Introduction
Bitcoin has been declared dead at least 463 times, yet it has always bounced back and set new highs. This article details the price history of bitcoin from its humble beginnings in 2009 to its incredible rise to over $68,000 in 2021.
Price History
The first year of bitcoin’s existence saw no market price or premine. However, when it started being used for goods and services in 2010, its value began to increase exponentially, leading to a rise of 5,953% by 2013.
In the years that followed there have been both significant growths (1,375% in 2017) and drops (-72% in 2018), but each time bitcoin has managed to recover and reach higher heights than before.
Halving Cycles
The halving cycles of bitcoin are one of the main drivers behind its price swings. When miners are rewarded with fewer bitcoins for their work every four years due to these halvings, scarcity increases which drives up the price.
Macroeconomic Events
Macroeconomic events such as political decisions or economic crises also have an impact on bitcoin prices; when investors are looking for safe havens from traditional markets they can turn towards cryptocurrencies like bitcoin.
Conclusion
Bitcoin’s journey from nothing to nearly $70k today is truly remarkable and shows how resilient this innovative currency system is despite numerous challenges. It remains an attractive option for those seeking alternative investments outside of traditional markets.