Bitcoin Price History
The price of bitcoin is based on international online exchanges, and it is constantly changing. Since the beginning in 2009, the price of bitcoin has been influenced by numerous unique events and not necessarily financially or trader induced. For example, the shutdown of cryptocurrency exchange Mt. Gox in 2014 and the crypto winter of 2018 that followed bitcoin’s all-time high price of $19,783 in December 2017 both affected the price of bitcoin.
In this post, you will learn about past bitcoin price movements.
All About Bitcoin’s Price
Bitcoin is traded 24/7, so the price fluctuates accordingly. Take a look at the price for one bitcoin now and then check it again when you’re done reading this post to see the difference.
Here are the major events that have influenced the price of bitcoin and learn about bitcoin’s price history.
- On January 3, 2009, the first block of Bitcoin was mined, and the value of one bitcoin was close to zero
- At the time, there was no real market for bitcoins yet, and the majority of bitcoin users were cryptography enthusiasts and cypherpunks.
- The first receiver of a bitcoin transaction (block #170) was Hal Finney
- Bitcoin gained some value in the year 2010 with the launch of the first bitcoin exchange, Bitcoinmarket.com, and the first bitcoin arm’s length transaction; 10,000 BTC were accepted for two pizzas (1 BTC equalled $0.0025).
- May 22, 2010, is now known as a Bitcoin Pizza Day.
- The number of bitcoin users increased significantly, and the price of bitcoin jumped 900% from $0.008 in five days. This signified the first real price increase.
- A bug in the Bitcoin code led to a “dirty” transaction in block #74,638. 184 billion BTC were generated in one transaction.
- In 2011, bitcoin price reached parity with the USD dollar
- Other cryptocurrencies started to emerge.
- More people got involved, Bitcoin exchanges started to open around the world, the number of transactions and transfers increased, pool mining commenced, and the first Bitcoin conference happened in Europe, resulting in the first Bitcoin bubble.
- The highest fee was paid for a block: 171 BTC for block #15,7235
- The year 2011 closed with the price for one bitcoin at $2
- 2012 marked the biggest block in the chain, #181,919 with 1,322 transactions, and the block reward halved for the first time. From now on, miners received 25 BTC for a successfully validated block
- In April 2013, Bitcoin price rallied, with a daily increase of 5-10%. The year indicates that Bitcoin has a volatile nature. The Bitcoin price oscillates throughout the whole year.
- The price of bitcoin surpassed three digits for the first time in November 2013 when several major events supported confidence in Bitcoin’s viability as a currency. These events were the closure of Silk Road, the first congressional hearing about Bitcoin, the rising popularity of Bitcoin in China, and Bitcoin becoming accepted by merchants as a payment method.
- Willy the bot, an automated trading tool on Mt. Gox was suspected of causing the drastic price movements of bitcoin at the time
- In 2014, the price of bitcoin spiked for a short time. Shortly after, it was influenced by the crash of the biggest exchange, Mt. Gox, bisecting the price for one bitcoin.
- Bitcoin’s price saw a downtrend throughout the whole year
- At the beginning of 2015, the downtrend in the price of bitcoin stalled and started to turn
- Bitcoin companies began to raise funds for their new blockchain projects
- The Unicode Committee added the Bitcoin currency symbol, ₿, to the Unicode standard, and the price of bitcoin slowly started to increase again
- Interest in Bitcoin was on another rise, this time also in academic research
- The Bitcoin network speed exceeded 1 exahash/sec, and the number of Bitcoin ATMs around the globe doubled
- Bitcoin underwent the second halving. Now, miners received 12.5 BTC for a successfully validated block
- Wright announced that he was the creator of Bitcoin
- Exchange trading volumes increased, and the price of bitcoin broke $1,000 after three years
- 2017 is the year when Bitcoin attracted lawmakers and traditional financial institutions
- In March 2017, the number of GitHub projects related to Bitcoin increased, and the bitcoin price surpassed its previous all-time high
- The bitcoin exchange rate approached new highs
- Initial coin offerings (ICO) were on the rise
- The Bitcoin fork (Bitcoin Cash hard fork) occurred, and the price of Bitcoin hit another all-time high
- The price of bitcoin doubled after the fork, and bitcoin futures were announced
- The price of bitcoin rose 5% in one day, a 1,824% increase since January 1, 2017. The price for one bitcoin reached a record high
- On January 13, 2018, the amount of mined BTC reached 16.8 million, leaving only 2% of the maximum supply of 21 million to be mined
- The price of bitcoin dropped by 50% in three weeks
- Bitcoin experienced the longest bear market, and the price for one Bitcoin on December 31, 2018, was at a 15-month low.
- 2019 marks the year when bitcoin market-capitalization reached $165 billion
- The price of bitcoin began rising again
- With the block reward expected to halve in May 2020, the price of bitcoin was unstable and started the year at $7,160. Bitcoin value’s surges to its best January performance
- On May 8, 2020, just before the halving, the bitcoin price surpassed $10,000
- Starting on May 11, 2020, miners received only 6.25 BTC for a successfully validated block
- The price for one bitcoin is expected to reach over $15,000 in Q3 of 2020
As of the date of this writing, there are 18 million BTC in circulation, and a top-ten most asked question about bitcoin is, “what is bitcoin’s value?” Some people believe it is worth zero, and others claim that bitcoin’s value comes from the fact it can be transferred across borders in ten minutes and the underlying freedom bitcoin brings. The bitcoin price going from $0.00 to a record high of $19,166.00 shows that many people saw potential use cases for first-ever decentralized digital currency, and the value rose according to interest from people, traditional financial institutions, and governments. The highly volatile nature of the digital asset is a favourable circumstance for traders and speculators
What BTC Price to Expect?
Always exchange only the amount that you are willing to lose. It is hard to forecast the price for one bitcoin, but with technical analysis, estimates can be drawn. Someone who draws great conclusions can earn a lot of money, but generally speaking, a prediction in the short-term is pure speculation. However, many experts are optimistic about the price of bitcoin in the long run. If we take a look at bitcoin’s ROI, we can quickly conclude that its rise in value over the past five years is over 4,000%.