Bitcoin is the first cryptocurrency that introduced the concept of digital assets and decentralized cash to the world. Although it had existed as a concept for 40 years, Bitcoin turned digital currency into a reality in 2009. Over the course of time, the journey of Bitcoin has been topped with highs and lows, leading to a major milestone in its history. Bitcoin is probably the most popular cryptocurrency that has had the most volatile trading history with massive rallies and huge crashes.
As of now, the price of Bitcoin has reached the $100,000 mark, indicating the sporadic growth of cryptocurrencies. It is one of the remarkable Bitcoin milestones that call for a reflection on the history of Bitcoin. You can determine that the existing price of Bitcoin is its all-time peak by learning about its price history. Let us learn more about the history of Bitcoin with the important milestones that have shaped its journey to becoming the most valuable cryptocurrency.
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Discovering the Ideal Roadmap to Understand History of Bitcoin
Most of the discussions about the history of Bitcoin revolve around Satoshi Nakamoto and his paper on Bitcoin. The unknown founder of Bitcoin described Bitcoin as a peer-to-peer electronic cash system and showcased the potential of blockchain technology. After the official launch in 2009, Bitcoin proved that decentralized digital currency can become a reality. The history of Bitcoin features many significant events such as being recognized as the best investment and the worst investment option in consecutive years.
You can find a better impression of the Bitcoin journey by reviewing the price history of the cryptocurrency. Price history of Bitcoin can help you learn about the investor enthusiasm alongside market dynamics at different points of time. It was initially designed to serve as a method of payment for daily transactions. If you look at the state of Bitcoin today, then you will find that it is more than just a payment method.
Bitcoin attracted the attention of traders with the variations in its prices, thereby leading to increased user activity. Investors used Bitcoin as a trusted instrument for storing value, hedging against inflation and generating wealth. As the journey of Bitcoin moved ahead and it gained value, institutions came up with investment instruments tailored for Bitcoin. Therefore, you can find a better impression of the history of Bitcoin by reviewing the pricing changes at different points of time.
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Timeline of Price Changes for Bitcoin
The price history of Bitcoin is the best way to discover important milestones in the journey of the biggest cryptocurrency. You can use a Bitcoin price history chart to understand the pattern of price fluctuations for Bitcoin in different phases. The following milestones in the journey of Bitcoin can help you understand how it has achieved its all-time peak.
2009-2015: The Rise of a Superstar
Bitcoin is the superstar among cryptocurrencies today and the most coveted one with its high valuation. However, it was not anything like the Bitcoin prices you see today. Many readers will be surprised to know that someone used 10,000 Bitcoin in 2010 to buy two pizzas. Bitcoin did not have any monetary value upon launch and its pricing crossed the $1 mark in 2011. In the same year, Bitcoin reached its peak of the year at $29.60 in June. Subsequently, recession made its way into crypto markets in a devastating manner, leading to sharp decline in Bitcoin price. Bitcoin had to end the year 2011 at a price of $5 due to the market crash.
The year 2012 does not contribute anything to Bitcoin history as there was no progress for Bitcoin in that year. The only positive thing for Bitcoin at this time was the growing popularity that attracted the attention of big players. Cameron and Tyler Winklevoss, also known as the Winklevoss twins, filed the first application to create spot Bitcoin ETFs in 2013. On top of it, Forbes named Bitcoin as the best investment option of the year.
The positive trends for Bitcoin in 2013 helped in pushing stronger gains in its price. In the beginning of 2013, Bitcoin traded at $13 and by the end of November, it had crossed $1000. The price of Bitcoin finally closed at $732 for 2013.
2016-2020: The Beginning of a New Phenomenon
The price performance of Bitcoin gained momentum in 2016 with the beginning of early Bull Run. Throughout the year 2016, Bitcoin prices increased slowly to more than $900 by the end. The push for a Bull Run materialized in 2017 as the price of Bitcoin started hovering around $1000 in the beginning. The answers to queries like ‘What is the all-time peak of Bitcoin?’ will surprise you when you find that Bitcoin prices doubled to more than $2000 in May 2017. By the end of 2017, the price of Bitcoin had reached $19,188, indicating substantial gains in one year.
The exponential price gains of Bitcoin drew the attention of mainstream investors, economists and governments. It sparked promising developments and initiatives for creating cryptocurrencies that can serve as alternatives to Bitcoin. The next two years i.e. 2018 and 2019, did not contribute much to the history of Bitcoin. With only a few small bursts of activity, the price of Bitcoin fluctuated by small margins in 2018 and 2019. You must note that 2019 marked the resurgence in Bitcoin price and trading volume. Even though Bitcoin prices surpassed $10,000 in June 2019, it ultimately ended up at $6,612 by the end of the year.
The most significant event during this time in the history of Bitcoin is the COVID-19 pandemic. The global pandemic created risks of shutting down the economy and presented opportunities for the growth of Bitcoin. Fear of the pandemic and economic uncertainty pushed the price of Bitcoin to $7,161 at the beginning of 2020. Subsequently, the government policies introduced as response to the pandemic created more assumptions about economic uncertainty and boosted the rise of Bitcoin. At the end of 2020, the price of Bitcoin closed at almost $29,000 with a staggering 416% rise from the beginning of the year.
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2021-2023: The Period of Uncertainty for Bitcoin
Another notable phase in the history of Bitcoin arrived during the period from 2021 to 2023, marked by extreme volatility. The beginning of 2021 marked an end to the previous Bitcoin milestones with the Bitcoin price crossing $40,000 in January. By April 2021, the price of Bitcoin had crossed beyond $60,000 with the launch of Coinbase IPO. The institutional interest in Bitcoin fuelled its price and by the end of April 2021, it achieved the peak of $64,895.
The surprise in Bitcoin trajectory arrived in the summer of 2021 with a radical drop of 50% in Bitcoin prices. In July 2021, the price of Bitcoin closed at $30,829, sending the market into a state of gloom. Surprisingly, Bitcoin made the most of another bull run in September to reach $52,956 only to come down to $40,597 after two weeks. Bitcoin received some good news in November 2021 when it reached the all-time peak of $69,000. However, the pricing dropped down to $46,211 in December 2021, leaving the market in extreme volatility.
The price decline continued through January to May 2022 with price closing at $29,000 in May 2022. Prices of Bitcoin and other cryptocurrencies decreased further in June and by the end of the year, Bitcoin prices were below $20,000. The volatility of Bitcoin prices continued in 2023 as it began with $16,530 and ended 2023 at a price of $42,258.
Turning a New Page in the History of Bitcoin in 2024
The beginning of 2024 brought good news for Bitcoin with the approval for Bitcoin spot ETFs by the US SEC. One of the notable events in Bitcoin history, the halving event, also grabbed headlines in 2024 by bringing stability in prices. The re-election of Donald Trump as the president of the US pushed the price of Bitcoin to almost $80,000 and then beyond $91,000.
The most important event in the history of Bitcoin in 2024 is the all-time peak price of Bitcoin. Assumptions about the appointment of a crypto-friendly SEC commissioner and support for crypto-friendly regulations have pushed the price of Bitcoin beyond $100,000. It is a major milestone for Bitcoin that will pave the path for many new achievements in the cryptocurrency landscape.
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Final Thoughts
The review of the history of Bitcoin provides a clear indication of the fact that Bitcoin has grown from rags to riches. A digital currency that was not valued at the beginning has become one of the most coveted cryptocurrencies in the world now. Imagine the plight of the people who bought pizza by spending 10,000 Bitcoin or the ones who thought that $1000 is the highest that Bitcoin could achieve. As Bitcoin price crossed the $100,000 mark, it is important to look back at its history to understand the pattern. Your understanding of market trends and patterns will help you make informed decisions and capitalize on Bitcoin. Learn more about Bitcoin technology and become a crypto expert right now.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
