Bitcoin

How Much Is One Bitcoin Worth?

Bitcoin has grown rapidly in the past few years. It began considerably growing back in 2010 when the value of bitcoin used to be 0.0008 dollars. It jumped to 0.08 dollars. That was its first insane price hike. The prices have gone up to thousands of dollars from thereon in the last ten years.

The prices depend on a lot of factors such as investor enthusiasm and it’s supply and demand too. Initially, Satoshi Nakamoto, who invented bitcoins, had foreseen bitcoin as a currency and medium for transactions. In this article, we will discuss how the worth has rapidly grown in the past one decade and what has led to it.

Price History of Bitcoins

In the past one decade, it has fairly been a little tough journey for potential investors who placed their bet on bitcoins and started investing. Being a digital asset, it is highly volatile. Double-digit inclines and declines is something that investors are used to when it comes to trading in crypto. There have been numerous scams and frauds because there is no regulation whatsoever over the cryptocurrency network.

Cryptocurrency is not controlled or looked after by any higher authority, Government or central bank for that matter. That itself invites a lot of volatility. Even after these things happened, there were times when the price of bitcoins grew like anything.

One such instance would be when bitcoin’s price jumped from 1 dollar in April to 32 dollars in the next few months of that year. That was a roundabout of 3200% gain within a few months. But in the same year, in the month of November, bitcoin’s price depreciated like anything and suffered a huge loss. The price went down to 2 dollars. But then bitcoin’s price increased overtime and it rose just the next year.

Bitcoin’s price shot up in the year 2013 to a great extent. In the beginning of the year, the price of one bitcoin was around 13 dollars and it saw great hikes in its price that year. The first time when it saw a great hike was in April 2013, the price went up to 220 dollars.

It kept on increasing gradually post that. But it suddenly depreciated to 70 dollars in the same month. Yes, that is how uncertain the price of bitcoin is. It is a complete roller coaster ride if you are planning to invest. It can show you the highest highs and the lowest lows in the same month.

And it’s not over yet. This article will give you more shocks but not as many as you would experience if you are investing in cryptocurrency, that’s how volatile it is with the prices shooting up and dropping in no time.

Towards the end of that year, the price at which bitcoin was being traded was somewhere around 123 dollars. Exactly two months later, It shot up to 1156 dollars in December. Yes, let me write that again for both your eyes and brain to believe it, it increased to 1156 dollars in just a matter of 2 months. I apologise for playing with you like that but trust me it’s not me, bitcoin is the bad boy here. RIght after that, the price dropped to 76 dollars in the next 3 days.

These volatile changes kept on happening over and over again. In the beginning of 2015, it depreciated to as low as 315 dollars.

Another price bubble like that happened in 2017. The price of the cryptocurrency was increasing and decreasing constantly. In the beginning of the year 2017, the price of bitcoin was at around 1000 dollars. It experienced a few downfalls in the next few months but then after a few months the price spiked to 20,089 dollars from 975 dollars. Yes, I totally meant it when I said this article is going to show you a very different side of bitcoins and bewilder you.

Contrarily, this hike enabled millions of potential investors, governments and economies around the world and banks to notice cryptocurrency. Gradually, bitcoins got a lot of mainstream attention. After noticing the potential bitcoins have, economists started working or or developing other altcoins or digital currencies to compete with bitcoin.

The fluctuation in the price of bitcoin was pretty constant. Another instance was in June 2019, when the price of bitcoin spiked to 10,000 dollars but as expected, it fell to somewhere around 7000 dollars towards the end of that year.

The pandemic proved to be wonderful for bitcoins and cryptocurrency. The price of bitcoins in the beginning of the year 2020 was around 7,200 dollars and the price accelerated through the lockdown period and shot up to around 18,000 dollars in November.

The stock market was highly affected due to the economy shutting down after the pandemic hit. But in March, cryptocurrency and equity markets saw it’s all time highs and surpassed all the previous records.

The trend  continued in 2021 as well. The price of bitcoin had touched 24,000 dollars towards the end of 2020. The gain percentage calculated was around 224 percent. And expectedly, bitcoin smashed all these previous records by hitting 40,000 dollars just the next month.

In June 2021, El Salvador announced that  bitcoin is legal in their country becoming the first country to carry out any transactions provided that the particular entity or business accepts it. However, the primary currency of El Salvador is the U.S dollar. You can open a free account in Bitcoins Code Pro and start investing.

Conclusion

This article discussed how the price of bitcoin gradually shot from less that one dollar to thousands of dollars in the past one decade. It has fairly been a roller coaster ride for the investors who have been investing in cryptocurrency since the beginning. Cryptocurrency is a digital asset that is growing rapidly even today. It is very volatile considering the network is based on a digital medium so it is advised that you do a proper research before evening thinking of investing your money in crypto or bitcoin.

About Ambika Taylor

Myself Ambika Taylor. I am admin of https://hammburg.com/. For any business query, you can contact me at ambikataylors@gmail.com