Bitcoin, the first cryptocurrency, is a decentralized medium of exchange. Over the years, it has undoubtedly become one of the best mediums of transactions. Being the pioneer cryptocurrency, it started the cryptocurrency era and has been ruling the industry since forever.
The popularity of Bitcoin is increasing day by day. The price of bitcoin frequently skyrockets or crashes, thanks to its inconsistent nature. Consequently, it takes over most of the headlines every day. Due to the ongoing fluctuations in the cryptomarket, the bitcoin and cryptocurrency enthusiasts are always worried about its worth. However, this roller coaster journey of its rate has been in existence since the day it was created.
This article covers the fluctuation journey of the price of Bitcoin since 2009.
Bitcoin was first termed by a mysterious Japanese resident Satoshi Nakamoto.
Satoshi Nakamoto, whether it is the name of a single person or a group, still remains as a matter of dispute. It is generally believed that Nakamoto has been working on the concept of Bitcoin since 2007.
The domain of Bitcoin was registered on 18th August 2008. Later that year, the paper titled A Peer-to-Peer Electronic Cash System was posted through a cryptocurrency mailing list which featured a trust-based system for an electronic transaction. However, the Bitcoin network came into existence on 3rd of January, 2009 after Satoshi Nakamoto mined the genesis block. It was hosted as an open source software on SourceForge on 9th January 2009.
History of Price of Bitcoin:
Bitcoin in 2010:
Bitcoin started at $0 in 2009. This value continued till Feb 2010. During this time period, Bitcoin was used only as a purpose of a hobby as its worth was basically nothing till that date.
On 17th May 2010, the first exchange namely BitcoinMarket.com started its operation. This led to the first price hike of BTC, maintaining the price at $0.03.
Originally, the first ever real-world transaction of Bitcoin was made by Laszlo Hanyecz in May 2010. He used 10,000 BTC to buy two pizzas in Jacksonville, where its value was less than $0.01.
Two months later, the exchange rate of bitcoin skyrocketed by ten times from $0.008 to $0.08 out of the blue. By the end of 2010, the market cap of Bitcoin exceeded $1 million USD. This amount was calculated by multiplying the number of Bitcoin circulated on Mt Gox where the price reached $0.50.
Bitcoin in 2011:
2011 is considered to be a notable year for many reasons. Since Bitcoin was open source, other cryptocurrencies started emerging as well. Moreover, the year also witnessed the Bitcoin’s first bubble and its subsequent crash.
According to the record of January, 105,000 blocks were generated which is 25 percent of total Bitcoins. Then, Bitcoin took parity with the US dollar in February, however, it continued on forming a bubble. In mid-July, the price of bitcoin reached as high as $32.00. But the bubble burst and Bitcoin lost over 90% of its value and tumbled all the way to $2.00 by the end of the year.
This significant decrease in price led to declination in the enthusiasm around the cryptocurrencies for certain time being.
Bitcoin in 2012:
2012 saw a steady rise in the Bitcoin. By this year, Bitcoin had received a lot of attention from the mainstream media and its adoption rate was also increasing.
The year started at $4 and ended at $13.
Bitcoin in 2013 :
2013 can be considered as the year when Bitcoin really started to take off. During this time period, it gained a wider exposure and received a quick adoption rate. In 2013, the first Bitcoin Atm made debut in California and it was also accepted for space travel. Silk Road, a website used for black market transactions was shut down.
In 28th March 2013, the total market cap of Bitcoin reached $1 billion. Still, Bitcoin experienced a huge roller coaster regarding its price in 2013. It started 2013 with $13 and rose to $266 in April. Nonetheless, this price dropped to $130 and $ 100 in May and June respectively. Well, in November the $1000 threshold was broken but unfortunately, the values crashed to $600 in December and fluctuated in between $500 and $600 before reaching $800 by the end of the year.
Bitcoin in 2014:
2014 was not a good year as Bitcoin received a big downfall regarding its price. The main reason for this declination is considered to be the shutdown of the Mt. Gox, the largest exchange at that time. This incident had a serious negative impact on the Bitcoin market. Also, the false report regarding the ban on bitcoins in China acted as a catalyst here.
During this year, there was random fluctuation in the price where it dropped to $600 by February and $450 by March. Its value ranged in between $300- $700 for most of the year.
Bitcoin in 2015:
2015 was the year of hope in the case of bitcoin. The year started with a crash from $300s to around $150. However, the price did not remain low for long and by March, bitcoin was worth between $200- $300. Following the tendency, its price started to rise again. In November, it peaked around $504 and ended at $400.
Bitcoin in 2016:
At the start of the year, Bitcoin was trading at just around $400. But with the course of the year, the value continued to increase. This steady rise in price helped in increasing the confidence among the Bitcoin investors which resulted in around 130% increase in the Bitcoin price.
Around the mid of June, Chinese investors started buying Bitcoin. Hence, the price soared and reached $773.94. This, somehow decreased the value to $638 by the end of the year.
Bitcoin in 2017:
2017 was a year where Bitcoin experienced exponential growth and reached the highest.
The year started with Bitcoin reaching the $1000 for the first time after three years. Then in March, the value surpassed the price of an ounce of gold for the first time. The price of Bitcoin reached $2000 and $3000 in May and June respectively.
Similarly, Bitcoin cash was born in August whereby the price crossed $4000. This incident was followed by the launch of bitcoin satellite that helped Bitcoin to broadcast from the space. Bitcoin increased over 300% within October and hit $10,000 for the first time.
This price continued to surge till mid of December where the price reached an all-time high of $19,782. However, in less than 10 days, it lost one-third of its value and dropped below $14,000.
Bitcoin in 2018:
2018 is considered as the year of experiments.
Bitcoin started 2018 with $13,368. Though the rate was declining, it experienced unexpected growth till Jan 7th where it hit $16,455.99. This is the peak record of 2018 till date. However, the price dropped severely. Although Bitcoin was worth $11,547 in March, the decreasing pattern has continued and the price was fluctuating in between $6000- $8000 for months. Although everyone expected Bitcoin to recover, unfortunately, it didn't recover and the things got worse until the end of 2018. At the end of 2018, the price of BTC is hovering above 4,000.
Bitcoin has come a long way, from the 10,000 bitcoin worth of pizza to peak of $20,000. Regardless, there is no measure to find out if the price of Bitcoin will increase or decrease in the days to come. Whatever it might be, one thing is for sure, Bitcoin is here to stay and it won't disappear anytime sooner.
*All the prices are expressed in USD. And all the price are subject per Bitcoin.