Over the past decade, Bitcoin has gained unprecedented popularity. However, this was not always the case. At the outset, traders were skeptical about Bitcoin. The price and perceived potential of Bitcoin were not encouraging. However, the crypto world has dramatically changed, and trading in Bitcoin is now quite lucrative.
In this post, we will explore the growth of Bitcoin by taking a look at its prices from the beginning until today.
Bitcoin Price History
After the 2008 financial recession, Satoshi Nakamoto invented Bitcoin. His goal was to provide traders with an alternative to the traditional banking system to mitigate a similar crash in the future. Although it took time for traders to realize the potential of Bitcoin, they eventually embraced it. Many traders are now actively betting against its value.
The initial Bitcoin price was extremely volatile. This is because traders and investors were betting against it for a quick gain. They did not give the transactions they were making at the time much thought. Little did they know that Bitcoin would later blow up. Some traders made massive gains while others would lose a significant amount of money due to unexpected price fluctuations.
How Much was Bitcoin Worth when it First Came Out?
When it first came out in July 2010, the price of one bitcoin was $0.0008. At the end of the month, the price had grown to $0.08. After this point, the growth was both gradual and volatile. It first rose at a snail’s speed over a long period to $10, eventually hitting a record high in 2013, when it reached the $250 mark.
If you look at the price chart since 2011, you will see that Bitcoin has certainly had its ups and downs. You can click to investigate and learn more about Bitcoin’s price, and you will get a clearer picture.
Today Bitcoin is much less of a gamble. If you make smart trading choices and get a little bit lucky, you can make a killing on your investment.
Bitcoin Sharpest Rise
Once in a while, the potential of Bitcoin has surprised investors. From April 13, 2011, to June 7, 2011, the price of Bitcoin grew by a staggering 2,960% within 3 months. During the first month, it was $1 and by the third month, it had grown to $29.60.
In mid-November, the price of Bitcoin fell back to $2.05. By May of the following year, it again rose to $13.28. between 2016 and 2020, the price of Bitcoin gradually.
Bitcoin surprised traders and other major financial institutions in December 2017, when its price peaked at $19,345.49. Its impressive growth prompted mainstream financial organizations to invest in research and create a number of competing cryptocurrencies.
Bitcoin at Present
Today Bitcoin still tops the charts of cryptocurrencies. Nonetheless, its price points are subject to fluctuations. The volatility is not necessarily a bad thing because predicting those very price changes is how skilled traders profit from Bitcoin.
If you study the growth of Bitcoin, you will realize that it can be quite lucrative. You only need to monitor its progress and know when to make the right trades. The future of Bitcoin is certainly promising.