owning the value of $0.09 per Bitcoin in July 2010.
At the beginning of 2011, the value was $1 only. However, by June, the price was $29.60. After the high rise, the Bitcoin rate decreased to almost $2.05 in November. The price value escalated again to nearly $13.50 by August 2012.
The year 2013 began with the highest value ever in the history of Bitcoin of $230 on the 8th of April. But later on, the price fell to almost $68 in just a few weeks. However, the price volatility encouraged an escalation to $1,237.55 in early December. Later, the price decreased to $687 in just a few days.
The high and low shifts in Bitcoin price value became a financial tradition in 2014 until, in the initial period of 2015, the price value stood at $315.21.
From the year 2016 to 2021:
Continuing the tradition, the rates flowed from high to low and low to high during 2016, with the last value of $900 per Bitcoin. The value then increased rapidly until it reached $19,345.49 by December 2017.
Several factors and elements, like the emergence and rise of other cryptocurrencies, affected the pricing structure of Bitcoin. Therefore, Bitcoin held a value of only 6,635.84 dollars by mid-December 2019.
The Covid-19 period encouraged digital currencies; therefore, an evident change in values could be observed. In December 2020, the value of each Bitcoin reached its peak of $29,000. An apparent increase of almost 416% was perceived since the beginning of 2020.
The raised value was just a fleeting moment of happiness for the investors because just the beginning of 2021 caused it to fall back to almost $40,000 and then again decrease to nearly 50%, around $29,796. But as history repeats, Bitcoin again skyrocketed to $68,789.
However, the new variant of Covid-19 affected the price value of Bitcoin negatively, and the prices went down again to $46,164.
Current Valuing of Bitcoin
The New Year brought a lot of promises for Bitcoin’s price value. Yet, the last closing price was $28,305 in May 2022. Unfortunately, in June, the costs even more faced decrease to $23,000 after December 2020. Bitcoin’s price value can face whichever direction in the upcoming period.
This was a brief about the history of Bitcoin’s price value. Specific factors, like supply and demand and competition from other cryptocurrencies, affect the volatility of Bitcoin and create such highs and lows.
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