If you have ever made a plan to invest in bitcoin, you must have heard about the volatility in the price. Bitcoin as a digital currency has a volatile trading history. The first significant price increase in bitcoin happened in 2010. In this case, the value of one bitcoin flew from a fraction of a penny to $0.08.
Since then, digital currency has seen lots of rallies and crashes. As a result, some people have jokingly compared the price movement of bitcoin to beanie babies. In addition to this, on different occasions, people have compared bitcoin and the Tulipmania that happened in the 17th century.
Before you plan to invest, you need to have clarity that the price change in bitcoin shows the enthusiasm and dissatisfaction of investors on an everyday basis. The inventor designed the currency so that it could be capable enough to circumvent the banking system. No doubt, even after a decade, bitcoin or other cryptocurrencies are not mainstream yet. But, over the years, the currency has begun to pick up steam.
To make a correct decision, you should know about the price history.
First, you need to know that bitcoin’s journey has been quite dumpy in the last 13 years. In addition to the volatility in the cost, the currency has seen a double-digit up and down in price. In addition, numerous problems, including cyber security issues, have plagued the system.
To get a bird-s eye view, we have presented the significant events that affected the price of bitcoin.
- The first significant incident that affected the price of bitcoin was in 2011. In 2011, the price of bitcoin jumped from $1 to $32 within two months. Thus, the digital currency saw a gain of 3200%. Unfortunately, after the steep rise in the price, there was also a recession in the crypto market. In that year, the price fell to $2 in November.
- The year 2013 was quite decisive for bitcoin. The trading of bitcoin started at $13.40, and it went through two different price bubbles in the same year. The first significant boost was seen in April 2013, when the price shot to $220. After that, however, the rapid price rise was also accompanied by a period of deceleration. In the same month, the price went down to $70.
- But, the volatility in the price did not end at this stage. There was another major rally in the price of bitcoin. In October, they traded bitcoin at $123.20. But, just after two months, in December, the price spiked to $1156.10. Within three days, the price again shot down to $760. There were multiple reasons behind the constant ups and downs in the price of bitcoin.
- The gifts and the most drastic change in bitcoin happened in 2017. The cryptocurrency was hovering at a price of around $1000. But, after a brief period of decline, the price rose to $20,089. It was one of the most remarkable rises in the price of bitcoin.
- Governments and policymakers all around the world took notice of the remarkable change. As a result, many companies and governments began to develop their cryptocurrencies. Many analysts also made huge predictions about the value of bitcoin as a digital asset.
- For the last two years, from 2017 to 2019, the price of bitcoin moved sideways. There was an immediate resurgence in the price as well as the trading value. The price surpassed $10,000. But, by the end of December 2019, the price again dropped down to $7112.
- In the year following the global lockdown and pandemic, bitcoin was attaining a progressive stage. When the world was at its knees, the bitcoin price reached the best high of over $60,000. The rising interests of institutional investors also propelled the cost of each token. At the end of 2020, it was $24000. It witnessed a spike of 224% as compared to the previous gain. In April 2021, bitcoin saw a considerable spike, and it was at the peak of $64000.
As of November 2021, the price of bitcoin stands at $68,521. We hope that by checking the price history of bitcoin, you will make a wise investment decision. You can check the anon-system.live to get more details.