Bitcoin has one of the most turbulent trading histories of all asset classes. The first notable price increase for cryptocurrencies happened in 2010. Since it became accessible, cryptocurrency has had multiple rallies and falls. It was created for use in routine transactions by the unnamed Bitcoin inventor. As a medium of exchange, cryptocurrencies gained popularity.
Additionally, it attracted traders who started to wager against its price fluctuations. Investors used Bitcoin as a tool to hold value, create wealth, and protect themselves from inflation. Institutions sought to develop Bitcoin investment products. The main causes of Bitcoin price swings are bets made by traders and investors that anticipate financial gain from an ever-rising price.
Everything you need to know about Bitcoin’s Price!
When it was first released in 2009, the price of bitcoin was 0. On April 13, 2011, the price of bitcoin increased from $1 to a high of $29.60 on June 7, 2011, a rise of 2,960% in just three months. Following a severe downturn in the cryptocurrency markets, Bitcoin’s price reached $2.05 in mid-November. The next year, its cost increased from $4.85 on May 9 to $13.50 by August 15. Overall, 2012 was a quiet year for Bitcoin, while 2013 saw significant price increases.
Bitcoin reached a high of $230 on April 8 after starting the year at a price of $13.28. The cost then decreased swiftly, reaching $68.50 on July 4 within a few weeks. Early in October 2013, the price of one bitcoin reached $123.00. By December, it had reached a peak of $1,237.55 before plummeting to $687.02 three days later. Throughout 2014, Bitcoin’s value declined, reaching a low of $315.21 at the beginning of 2015.
By the end of the year, prices had gradually risen to over $900. The price of Bitcoin in 2017 was roughly $1,000 until it crossed $2,000 in mid-May, after which it soared to $19,345.49 in December. After investors, authorities, and experts took notice, other organizations started creating cryptocurrencies to rival Bitcoin. In 2018 and 2019, the price of bitcoin fluctuated sporadically. By the middle of December, it had dropped to $6,635.84.
The COVID-19 pandemic caused the economy to collapse in 2020. Once more, the price of bitcoin erupted. Starting the year at $6,965.72, the cryptocurrency. The global shutdown and following government measures fueled investors’ concerns about the state of the world economy and hastened the emergence of Bitcoin. At market closure on November 23, bitcoin was $19,157.16. Just under $29,000 was the price of bitcoin in December 2020, up 416% from the year’s beginning.
Bitcoin surpassed its previous price mark recorded in 2020 in less than a month by surpassing $40,000 on January 7, 2021. Mid-April saw fresh all-time highs for Bitcoin values of above $60,000. On April 12, 2021, they peaked at $63,558. Prices fell by 50% by the summer of 2021, reaching $29,796 on July 19. Another bull run occurred in September, pushing prices as high as $52,693 until a significant decline brought it to a closing price of $40,710 roughly two weeks later. Bitcoin again hit an all-time high on November 10, 2021, rising to $68,789 before dropping to $64,995.
Midway through December 2021, Bitcoin dropped to $46,164. Bitcoin’s closing prices barely reached $47,445 by the end of March before dropping even more to $28,305 on May 11 during the period from January to May 2022. Bitcoin has not fallen below $30,000 since July 2021 up until 2022. Cryptocurrency prices fell on June 13. This was the first time since 2020, the price of bitcoin fell below $23,000. By the end of 2022, Bitcoin had plunged below $20,000.
