Bitcoin Price History With Major Changes Explained
More and more people are taking steps to understand the world of cryptocurrency as it has become an integral part of our society as well as a driving force in the financial markets. Even if you have no clue about cryptocurrency, you have at least heard of and are somewhat familiar with Bitcoin and its impressive price history and major price changes. In 2010 you could have bought 1 bitcoin for about $0.07, yes that is correct seven cents. in early 2022 the price of 1 Bitcoin is over $40K! The journey of the Bitcoins (BTC) price range has fluctuated dramatically at times going up and down yet always trending upward since its founding around 12 years ago. However, it is clear to even the most naïve investor that the price of BTC has been on a stable rise, compounding at around 100-200% annually. (NOTE: past performance is not indicative of future results).
To provide you with basic information about Bitcoin pricing and its changes over time, we will next discuss the dynamic history of Bitcoin price in terms of periods of big price moves, the price right now (the time of publication), broad history of the processes, and what can happen in the coming years. So, read on to Learn More!
Bitcoin Price History With Major Changes Explained
A major factor in any particular Bitcoin price surge happens to be speculation. There are other such factors as well that are taken into consideration. Thankfully a quite dependable outline has materialized over the years marking a clear price history. We can study the price history chart to gain an understanding of the reasons for price movement whether up or down. Understanding the geopolitical and world financial conditions behind price movements can help us understand the personality of BTC and therefore predict future price moments with some accuracy.
This task can be daunting to someone new to Cryptocurrency investing. For that reason we recommend a two-pronged approach:
- Understand the market – Have you ever heard the expression, “Knowledge is power?” That expression is more than just a cliché it is reality! If you ever expect to perfect the art of any skill you will have to invest in whatever knowledge is required to learn the desired skill. Masterfully trading crypto is a skill that is not that difficult if you equip yourself with the proper knowledge. Our #1 recommended trader course is the Crypto Quantum Leap. However, if you’re on a very limited budget a cheap alternative that will get you up and flying is the Swing Traders Guide. Additionally, we offer several chapters FREE allowing you to “try before you buy,” when you sign up through our link.
- “Leverage trade assistant software– One of the beauties of the technology age is that the common everyday trader (Retail Traders) can leverage the value of software that has been developed to identify trends. We have tried numerous programs but found only a few that we would recommend. One of our favorites is called Trade Miner. Trade Miner is software that helps you evaluate technical analytics and score your potential and historical trades. Trade Miner offers live support via phone or email!
- Automated or semi Automated Trading – Automated trading leverages the emotionless value of a computer program to execute trades based on several established parameters. Most automated trading systems can, for example, evaluate the Bitcoin price history and its major changes to accurately pinpoint entry and exit points that can maximize profits. The software can manage your trades 24/7 so that you do not miss a trade setup or exit while you are working, sleeping, or vacationing! This means you can spend less time managing your positions. The key to a profitable automated trading system is finding software that has reliable backtests and live data covering Bitcoin price history.
Bitcoin Price History Beginnings (2009 WITH $0)
Though the person’s real identity is unknown, the pseudo name of the person who created Bitcoin, and produced the original white paper that introduced Bitcoin is, Satoshi Nakamoto. As a part of Bitcoins introduction, Satoshi developed the first blockchain (distributed ledger technology). Learn about Blockchain here.
The network for BTC went live in 2009 (3rd January) with the mining of the genesis block. This led to the first group of transactions which emerged as a blockchain. On that first transaction was written the text “Chancellor on Brink of Second Bailout for Banks.” This was a blatant ode to the “financial crisis” of 2008-2009.
Based on the “not so subtle” message embedded in that first transaction, many experts believe that Bitcoin was created in response to the disastrous response of the government and the Federal Reserve to the crisis of 2008-2009. This decentralized cryptocurrency allows organizations and people to find a way around general legacy financial institutions like banks and banking systems.
With a set contribution cap of 21 million, this cryptocurrency happens to be the first-of-its-kind digital scarce asset. The only way to earn Bitcoin is to mine Bitcoin which is a process of dealing with complex math problems with the help of advanced computers.
THE FIRST MAJOR BITCOIN PRICE SURGE (2011 WITH $1-30)
The first major surge of BTC pricing took place in 2011 that saw the EFF (Electronic Frontier Foundation) accepting Bitcoin for donations for a few months only after backtracking it.
Bitcoin reached $1 around February 2011 and later on the price become $10 and then $30 on the Mt. Gox exchange just after some months. So, this cryptocurrency elevated 100 times from the starting price of about $30 that year only. However, the price went down to $5 by the year’s end. As the technology was quite new at this point, finding the reason behind this downfall was never discovered.
Going forward the blueprint of an 80-90% increase would continue to duplicate itself, which will result in BTC liquidity that will come into being.
THE DECISIVE YEAR (2013 WITH $13-1100)
In 2013 The EFF started to accept Bitcoin again. As a result, this year saw some of the most major changes in Bitcoin price History (based on percentage gains). Over the year Bitcoin experienced a gain of 6600% which is astoundingly impressive.
It started at only $13 at the year’s beginning. However, in April of 2013, we saw that the Bitcoin Price rose to almost $250 before settling back down close to $100. After about 6 months of boring Price History in November and December of 2013 another historical, major change in bitcoin price was seen when the price reached $1100. The bull run was astounding with, for the first time, the market cap of Bitcoin exceeding $1 billion.
With the major change in bitcoin price during the early part of 2013 BTC started making a name for itself. It gained enough interest that, Vancouver became the first city in the world where a Bitcoin ATM was installed and brought online. During 2015, the BTC value bottomed out at a whopping -85% compared to its record-setting high. However, in early 2017 Bitcoin price history surged back over the $1000 threshold!
THE SECOND MAJOR BITCOIN PRICE SURGE (2017 WITH $1100-20000)
In January of 2017, the BTC price breached the $1100 mark finally creating a new record in the process of Bitcoin History. Things were looking up for Bitcoin owners, the price by the end of the year had soared to nearly $20000! A rise of almost 20 times in just 12 months or less. This year made major history for the bitcoin price recording the most major change to date.
You can see for yourself that similar to the pricing surge experienced in 2013, the 2017 rally occurred 1 year following a halving phase. This is an important event in the history of Bitcoin as the general public during this period became more focused on cryptocurrency and what it has to offer.
On all major news outlets, you would find media buzz covering the Bitcoin price surge along with talk of other cryptocurrencies. This major change in bitcoin price history was the catalyst that encouraged retail investors, in large numbers, to enter the crypto market. The populous opinions however were divided; some thought it is the best thing ever, while others shunned BTC categorizing it as a scam.
BITCOIN PRICE TODAY AND TOMORROW (2021-2022)
In August of 2021, this cryptocurrency’s price was hovering around $46000. Compared to the 2021 high record of a little more than $60000 (a record high), this is a down draw of approximately 23%.
The Hash Rate of BTC is considered a factor having some correlation to Bitcoin pricing. Recently, the hash rate has plummeted. The main reason for this is the fact that China is instructing its people to shut down Bitcoin mining operations. There are other reasons as well; however, China’s actions played a huge part in the Bitcoin price history in late 2021 and early 2022. Previously, China held a large portion of the mining nodes on the bitcoin blockchain. However, because of the government’s ruling, many miners (computers) are now going offline causing the recent changes rippling through the Bitcoin world.
While many experts believe that China’s decision is playing a major factor in the sudden reduction of the BTC price other governmental actions cannot be discounted. In fact, in 2021 many regulators and politicians came out with anti-cryptocurrency press releases that only added to the market fear that primarily drives newbie investors out of the market. However, the BTC price is more than 200% above what it was in early 2019.
So, what is in store for people interested in Bitcoin? Well, it is hard to say as no one can tell for certain. However, experts are enthusiastic about the price projections for Bitcoin.
As we close this explanation of the major changes in bitcoin price history we should note that all investments carry risk and you should only invest what you can afford to lose.