Bitcoin is the type of cryptocurrency.
It is a digital currency which is can neither be used nor stored like normal physical cash.
In this article we’ll be taking a closer look at the Bitcoin Price History.
Bitcoin was launched in the year 2009.
However, in the early years of its origination, the price of bitcoin was quite low that is it was just some dollars.
Bitcoin is the first cryptocurrency that was launched and became popular all around the globe.
It was also considered as one of the most successful and widely used cryptocurrencies in the world.
If we talk about the price of bitcoin, then it has been through various ups down.
The highest fluctuation has been seen during its run. In the early phase of it, the price was just a few dollars, however, in the year of 2017 the price was $20,000 per bitcoin and in the year 2019 it again became down up to $10,000 per bitcoin.
History of Bitcoin
Bitcoin was created on 18th August 2008, by an unknown person named Satoshi Nakamoto.
It was liberated as software for public use on 20th January 2009.
The currency was established through the network known as the blockchain.
It is the complete list of the bitcoin transactions and is open to all networks.
This network was built to eliminate the mediators which are present in rest all the centralized payment structures.
Bitcoin is a decentralized platform, through which you can easily make the transaction more securely.
In the initial years of this invention, it was neither popular nor was much in use.
However, the currency was exposed on a large scale in the year of 2012 and 2013.
When the cryptocurrency was invented the motive was to use it for trading and gaming.
But, these days or since 2012 the bitcoin came in use for purchasing or exchanging products on the dark web and in other marketplaces as well.
These days the bitcoin has gained its maximum popularity and is been used by various non-centralized trading departments and companies.
There is only one disadvantage of bitcoin, because of its decentralized nature the exchange rate is variable.
Or in other words, we can say that there is no uniform price of bitcoin when it is exchanged to make any purchase or to take any services.
Bitcoin is a blockchain associated cryptocurrency which makes trading beneficial.
The benefits which you can avail by using bitcoin currency as your mode of payment, you can avail the benefits like:
- Faster payments,
- Secured way,
- Prevents fraudulent activity,
- Identity Privacy, and
- Open to all.
Growth of Bitcoin
The actual growth of Bitcoin was initiated in the year 2013. In the initial of 2013, the price was $13.50 per bitcoin, but in increased by April 1st week to $220. But there was a sudden drop down seen in the price of bitcoin and it came from $220 to $70 by the mid of April.
In April 2013, bitcoin went through a lot of action in its pricing, but the prices were improvised in October. The price was improvised from $70 to $100 in early October and recovered well by the end of the month.
The prices again went through the phase of increment in November. In early April the prices were around $200 per bitcoin and attained $1,075 per bitcoin by the end of November month. Mt. Gox, new bitcoin exchanges, and new bitcoin miners from China bought this much improvement in the prices of bitcoin.
This period is known as the Mt. Gox period as well.
It was because almost 70% of total bitcoin transactions or exchanges were made by the Mt. Gox.
In early December the prices again made a jump to $1079 per bitcoin but, the sudden drop was seen in the prices within just 3 days and prices drop back to $760 per bitcoin.
Sudden rumours also came into existence during this period, that the market is neither safe nor the management is good, due to which the bitcoin holders became conscious about their investment in bitcoin.
These rumours made people scared and they started withdrawing their money from the exchange, but the threats seem more real when the users faced difficulties while withdrawing their money.
By the end of the year, the rumours were settled and the prices again went high up to $920 in January 2014.
From somewhere again Mt. Gox came into existence and filed a case of bankruptcy which again suddenly dropped the prices from $850 to $580 in the mid of February 2014.
During this period, the prices of bitcoin went through a crash of almost 32%.
That was not all; the price of bitcoin was dropping and rising again & again.
But from the end of the year 2017, the price of bitcoin was rising gradually.
By October 2017, the price acquired the maximum hike in its rates since the time it was invented.
In October 2017, the price per bitcoin was $5000 and got doubled to this in November 2017.
That means in November 2017, the price per bitcoin was $10,000.
This gradual increase in the prices of bitcoin, attract the attention of the numerous marketers and again the hike was seen in December 2017, and the prices went up to $20,000 per bitcoin.
But as the bitcoins and its market have always been about ups and downs, the prices again went down in April 2018 and reached $7,000 per bitcoin directly from $20,000 per bitcoin.
Well, again the gradual drop was seen in the year 2018 and the prices went below $3,500 per bitcoin.
However, as of now in the early month of April 2020, the bitcoin price is $6739 per bitcoin.