Bitcoin Price History – Good morning, good evening, and good night! Good morning to people who just found out that Argentina’s securities regulator approves the Bitcoin futures index. Good evening to crypto influencers who are fascinated with the news that Hong Kong’s largest virtual bank offers crypto conversions. And of course, good night to traders, you just know all too well, because I’m writing it when Bitcoin has already broken the price of 30K$.
Well, some interesting stories of the Bitcoin personality from the past. Actually, Bitcoin has one of the most choppy and volatile trading stories. It’s like a traveler who was everywhere. The same situation with Bitcoin, the asset also was on the dump, but most of the time- it was on the top.
According to Investopedia statistics, Bitcoin price history had numerous ups and downs:
Bitcoin had a price of zero when it was introduced in 2009. On July 17, 2010, its price jumped to $.09. Bitcoin’s price rose again on April 13, 2011, from $1 to a peak of $29.60 by June 7, 2011, a gain of 2,960% within three months.
A sharp recession in cryptocurrency markets followed, and Bitcoin’s price bottomed out at $2.05 by mid-November. The following year, its price rose from $4.85 on May 9 to $13.50 by Aug. 15.
The year 2012 proved to be a generally uneventful year for Bitcoin, but 2013 witnessed strong gains in price. Bitcoin began the year trading at $13.28 and reached $230 on April 8. An equally rapid deceleration in its price followed, bringing it down to $68.50 a few weeks later on July 4.
In early October of 2013, Bitcoin was trading at $123.00. By December, it had spiked to $1,237.55 and then fallen to $687.02 three days later. Bitcoin’s price slumped through 2014 and touched $315.21 at the start of 2015.
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Prices slowly climbed through 2016 to over $900 by the end of the year. In 2017, Bitcoin’s price hovered around $1,000 until it broke $2,000 in mid-May and then skyrocketed to $19,345.49 on Dec. 15.
Mainstream investors, governments, economists, and scientists took notice, and other entities began developing cryptocurrencies to compete with Bitcoin. Bitcoin’s price moved sideways in 2018 and 2019, with small bursts of activity.
For example, there was a resurgence in price and trading volume in June 2019, with the price surpassing $10,000. However, it fell to $6,635.84 by mid-December. In 2020, the economy shut down due to the COVID-19 pandemic.
Bitcoin’s price burst into action once again. The cryptocurrency started the year at $6,965.72. The pandemic shutdown and subsequent government policies fed investors’ fears about the global economy and accelerated Bitcoin’s rise.
At the close on Nov. 23, Bitcoin was trading for $19,157.16. Bitcoin’s price reached just under $29,000 in December 2020, increasing 416% from the start of that year.
Bitcoin took less than a month in 2021 to smash its 2020 price record, surpassing $40,000 by Jan. 7, 2021. Institutional interest propelled its price further upward, and Bitcoin reached a peak of $63,558 on April 12, 2021.
By the summer of 2021, prices were down by 50%, hitting $29,796 on July 19. September saw another bull run, with prices scraping $52,693, but a large drawdown took it to a closing price of $40,710 about two weeks later.
On Nov. 10, 2021, Bitcoin again reached an all-time high of $68,789 before closing at $64,995. In mid-December 2021, Bitcoin fell to $46,164.
Between January and May 2022, Bitcoin’s price continued to gradually decline, with closing prices only reaching $47,445 by the end of March before falling further to $28,305 on May 11.
This was the first time since July 2021 that Bitcoin closed under $30,000. On June 13, crypto prices plunged. Bitcoin dropped below $23,000 for the first time since December 2020. Since the “crypto winter” began in November 2021, Bitcoin dropped below $20,000 by the end of 2022.
What do we have right now?
The surprise from Bitcoin for the spring holidays and the thousands of titles in the crypto editions “Bitcoin has broken from a tight three-week range to clear $30,000 for the first time in 10 months.”
Based on information from Blockworks, we can claim that BTC is now up more than 80% this year, having climbed from around $16,500 on Jan. 1 to $30,100 as of 3 am, ET. Crypto-focused financial services firm NYDIG found this year’s first quarter was Bitcoin’s fourth-best on record.
While past performance is not indicative of future results, a positive first quarter has been a “good omen” for Bitcoin for the rest of the year, per NYDIG.
“Bitcoin has never had a down year after a positive first quarter and some of its best first quarters, like in 2011 and 2013, led to massive full-year returns,” the firm said. Bitcoin has outperformed benchmark indexes across equities and commodities year to date — the S&P 500 is up 7.5%, the tech-heavy Nasdaq 100 has gained 20% while the GSCI is about flat.
What affects the Bitcoin price?
The most common reasons:
- Supply and Demand
- New Bitcoin Securities
- Cryptocurrency Competition
1. Supply and Demand
Bitcoin and other cryptocurrencies prices are influenced by perceived value, supply, and demand, just like the other cryptocurrencies, goods, or services inside a nation or economy.
2. New Bitcoin Securities
Bitcoin has become a tool to store value and generate profits for investors and financial organizations. As a result, investors have produced and traded derivatives. This affects the price history of Bitcoin.
3. Cryptocurrency Competition
The value of other cryptocurrencies might also impact Bitcoin. Numerous cryptocurrencies exist, and more do so when issues are addressed, and they are accepted as legitimate means of payment and currency by institutions, retailers, and regulators.
Finally, demand will decline and prices will follow if investors and consumers think that other coins will turn out to be more valuable than Bitcoin. Alternatively, if attitude and trading change in the opposite direction, demand will increase along with prices.
Nowadays, we have a huge amount of different crypto assets that have popularity on the level of Bitcoin. It’s definitely ETH, ADA, XRP, BNB, WBT, SOL, and many others. So, now, it’s strong competition in the crypto market.
What does the popular crypto analyst think about Bitcoin Price Surge?
A well-known and respected cryptocurrency expert named Michal van de Poppe recently shared his opinions about the cryptocurrency industry, drawing parallels between current Bitcoin price changes and the atmosphere in 2019. He made it clear that there isn’t any FOMO or enthusiasm about Bitcoin, and that this won’t change until it reaches new all-time highs, which is definitely going to happen after the halving.
Van de Poppe also laid out his Bitcoin thesis, predicting a continued upward rally in Q2 as Powell’s term ends, similar to Q2 2019. As a recession hits, he anticipates a correction to $25K in the year’s second half.
He emphasized the Shanghai upgrading and the release of the Consumer Price Index (CPI) report on April 12. He suggested that the anxiety around the Shanghai upgrade would be similar to the Mt. Gox unlock and result in a selloff of altcoins as markets are anticipated to tumble. Regarding the CPI news, Van de Poppe pointed out that it might benefit the markets if it turns out to be lower than anticipated.