Ever since the birth of the very first bitcoin in 2009 the trading history of it has become very unstable. Despite the novelty of cryptocurrency, it has witnessed a lot of happenings. In July of 2010, bitcoin’s value increased from $.0008 to $.008 per coin.
It has had its fair shares of rise and downfalls ever since; and bitcoin in 2020 has begun catching people’s attention surging and recovering from its losses surpassing its past records. Today, bitcoin has surged, breaking it’s last all-time record of $23,000 as of December 2020. 18.5 million of bitcoins are currently circulating the market with a value of over $428 billion.
The first ever block chain-based crypto
Bitcoin is considered as the first ever block chain-based crypto worldwide; the most widespread and successful. Launching in 2009, bitcoin valued few in its start-up years. In 2020, the price has reached over $23,000, halving the overall maturity of the crypto industry and interests in utilizing bitcoin as a hedge against inflation — causing price increase.
Satoshi Nakamoto invented bitcoin in 2008 releasing it as an open-source software dating early 2009. Nakamoto, and an early adopter of bitcoin were the first ones to use it in January 2009. In 2010, the fist real transaction took place. It was when a miner purchased two pizzas from a pizza place based in Florida for 10,000 bitcoins. The currency is block chain-based containing a disclosed ledger of every transaction in the network.
Participants of the currency can mine bitcoins using computers. Engrossment for crypto was meager at first, especially amongst cryptographers and individuals who seek for hard-to-trace secure transactions. With time, the currency received exposure — positive and negative. In between the years of 2012 and 2013, retailers embraced the use of bitcoin.
Although authorities began shutting down websites which utilized bitcoins for black markets. The popular Mt. Gox, which originally started off as a place for trading game cards has become a bitcoin marketplace which closed in 2014. 150,000 bitcoins have been traded per day ever since May 2013, unfortunately, fraud accusations shrouded the enterprise following its closure in 2014 — losing 850,000 bitcoins.
Bitcoin Performance in 2021
Today, bitcoin is regulated through a number of independent licensed exchanges, such as Coinbase, Kraken, and Gemini. You can buy and sell crypto through broker deals. Differences in prices can be present among different exchanges that can yield to arbitrage opportune in other exchanges.
Digital currency started the year at around $13.50 per coin. Ever since its debut in 2013, its price rallied in early April. Before decreasing to $70 by mid-April, it first reached a surge of $220. Cryptocurrency’s first major rally and crush. It rallied in October and November of 2013. Trading at around $100 in early October and reached around $195 by the month’s end. It went from $200 to around $1,075 in November.
New miners and exchanges in China caused the surge. 70% of all transactions were Mt. Gox’. Its prices began to fluctuate and hearsays about Mt. Gox’ lack of security and management shook the market. Prices decreased at around $760 by December 7, a 29% drop in over a couple of days.
Stabilizing in January 2014, it experienced another major drop in February at the same time Mt. Gox declared for bankruptcy. Bitcoin valuing $850 on February 4 crashed to around $580 by the 16th , a 32% decline. The price fell further in a gradual manner, trading at around $600 in July 2014. It fell and waned to around $315 in the beginning of 2015. In spite of it stabilizing, it sought a massive increase of value from $275 to about $460 in between October and November.
The currency was traded at around $360 by the end of November 2015. Bitcoin value increased throughout 2016, transcending through $1,000 in early 2017.!
The price began to rise in the fall of 2017. The price topped off through $5,000 and doubled to $10,000 in November of that year. The value of a bitcoin came to about $19,783 by December. Critics call this a “price bubble”, making comparisons to the 17th century Dutch Tulipmania.
The value of bitcoin rapidly declined below $7,000 by April 2018 and continued below $3,500 by November of the same year. Increase in price and volume to around $10,000 by June 2019. Bitcoin fell into around $7,000 by the year’s end. In 2020, interests are coming back among investors. Values steadily increased for over a year, initially at $7,200 and closing at $18,353 by November. A 155% increase.
Bitcoin is beginning to be recognized by institutions increasing inflation in the value of dollars due to COVID-19 stimulus spending. It peaked at around $24,000 in December 2020 providing an increase of 224% and an all-time increase of about 500,000% on the bitstamp exchange.