Bitcoin has risen as one of the most valuable cryptocurrency assets today. It is the asset with the most dramatic market valuation over the years. However, the first significant aspects of Bitcoin’s volatility were witnessed in 2010, when its price rose to $0.09 from a fraction of a penny. This article will examine how Bitcoin’s price has developed over the years and its current status.
The beginning: 2009-2015
It is hard to believe, but Bitcoin’s starting price was zero in 2009! It rose to $0.09 on July 17th in the next year. On April 13th, 2011, the price of one Bitcoin rose from $1 to $29.60 in three months, gaining more than two thousand per cent in the same time frame.
However, in mid-November, the market experienced a sudden drop that saw the price of Bitcoin drop to around $2. However, the price picked up the following year as it rose to $4.85 at the start of May and then to around $13 by mid-August.
2013 witnessed another exceptional run in Bitcoin’s price as it rose from $13.28 to $230 by April. Unfortunately, this was followed by another disappointing drop to around $68 at the start of July the same year.
In the first week of October 2013, the price of Bitcoin was $123 and gradually rose to $1,237 by December. However, the joy did not last long as the price again fell to $687.02 a few days later. The price of Bitcoin progressed poorly all through 2014. At the beginning of 2015, the price of Bitcoin was $315.21. In just five years, the price of Bitcoin had risen from worthless to worth more than $300. But still, more was yet to come.
2016 to 2020
2016 saw the price of Bitcoin slowly increase to around $900. The next year the price hung around $1,000 for the first few months and finally broke through the $2,000 mark in May of the same year. However, on December 15th 2017, Bitcoin gave a shocker as its price rose to $19,345.49. Bitcoin had finally caught the world’s attention, and companies and individuals worldwide began developing assets that would match Bitcoin.
From 2018 to 2019, however, Bitcoin’s price experienced a series of fluctuations that saw the price drop to around $6,000 towards the end of 2019. The Covid-19 pandemic saw the price of Bitcoin skyrocket once again. In January 2020, Bitcoin’s price was $6,965.72. By November, the price had escalated to around $19,000 and up to $29,000 in December.
Current Status
It only took one month for Bitcoin to destroy its 2020 record. At the start of January 2021, the price of Bitcoin was more than $40,000; in April, it was worth $63,558. In the summer of 2021, however, it slumped by more than 50% as the price of Bitcoin dropped to around $29,000. A bullish run in September rose the asset’s price to just over $52,000, but this didn’t last as the price fell again two weeks later.
On November 10th Bitcoin recorded its highest ever price of $68,789. However, from this point, the price began a downhill trend as the inflation crisis, and a new Covid-19 wave began to cause complications. This gradual drop continued, and in May 2022, Bitcoin was priced under $30,000 for the first time in almost two years. June brought more bad news as the prices fell even further, standing at circa $23,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
