The Bitcoin Price History is Exciting
The Bitcoin Price History is long and exciting because there were many changes on the market since 2009.
In reality, the real value of Bitcoin is determined by the law of supply and demand. That’s also why the price fluctuates so much.
The volume and value of the graph are changing every 24 hours. At the time of writing, this cryptographic currency is the most valuable on the market.
Bitcoin Price History
Taking a look at the evolution of Bitcoin from 2009 forward will help us understand the historical evolution of its price in the stock market and the evolution of the business model.
Bitcoin Price History – 2009
Bitcoin was invented in 2008 by Satoshi Nakamoto, and it was first launched in Jan. 2009 by Satoshi Nakamoto. In January 2009, the first virtual transaction took place.
Bitcoin Price History – 2010
Actual transactions began this year. A couple in Florida bought two pizzas for 10,000 Bitcoins at a Papa John’s restaurant there.
Bitcoin Price History – 2013
Until 2013, the historical Bitcoin price was frozen at a few dollars: $13.50 at the beginning of that year. It achieves its first real gains in April 2013, briefly achieving a value of over $220 before falling back down to around $70 by the end of the month.
A further increase in its value is seen in October 2013 as well. The Bitcoin price had reached $175, then $1075 by November at the beginning of November. As of December 4, 2013, the price had reached $1,079, its highest ever price.
Bitcoin Price History – 2014
After falling steadily in early 2014, Bitcoin’s price peaked at $600 in mid-July 2014.
Bitcoin Price History – 2015
Bitcoin falls to $315 at the beginning of the year. As of November 4, Bitcoin increased from $275 to $460, another significant increase.
Bitcoin Price History – 2016
After the Brexit announcement on June 24, the price gradually rises over several months and will reach $1,000 by the end of the year.
Bitcoin Price History – 2017
There is no doubt that we are about to embark on a period rich in meteoric ups and dramatic downs. Bitcoin crossed $1,500 for the first time in early May 2017 and is still gaining in value. On October 12, 2017, it reached $5,000, then $10,000 on November 30, and $19,000 on December 16. The price then starts to drop sharply. By the end of 2017, the price had fallen below $13,000 again.
Bitcoin Price History – 2018
At the beginning of the year, the value fluctuates between $12,500 and $16,500, depending on the calendar month. In November 2018, however, it plunged below $3,500, the lowest level since 2013.
Bitcoin Price History – 2019
The Bitcoin price rose again in 2019, reaching $10,000 in June before dropping again and finishing at around $7,500 in December.
Bitcoin Price History – 2020
After a slow rise to $11,000 in September, it started to jump up in giant steps to $22,500 by the end of the year.
Bitcoin Price History – 2021
In March 2021, where many people still suffered from covid 19, it jumped up to $58,734.
Unfortunately, it started to decline afterward and is at almost $47,000 right now!
What determines the price of Bitcoin?
Unlike traditional currencies such as the dollar or the euro, the Bitcoin price is not determined by any institution but solely by the law of supply and demand.
The number of Bitcoins in circulation is limited, and new ones are created increasingly slower. Simply put, this means that when demand for Bitcoins increases, its price goes up and vice versa; when demand decreases, its price goes down.
What Factors cause Bitcoin’s Value to Fluctuate?
In addition to the supply and demand mentioned above, many factors affect the price of Bitcoin.
Blockchain protection consumes as much power as a small country. This directly impacts the price, as it takes a certain amount of energy to mine one BTC. There is also climate change, and many Bitcoin miners try to use renewable energy to produce Bitcoins or other cryptocurrencies. This can make it very expensive and worth-less.
Media Coverage and Public Perceptions
When the media positively mentions cryptocurrencies, it directly impacts their perception by the general public. The latter will then be tempted to invest in it, which will increase demand and consequently the price of a Bitcoin.
The Covid-19 Pandemic also helped bring the price of a Bitcoin up because many people didn’t trust banks and governments as much and exchanged it for Bitcoins.
Elon Musk tweeted a lot about Bitcoin and pushed the price when he said: Tesla may accept Bitcoin as a payment for the cars. But later on, he also tweeted many negative assumptions about Bitcoins, and the price dropped asap.
Legal and Tax Regulations
Laws enacted in some countries, especially concerning income taxation and laws regarding the legality of cryptocurrencies, directly impact the value of Bitcoin.
Dominance by certain Investors
The Bitcoin market is dominated by individuals who own a significant share of all the tokens in circulation. Therefore, the actions of these investors can cause the value of Bitcoin to fall or rise sharply.
Forecasting and the Future of Bitcoin
Making reliable predictions of the future price of a Bitcoin is always tricky, and even more so for cryptocurrencies, which have proven to be highly volatile. Looking at the historical Bitcoin prices, we know that Bitcoin fluctuates a lot in price.
Nevertheless, this is the task of many experts who analyze the Bitcoin Price over ten years.
Bitcoin Price Forecast for 2021 – 2022
According to some experts, such as Dan Morehead, CEO of Panthera Capital, the Bitcoin price should continue its rapid rise in 2021. He predicted an impressive peak of $500,000 in August 2021. He justified his optimistic predictions by pointing out that BTC was born during the crisis and did better than gold and oil.
We arent that optimistic. A price of $100,000 by the end of the year is realistic but already optimistic, and we highly doubt we will see more before 2022! But there can be many unpredictable Events, and those surprising Events, be it a good one or a bad one, can change a lot.
Is it a Good Time to buy Bitcoin?
Bitcoin has been going through a rough patch recently. This is a good time to buy it, as it will only get more expensive in the future.
Bitcoin is an investment that requires research before making any decisions. The cryptocurrency market operates 24/7 while traditional markets are only open for certain hours of the day and week, making trading Bitcoin difficult for some investors.
If you want to get some Bitcoins, you can check out our guide: How to buy Bitcoin.
But if you want to get started as a trader, check this out and learn how to trade Bitcoin for profit.