If you are a crypto enthusiast, you must be familiar with Bitcoin, the world’s decentralized digital currency. Launched in January 2009 by an unidentified person or group, Bitcoin has emerged as the most valuable cryptocurrency link of our time.
Bitcoin technology uses public-key cryptography to complete transactions, and record data over the blockchain network and the most significant part is that everything is done without the involvement of any central authority or third party. A Bitcoin comprises 100 million small units called Satoshis,allowing buyers to buy a fraction of a token, if not the entire one.
Bitcoin’s astonishing price history has made it one of the world’s most accepted and popular cryptocurrencies. Despite having a humble beginning, Bitcoin registered staggering growth in the later years. This article is for you if you are a crypto enthusiast and want to know more about Bitcoin’s remarkable price history. Go through the article and learn more about Bitcoin’s journey from nothing to the world’s most valuable digital asset.
How Does It Work?
Bitcoin is an intangible currency; a person can send Bitcoins to another person without help from a financial institution like a bank. Unlike traditional money transactions, where banks play crucial roles, Bitcoin does not need a bank or any third party to facilitate a transaction.
Bitcoin is built upon an open technology, where every transaction is done publicly through a strong, immutable and transparent network called the blockchain. The owner of a Bitcoin enjoys complete control over his/her digital asset. A holder/owner needs to acquire a unique cryptographic key, without which the holder cannot access and control his/her Bitcoin. 21 million Bitcoins are in circulation, but the strange thing is that the number of bitcoins cannot be enhanced further.
Bitcoin’s Price History
Bitcoin started its journey without any market value. Let us focus on Bitcoin’s journey from 2009 to the present day and discuss its price history.
It took almost one year for Bitcoin to gain some ground. When it was introduced in 2009, the value of one Bitcoin was zero. The newly invented digital currency registered its value of USD 0.09 on July 17, 2010, for the first time since its inception. However, between April and June 2011, Bitcoin rose by 2960% and reached the mark of USD 29.60.
In November 2011, the price of Bitcoin plunged to USD 2.05. It acquired some strength the following year, and its price was registered as USD 13.50 in August. The year 2012 was an average year for the currency in terms of growth and downfall, but in 2013 the value of a single Bitcoin token rose from USD 13.28 to USD 230.00 on April 8. However, on July 4, its value fell to USD 68.50.
By December 2013, the price of Bitcoin jumped to USD 1,237.55 and again sank to USD 687.02 within a week. At the start of 2015, the value of a Bitcoin was USD315.21.
By the end of 2016, the price of Bitcoin had climbed to USD900. It moved one step further and registered its value of USD 1,000 at the beginning of 2017. By May the same year, it touched the USD 2,000 mark and then leapt to USD 19,345 in December.
The outbreak of the Covid-19 pandemic and global economic slowdown led to a surge in Bitcoin’s value. In the timeframe between 2018 and 2019, investors witnessed a small burst of activities. In December 2019, the price fell to USD 6,635 after surpassing the USD 10,000 in June 2019. The currency started in 2020 with a USD 6,965.72 price tag on the board. In December 2020, the price reached the USD 29,000 mark.
Bitcoin created a new record at the beginning of 2021 by registering its value of USD 40,000 on the board. However, by April 2021, it broke its old record and created a new one by raising its value to USD 60,000. On April 12, 2021, Bitcoin touched the mark of USD 63,558.
After riding through a bumpy road in the middle of 2021, Bitcoin created a new record by reaching an all-time high price of USD 68,789. However, since January 2022, the value of Bitcoin has been declining gradually. The value sank to USD 30,000 in June 2022. As of July 20th, the value of Bitcoin rests at USD 23,331.90.
Since the time of its inception, investors have witnessed a lot of ups and downs in Bitcoin’s value. Occasional and sudden downfalls might have disappointed many investors, but the rapid progress of Bitcoin has impressed us. For fast and secure Bitcoin trading and transactions, you can visit öil profit anytime.